Manning & Napier Advisors LLC Has $2.23 Million Stock Position in Reliance, Inc. (NYSE:RS)

Manning & Napier Advisors LLC increased its stake in shares of Reliance, Inc. (NYSE:RS - Free Report) by 85.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,738 shares of the industrial products company's stock after purchasing an additional 3,569 shares during the period. Manning & Napier Advisors LLC's holdings in Reliance were worth $2,234,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in RS. Johnson Investment Counsel Inc. grew its position in shares of Reliance by 0.4% during the 4th quarter. Johnson Investment Counsel Inc. now owns 11,149 shares of the industrial products company's stock worth $3,002,000 after buying an additional 39 shares during the period. Townsquare Capital LLC grew its holdings in Reliance by 3.1% during the fourth quarter. Townsquare Capital LLC now owns 1,342 shares of the industrial products company's stock valued at $361,000 after purchasing an additional 40 shares during the period. Farther Finance Advisors LLC grew its holdings in Reliance by 11.1% during the first quarter. Farther Finance Advisors LLC now owns 401 shares of the industrial products company's stock valued at $116,000 after purchasing an additional 40 shares during the period. Forum Financial Management LP grew its holdings in Reliance by 2.8% during the fourth quarter. Forum Financial Management LP now owns 1,619 shares of the industrial products company's stock valued at $436,000 after purchasing an additional 44 shares during the period. Finally, Lido Advisors LLC grew its holdings in Reliance by 4.9% during the fourth quarter. Lido Advisors LLC now owns 998 shares of the industrial products company's stock valued at $269,000 after purchasing an additional 47 shares during the period. 79.26% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, KeyCorp boosted their price target on shares of Reliance from $321.00 to $327.00 and gave the company an "overweight" rating in a 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, Reliance presently has an average rating of "Hold" and a consensus target price of $319.00.

Reliance Price Performance

Shares of RS opened at $306.47 on Monday. 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 stock has a 50 day simple moving average of $296.34 and a 200 day simple moving average of $288.23. Reliance, Inc. has a 52-week low of $250.07 and a 52-week high of $326.87. The firm has a market capitalization of $16.12 billion, a PE ratio of 21.97, a P/E/G ratio of 1.37 and a beta of 0.89.

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

Reliance Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 23rd were issued a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 1.57%. The ex-dividend date was Friday, May 23rd. Reliance's payout ratio is presently 34.41%.

Reliance 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.