Exchange Traded Concepts LLC Grows Position in Reliance, Inc. (NYSE:RS)

Exchange Traded Concepts LLC increased its position in shares of Reliance, Inc. (NYSE:RS - Free Report) by 27.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,705 shares of the industrial products company's stock after purchasing an additional 2,551 shares during the period. Exchange Traded Concepts LLC's holdings in Reliance were worth $3,380,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of RS. Wealth Enhancement Advisory Services LLC grew its holdings in Reliance by 20.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 34,291 shares of the industrial products company's stock valued at $9,902,000 after buying an additional 5,882 shares in the last quarter. NorthCrest Asset Manangement LLC grew its stake in Reliance by 3.3% during the first quarter. NorthCrest Asset Manangement LLC now owns 6,859 shares of the industrial products company's stock valued at $1,981,000 after acquiring an additional 221 shares in the last quarter. Fifth Third Bancorp grew its stake in Reliance by 26.9% during the first quarter. Fifth Third Bancorp now owns 822 shares of the industrial products company's stock valued at $237,000 after acquiring an additional 174 shares in the last quarter. CX Institutional increased its holdings in Reliance by 14.9% in the 1st quarter. CX Institutional now owns 5,417 shares of the industrial products company's stock valued at $1,564,000 after acquiring an additional 704 shares during the last quarter. Finally, SG Americas Securities LLC increased its holdings in Reliance by 567.7% in the 1st quarter. SG Americas Securities LLC now owns 5,629 shares of the industrial products company's stock valued at $1,625,000 after acquiring an additional 4,786 shares during the last quarter. 79.26% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, KeyCorp raised their price objective on Reliance from $321.00 to $327.00 and gave the company an "overweight" rating in a research report on Monday, February 24th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $319.00.

Reliance Price Performance

Shares of NYSE:RS traded down $1.90 on Friday, reaching $307.15. The company's stock had a trading volume of 221,717 shares, compared to its average volume of 395,699. The company has a 50-day simple moving average of $295.80 and a 200 day simple moving average of $288.60. Reliance, Inc. has a 52-week low of $250.07 and a 52-week high of $326.87. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.58 and a current ratio of 3.17. The company has a market cap of $16.15 billion, a P/E ratio of 22.01, a PEG ratio of 1.37 and a beta of 0.88.

Reliance (NYSE:RS - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The industrial products company reported $3.77 EPS for the quarter, beating analysts' consensus estimates of $3.66 by $0.11. Reliance had a net margin of 5.65% and a return on equity of 10.77%. The firm had revenue of $3.48 billion during the quarter, compared to the consensus estimate of $3.44 billion. During the same quarter last year, the firm earned $5.30 EPS. The firm's revenue for the quarter was down 4.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Reliance, Inc. will post 16.98 EPS for the current fiscal year.

Reliance Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 23rd were issued a dividend of $1.20 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $4.80 annualized dividend and a yield of 1.56%. Reliance's payout ratio is presently 34.41%.

About Reliance

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.