Korea Investment CORP Makes New Investment in Reliance, Inc. $RS

Key Points

• Korea Investment CORP acquired 64,879 Reliance shares worth approximately $24.2 million, giving it a 0.13% stake. Institutional investors collectively own 79.26% of the company, with BlackRock also reporting a new position.
• Reliance exceeded quarterly expectations, posting EPS of $6.27 versus the $5.47 consensus and revenue of $4.63 billion, up 26.5% year over year. Management guided for third-quarter EPS of $6.40–$6.60.
• The company declared a quarterly dividend of $1.25 per share, or $5.00 annualized, representing a 1.3% yield. Analysts maintain a consensus “Hold” rating with an average price target of $378.67, below the reported share price of $387.58.

Korea Investment CORP acquired a new position in shares of Reliance, Inc. (NYSE:RS - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 64,879 shares of the industrial products company's stock, valued at approximately $24,239,000. Korea Investment CORP owned about 0.13% of Reliance at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of RS. BlackRock Inc. purchased a new stake in Reliance in the second quarter valued at $2,171,081,000. State Street Corp grew its holdings in shares of Reliance by 4.5% during the fourth quarter. State Street Corp now owns 2,715,764 shares of the industrial products company's stock worth $784,503,000 after purchasing an additional 118,009 shares during the last quarter. Boston Partners grew its holdings in shares of 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 increased its position in shares of 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 in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Reliance by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 938,601 shares of the industrial products company's stock worth $270,349,000 after purchasing an additional 2,549 shares in the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Reliance news, CFO Arthur Ajemyan sold 2,200 shares of the business's stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $410.11, for a total transaction of $902,242.00. Following the transaction, the chief financial officer owned 14,640 shares in the company, valued at approximately $6,004,010.40. The trade was a 13.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP William A. Smith II sold 2,353 shares of the 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 transaction, the senior vice president directly owned 19,394 shares of the company's stock, 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. 0.40% of the stock is currently owned by insiders.

Reliance Stock Performance

Shares of RS opened at $387.58 on Monday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.27 and a current ratio of 4.30. The stock has a market capitalization of $19.79 billion, a P/E ratio of 22.53, a P/E/G ratio of 1.00 and a beta of 0.96. The company's fifty day moving average is $398.80 and its two-hundred day moving average is $360.86. Reliance, Inc. has a 1 year low of $260.31 and a 1 year high of $433.02.

Reliance (NYSE:RS - Get Free Report) last released its earnings results on Wednesday, July 22nd. The industrial products company reported $6.27 EPS for the quarter, topping the consensus estimate of $5.47 by $0.80. The company 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 last year, the business earned $4.43 EPS. Reliance has set its Q3 2026 guidance at 6.400-6.600 EPS. On average, sell-side analysts predict that Reliance, Inc. will post 22.23 earnings per share for the current year.

Reliance Dividend Announcement

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

Wall Street Analysts Forecast Growth

RS has been the subject of a number of research analyst reports. Wall Street Zen raised Reliance from a "buy" rating to a "strong-buy" rating in a research report on Sunday. BMO Capital Markets raised their price target on Reliance from $390.00 to $415.00 and gave the stock a "market perform" rating in a research note on Monday, July 27th. JPMorgan Chase & Co. cut their price target on Reliance from $378.00 to $376.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 15th. Citigroup reiterated a "neutral" rating on shares of Reliance in a research note on Wednesday, July 29th. Finally, Seaport Research Partners increased their price objective on Reliance from $340.00 to $390.00 and gave the company a "buy" rating in a report on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $378.67.

Reliance 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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