Deutsche Bank AG Buys New Position in Reliance, Inc. $RS

Key Points

• Deutsche Bank initiated a position in Reliance, purchasing 83,562 shares worth approximately $31.2 million, while institutional investors collectively own 79.26% of the company.
• Analyst sentiment is mixed, with Reliance carrying a consensus “Hold” rating and an average price target of $378.67; ratings range from Strong Buy to Sell.
• Reliance exceeded quarterly expectations, reporting $6.27 in EPS and $4.63 billion in revenue, while revenue rose 26.5% year over year. The company also declared a $1.25 quarterly dividend, equivalent to a 1.3% annual yield.

Deutsche Bank AG purchased a new position in shares of Reliance, Inc. (NYSE:RS - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 83,562 shares of the industrial products company's stock, valued at approximately $31,219,000. Deutsche Bank AG owned about 0.16% of Reliance as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. State Street Corp raised its holdings in shares of Reliance by 4.5% in the fourth quarter. State Street Corp now owns 2,715,764 shares of the industrial products company's stock valued at $784,503,000 after purchasing an additional 118,009 shares during the last quarter. Boston Partners boosted its holdings in Reliance by 27.5% during the third quarter. Boston Partners now owns 2,247,603 shares of the industrial products company's stock worth $631,224,000 after purchasing an additional 484,286 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Reliance by 25.2% during the third quarter. Wellington Management Group LLP now owns 1,708,756 shares of the industrial products company's stock worth $479,870,000 after purchasing an additional 343,598 shares during the last quarter. Geode Capital Management LLC grew its position in Reliance by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 938,601 shares of the industrial products company's stock valued at $270,349,000 after purchasing an additional 2,549 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Reliance by 8.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 735,212 shares of the industrial products company's stock valued at $212,390,000 after purchasing an additional 55,344 shares in the last quarter. 79.26% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. cut their price target on shares of Reliance from $378.00 to $376.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 15th. Citigroup restated a "neutral" rating on shares of Reliance in a report on Wednesday, July 29th. Zacks Research raised Reliance from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 3rd. Wall Street Zen lowered Reliance from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 15th. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of Reliance in a research note on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $378.67.

Insider Activity at Reliance

In related news, SVP William A. Smith II sold 2,353 shares of the business's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $414.21, for a total value of $974,636.13. Following the completion of the sale, the senior vice president directly owned 19,394 shares in the company, valued at approximately $8,033,188.74. The trade was a 10.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Arthur Ajemyan sold 2,200 shares of the stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $410.11, for a total value of $902,242.00. Following the sale, the chief financial officer directly owned 14,640 shares in the company, valued at $6,004,010.40. This represents a 13.06% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.40% of the company's stock.

Reliance Trading Up 1.9%

RS stock opened at $387.58 on Friday. Reliance, Inc. has a 52 week low of $260.31 and a 52 week high of $433.02. The company has a market capitalization of $19.79 billion, a PE ratio of 22.53, a price-to-earnings-growth ratio of 0.98 and a beta of 0.96. The company's 50-day simple moving average is $398.80 and its 200 day simple moving average is $360.65. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.27 and a current ratio of 4.30.

Reliance (NYSE:RS - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The industrial products company reported $6.27 earnings per share for the quarter, topping the consensus estimate of $5.47 by $0.80. The business had revenue of $4.63 billion during the quarter, compared to analysts' expectations of $4.26 billion. Reliance had a net margin of 5.65% and a return on equity of 12.51%. The business's revenue was up 26.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.43 EPS. Reliance has set its Q3 2026 guidance at 6.400-6.600 EPS. As a group, sell-side analysts anticipate that Reliance, Inc. will post 22.23 earnings per share for the current year.

Reliance Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be given a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Friday, August 14th. Reliance's payout ratio is presently 29.07%.

About Reliance

Reliance Steel & Aluminum Co NYSE: RS is a leading metals service center company that distributes and processes a broad array of metal products. The company offers cut-to-length, shearing, blanking, sawing, bending, machining and value-added services for carbon and alloy steel, stainless steel, aluminum, brass, titanium and specialty metal alloys. Its products serve diverse end markets, including energy, infrastructure, general manufacturing, transportation, aerospace and defense.

Founded in 1939 in Los Angeles, Reliance Steel & Aluminum has grown through a combination of organic expansion and strategic acquisitions.

Want to see what other hedge funds are holding RS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Reliance, Inc. (NYSE:RS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source