MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Reduces Stock Position in Reliance, Inc. $RS

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. reduced its holdings in Reliance, Inc. by 9.2%, selling 36,541 shares and now owning 359,638 shares worth approximately $103.84 million.
• Reliance reported quarterly earnings of $4.43 per share, missing analyst expectations of $4.72, despite revenues meeting forecast at $3.66 billion.
• The company recently declared a quarterly dividend of $1.20 per share, reflecting an annualized dividend yield of 1.6%.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lessened its position in shares of Reliance, Inc. (NYSE:RS - Free Report) by 9.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 359,638 shares of the industrial products company's stock after selling 36,541 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 0.68% of Reliance worth $103,845,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in RS. Jacobs Levy Equity Management Inc. purchased a new position in shares of Reliance in the 1st quarter worth approximately $55,004,000. Encompass Capital Advisors LLC purchased a new position in shares of Reliance in the 1st quarter worth approximately $14,433,000. Concentric Capital Strategies LP purchased a new position in shares of Reliance in the 1st quarter worth approximately $1,764,000. Alliancebernstein L.P. boosted its holdings in shares of Reliance by 3.6% in the 1st quarter. Alliancebernstein L.P. now owns 84,708 shares of the industrial products company's stock worth $24,459,000 after purchasing an additional 2,906 shares during the period. Finally, Advisors Asset Management Inc. boosted its holdings in shares of Reliance by 1.4% in the 1st quarter. Advisors Asset Management Inc. now owns 16,249 shares of the industrial products company's stock worth $4,692,000 after purchasing an additional 232 shares during the period. Hedge funds and other institutional investors own 79.26% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on RS shares. JPMorgan Chase & Co. started coverage on Reliance in a report on Tuesday. They issued an "overweight" rating and a $350.00 target price for the company. Zacks Research cut Reliance from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 13th. Finally, Wells Fargo & Company upgraded Reliance to a "hold" rating in a report on Thursday, August 14th. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Reliance has an average rating of "Hold" and a consensus target price of $328.80.

Reliance Stock Down 0.7%

NYSE RS traded down $1.98 on Wednesday, reaching $291.09. 68,589 shares of the stock traded hands, compared to its average volume of 396,027. 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 company has a fifty day moving average price of $304.04 and a 200-day moving average price of $296.51. The company has a market cap of $15.31 billion, a price-to-earnings ratio of 21.28, a PEG ratio of 1.42 and a beta of 0.89. Reliance, Inc. has a 12 month low of $250.07 and a 12 month high of $347.43.

Reliance (NYSE:RS - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The industrial products company reported $4.43 earnings per share for the quarter, missing analysts' consensus estimates of $4.72 by ($0.29). The firm had revenue of $3.66 billion for the quarter, compared to the consensus estimate of $3.66 billion. Reliance had a net margin of 5.39% and a return on equity of 10.48%. The company's revenue for the quarter was up .5% on a year-over-year basis. During the same period last year, the firm earned $4.65 earnings per share. Reliance has set its Q3 2025 guidance at 3.600-3.800 EPS. As a group, research analysts forecast 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, August 29th. Stockholders of record on Friday, August 15th were given a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Friday, August 15th. Reliance's payout ratio is presently 35.04%.

Reliance Company 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.