Norges Bank Takes Position in Reliance, Inc. $RS

Key Points

• Norges Bank opened a new position in Reliance, Inc., buying 718,976 shares valued at about $207.7 million and owning roughly 1.37% of the company.
• Reliance reported better-than-expected quarterly results, posting EPS of $5.16 versus estimates of $4.63 and revenue of $4.03 billion, up 15.1% year over year.
• The company announced a quarterly dividend of $1.25 per share, payable June 5, which implies an annualized dividend of $5.00 and a yield of about 1.3%.

Norges Bank bought a new stake in shares of Reliance, Inc. (NYSE:RS - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 718,976 shares of the industrial products company's stock, valued at approximately $207,691,000. Norges Bank owned about 1.37% of Reliance as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Kathmere Capital Management LLC lifted its holdings in shares of Reliance by 4.9% during the fourth quarter. Kathmere Capital Management LLC now owns 786 shares of the industrial products company's stock valued at $227,000 after purchasing an additional 37 shares during the last quarter. Choreo LLC lifted its holdings in shares of Reliance by 2.9% during the third quarter. Choreo LLC now owns 1,366 shares of the industrial products company's stock valued at $383,000 after purchasing an additional 39 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Reliance by 4.4% during the fourth quarter. GAMMA Investing LLC now owns 965 shares of the industrial products company's stock valued at $279,000 after purchasing an additional 41 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Reliance by 1.5% during the third quarter. Fisher Asset Management LLC now owns 2,935 shares of the industrial products company's stock valued at $824,000 after purchasing an additional 43 shares during the last quarter. Finally, Advisory Research Inc. lifted its holdings in shares of Reliance by 2.6% during the third quarter. Advisory Research Inc. now owns 1,782 shares of the industrial products company's stock valued at $500,000 after purchasing an additional 45 shares during the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.

Reliance Stock Performance

Shares of RS stock opened at $392.25 on Wednesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 4.39 and a quick ratio of 2.24. Reliance, Inc. has a fifty-two week low of $260.31 and a fifty-two week high of $394.62. The stock's 50-day moving average is $341.00 and its two-hundred day moving average is $318.33. The firm has a market cap of $20.02 billion, a P/E ratio of 25.59, a PEG ratio of 1.19 and a beta of 0.95.

Reliance (NYSE:RS - Get Free Report) last issued its earnings results on Wednesday, April 22nd. The industrial products company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.63 by $0.53. Reliance had a return on equity of 11.37% and a net margin of 5.42%.The company had revenue of $4.03 billion for the quarter, compared to analyst estimates of $3.89 billion. During the same period in the prior year, the firm posted $3.77 EPS. The business's revenue was up 15.1% compared to the same quarter last year. Reliance has set its Q2 2026 guidance at 5.150-5.350 EPS. Analysts predict that Reliance, Inc. will post 18.98 earnings per share for the current fiscal year.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 5th. Shareholders of record on Friday, May 22nd will be given a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Friday, May 22nd. Reliance's dividend payout ratio is presently 32.62%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Zacks Research raised Reliance from a "strong sell" rating to a "hold" rating in a research report on Tuesday, February 3rd. Wall Street Zen raised Reliance from a "hold" rating to a "buy" rating in a research report on Saturday, April 11th. Seaport Research Partners upped their price target on Reliance from $340.00 to $390.00 and gave the company a "buy" rating in a research report on Tuesday, April 28th. Wells Fargo & Company upped their price target on Reliance from $323.00 to $330.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 15th. Finally, Weiss Ratings raised Reliance from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, May 18th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Reliance currently has an average rating of "Hold" and an average target price of $344.67.

Insider Activity

In other Reliance news, SVP William A. Smith II sold 6,615 shares of the company's stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $298.61, for a total value of $1,975,305.15. Following the transaction, the senior vice president directly owned 21,747 shares of the company's stock, valued at $6,493,871.67. This represents a 23.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Arthur Ajemyan sold 3,500 shares of the company's stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $358.12, for a total value of $1,253,420.00. Following the completion of the transaction, the chief financial officer directly owned 16,840 shares in the company, valued at approximately $6,030,740.80. The trade was a 17.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.40% of the company's stock.

About Reliance

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.