Dearborn Partners LLC Reduces Stock Position in Reliance, Inc. (NYSE:RS)

Key Points

• Dearborn Partners LLC has reduced its stake in Reliance, Inc. (NYSE:RS) by 23.2%, now holding approximately 54,056 shares valued at around $15.6 million.
• Several other large investors have increased their positions in Reliance, such as Price T Rowe Associates and GAMMA Investing, the latter raising its holdings by 33,792.2% during the first quarter.
• Reliance recently reported earnings of $4.43 per share for the last quarter, missing expectations, while also announcing a quarterly dividend of $1.20 per share.

Dearborn Partners LLC reduced its position in Reliance, Inc. (NYSE:RS - Free Report) by 23.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 54,056 shares of the industrial products company's stock after selling 16,298 shares during the quarter. Dearborn Partners LLC owned about 0.10% of Reliance worth $15,609,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. Oregon Public Employees Retirement Fund raised its stake in shares of Reliance by 0.3% during the first quarter. Oregon Public Employees Retirement Fund now owns 11,083 shares of the industrial products company's stock worth $3,200,000 after purchasing an additional 38 shares during the last quarter. Townsquare Capital LLC raised its stake in shares of Reliance by 3.1% during the fourth quarter. Townsquare Capital LLC now owns 1,342 shares of the industrial products company's stock worth $361,000 after purchasing an additional 40 shares during the last quarter. Farther Finance Advisors LLC raised its stake in shares of Reliance by 11.1% during the first quarter. Farther Finance Advisors LLC now owns 401 shares of the industrial products company's stock worth $116,000 after purchasing an additional 40 shares during the last quarter. Forum Financial Management LP raised its stake in shares of Reliance by 2.8% during the fourth quarter. Forum Financial Management LP now owns 1,619 shares of the industrial products company's stock worth $436,000 after purchasing an additional 44 shares during the last quarter. Finally, Xponance Inc. raised its stake in shares of Reliance by 0.5% during the first quarter. Xponance Inc. now owns 9,245 shares of the industrial products company's stock worth $2,669,000 after purchasing an additional 45 shares during the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

Reliance Stock Performance

Shares of Reliance stock traded down $6.81 during trading hours on Friday, hitting $283.32. 459,942 shares of the company were exchanged, compared to its average volume of 415,778. The business has a 50-day moving average of $313.18 and a 200-day moving average of $296.49. The stock has a market capitalization of $14.90 billion, a price-to-earnings ratio of 20.68, a P/E/G ratio of 1.40 and a beta of 0.89. The company has a current ratio of 3.18, a quick ratio of 1.51 and a debt-to-equity ratio of 0.14. Reliance, Inc. has a 1 year low of $250.07 and a 1 year high of $347.43.

Reliance (NYSE:RS - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The industrial products company reported $4.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.72 by ($0.29). The business had revenue of $3.66 billion during the quarter, compared to analysts' expectations of $3.66 billion. Reliance had a return on equity of 10.48% and a net margin of 5.39%. The company's revenue was up .5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.65 EPS. As a group, analysts expect that Reliance, Inc. will post 16.98 EPS for the current fiscal year.

Reliance Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be given a $1.20 dividend. The ex-dividend date is Friday, August 15th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.7%. Reliance's dividend payout ratio (DPR) is currently 35.04%.

Reliance Profile

Reliance, Inc operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.