Kingsview Wealth Management LLC Invests $1.16 Million in Reliance, Inc. $RS

Key Points

• Kingsview Wealth Management initiated a $1.16 million position in Reliance, purchasing 3,096 shares during the second quarter. Institutional investors collectively own 79.26% of the company.
• Analyst sentiment remains mixed, with Reliance receiving a consensus “Hold” rating and an average price target of $377.50, below its reported opening price of $387.57.
• Reliance exceeded quarterly expectations with $6.27 in earnings per share and $4.63 billion in revenue, up 26.5% year over year. The company also paid a quarterly dividend of $1.25, equivalent to a 1.3% annualized yield.

Kingsview Wealth Management LLC purchased a new position in Reliance, Inc. (NYSE:RS - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,096 shares of the industrial products company's stock, valued at approximately $1,157,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Parallel Advisors LLC increased its stake in shares of Reliance by 1.7% in the first quarter. Parallel Advisors LLC now owns 1,908 shares of the industrial products company's stock worth $580,000 after purchasing an additional 31 shares in the last quarter. Venturi Wealth Management LLC increased its stake in Reliance by 0.9% in the 1st quarter. Venturi Wealth Management LLC now owns 3,979 shares of the industrial products company's stock worth $1,209,000 after buying an additional 34 shares in the last quarter. First Citizens Bank & Trust Co. increased its stake in Reliance by 1.7% in the 4th quarter. First Citizens Bank & Trust Co. now owns 2,036 shares of the industrial products company's stock worth $588,000 after buying an additional 35 shares in the last quarter. Kathmere Capital Management LLC raised its holdings in Reliance by 4.8% during the first quarter. Kathmere Capital Management LLC now owns 824 shares of the industrial products company's stock valued at $250,000 after acquiring an additional 38 shares during the period. Finally, Root Financial Partners LLC raised its holdings in Reliance by 27.6% during the first quarter. Root Financial Partners LLC now owns 185 shares of the industrial products company's stock valued at $56,000 after acquiring an additional 40 shares during the period. 79.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RS has been the topic of several recent analyst reports. JPMorgan Chase & Co. decreased their target price on Reliance from $378.00 to $376.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 15th. Wells Fargo & Company dropped their price target on Reliance from $398.00 to $391.00 and set an "equal weight" rating for the company in a research note on Monday, August 24th. KeyCorp increased their price objective on shares of Reliance from $378.00 to $418.00 and gave the company an "overweight" rating in a report on Wednesday, June 24th. Wall Street Zen upgraded shares of Reliance from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 23rd. Finally, Citigroup reissued a "neutral" rating on shares of Reliance in a report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $377.50.

Insiders Place Their Bets

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

Reliance Trading Down 1.1%

Shares of RS stock opened at $387.57 on Friday. Reliance, Inc. has a 12-month low of $260.31 and a 12-month high of $433.02. The company has a current ratio of 4.30, a quick ratio of 2.27 and a debt-to-equity ratio of 0.22. The stock's 50-day moving average price is $397.24 and its 200-day moving average price is $362.24. The stock has a market capitalization of $19.79 billion, a price-to-earnings ratio of 22.53, a price-to-earnings-growth ratio of 1.00 and a beta of 0.96.

Reliance (NYSE:RS - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The industrial products company reported $6.27 EPS for the quarter, beating analysts' consensus estimates of $5.47 by $0.80. The company had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.26 billion. Reliance had a return on equity of 12.51% and a net margin of 5.65%.The firm's revenue was up 26.5% on a year-over-year basis. During the same period in the prior year, the company earned $4.43 earnings per share. Reliance has set its Q3 2026 guidance at 6.400-6.600 EPS. Equities research analysts predict that Reliance, Inc. will post 22.23 EPS for the current fiscal year.

Reliance Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were issued a $1.25 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.3%. Reliance's dividend payout ratio (DPR) is 29.07%.

Reliance Company Profile

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.

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