Empower Advisory Group LLC Decreases Stock Holdings in Reliance, Inc. (NYSE:RS)

Key Points

• Empower Advisory Group LLC has reduced its stake in Reliance, Inc. by 19.3%, now owning approximately 39,453 shares worth $11.39 million.
• Reliance, Inc. reported $4.43 earnings per share (EPS) for the latest quarter, missing estimates of $4.72, with revenue at $3.66 billion.
• The company has declared a quarterly dividend of $1.20 per share, with an annualized yield of 1.7%, payable on August 29th.

Empower Advisory Group LLC decreased its position in shares of Reliance, Inc. (NYSE:RS - Free Report) by 19.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 39,453 shares of the industrial products company's stock after selling 9,409 shares during the quarter. Empower Advisory Group LLC owned 0.08% of Reliance worth $11,392,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of RS. TCTC Holdings LLC lifted its holdings in shares of Reliance by 138.9% in the 1st quarter. TCTC Holdings LLC now owns 86 shares of the industrial products company's stock valued at $25,000 after buying an additional 50 shares during the period. N.E.W. Advisory Services LLC purchased a new position in Reliance during the first quarter valued at approximately $29,000. Wayfinding Financial LLC acquired a new position in Reliance in the first quarter valued at approximately $30,000. Coppell Advisory Solutions LLC lifted its holdings in Reliance by 224.6% in the fourth quarter. Coppell Advisory Solutions LLC now owns 185 shares of the industrial products company's stock valued at $49,000 after acquiring an additional 128 shares during the period. Finally, Transce3nd LLC purchased a new stake in Reliance in the 4th quarter worth approximately $58,000. Institutional investors and hedge funds own 79.26% of the company's stock.

Reliance Stock Performance

Shares of NYSE:RS traded down $0.80 during trading on Thursday, hitting $285.18. 360,102 shares of the stock traded hands, compared to its average volume of 483,428. The company has a quick ratio of 1.51, a current ratio of 3.18 and a debt-to-equity ratio of 0.14. The company has a fifty day moving average price of $312.32 and a two-hundred day moving average price of $296.52. Reliance, Inc. has a 52-week low of $250.07 and a 52-week high of $347.43. The company has a market cap of $15.00 billion, a price-to-earnings ratio of 20.82, a P/E/G ratio of 1.36 and a beta of 0.89.

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

Reliance Announces Dividend

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

Reliance Company 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.