Reliance, Inc. (NYSE:RS) Shares Purchased by LPL Financial LLC

Key Points

• LPL Financial LLC increased its stake in Reliance, Inc. by 6.3%, now holding 23,344 shares valued at approximately $6.74 million.
• Reliance's recent earnings report showed a EPS of $4.43, falling short of estimates by $0.29, and a slight year-over-year revenue growth of 0.5%.
• The company announced a quarterly dividend of $1.20 per share, representing an annual yield of 1.7%, to be paid to shareholders on August 29th.

LPL Financial LLC boosted its holdings in Reliance, Inc. (NYSE:RS - Free Report) by 6.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 23,344 shares of the industrial products company's stock after acquiring an additional 1,388 shares during the quarter. LPL Financial LLC's holdings in Reliance were worth $6,741,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the business. Investment Management Corp VA ADV raised its position in Reliance by 23.5% in the first quarter. Investment Management Corp VA ADV now owns 1,534 shares of the industrial products company's stock worth $443,000 after acquiring an additional 292 shares in the last quarter. HB Wealth Management LLC raised its position in Reliance by 7.9% in the first quarter. HB Wealth Management LLC now owns 1,304 shares of the industrial products company's stock worth $377,000 after acquiring an additional 95 shares in the last quarter. Skandinaviska Enskilda Banken AB publ raised its position in Reliance by 2.3% in the first quarter. Skandinaviska Enskilda Banken AB publ now owns 32,796 shares of the industrial products company's stock worth $9,470,000 after acquiring an additional 743 shares in the last quarter. Assetmark Inc. raised its position in Reliance by 1.7% in the first quarter. Assetmark Inc. now owns 28,795 shares of the industrial products company's stock worth $8,315,000 after acquiring an additional 485 shares in the last quarter. Finally, Cetera Investment Advisers grew its holdings in Reliance by 2.8% in the first quarter. Cetera Investment Advisers now owns 7,237 shares of the industrial products company's stock valued at $2,090,000 after purchasing an additional 196 shares during the last quarter. Hedge funds and other institutional investors own 79.26% of the company's stock.

Analysts Set New Price Targets

Separately, Wells Fargo & Company raised Reliance to a "hold" rating in a report on Thursday. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $323.50.

Reliance Price Performance

Reliance stock traded down $3.93 during midday trading on Friday, reaching $286.34. 291,580 shares of the company were exchanged, compared to its average volume of 489,098. The company has a market capitalization of $15.06 billion, a price-to-earnings ratio of 20.90, a P/E/G ratio of 1.36 and a beta of 0.89. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.51 and a current ratio of 3.18. The firm's 50-day simple moving average is $310.23 and its 200-day simple moving average is $296.45. Reliance, Inc. has a 1 year low of $250.07 and a 1 year high of $347.43.

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

Reliance Announces Dividend

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

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.