Nuveen LLC Invests $144.09 Million in Reliance, Inc. (NYSE:RS)

Key Points

• Nuveen LLC acquired a new stake in Reliance, Inc. during the first quarter, purchasing 499,008 shares valued at approximately $144 million, increasing their ownership to 0.95% of the company.
• Reliance recently announced a quarterly dividend of $1.20, which translates to an annual yield of 1.7%, with an upcoming payment date of August 29th.
• In their latest earnings report, Reliance posted earnings per share of $4.43, missing the consensus estimate by $0.29, while achieving revenues of $3.66 billion.

Nuveen LLC acquired a new stake in Reliance, Inc. (NYSE:RS - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 499,008 shares of the industrial products company's stock, valued at approximately $144,089,000. Nuveen LLC owned approximately 0.95% of Reliance at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its stake in shares of Reliance by 9.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,709,737 shares of the industrial products company's stock valued at $998,886,000 after purchasing an additional 319,576 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Reliance by 33,792.2% in the first quarter. GAMMA Investing LLC now owns 278,933 shares of the industrial products company's stock worth $80,542,000 after acquiring an additional 278,110 shares during the period. First Trust Advisors LP grew its position in Reliance by 15.5% during the fourth quarter. First Trust Advisors LP now owns 1,382,916 shares of the industrial products company's stock valued at $372,364,000 after buying an additional 185,873 shares during the period. Northern Trust Corp increased its stake in shares of Reliance by 32.7% in the fourth quarter. Northern Trust Corp now owns 597,348 shares of the industrial products company's stock worth $160,842,000 after purchasing an additional 147,076 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. increased its holdings in Reliance by 23.6% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 633,578 shares of the industrial products company's stock valued at $170,598,000 after acquiring an additional 121,078 shares during the last quarter. 79.26% of the stock is owned by institutional investors.

Reliance Stock Performance

Shares of RS stock traded down $3.93 during trading hours on Friday, hitting $286.34. The company's stock had a trading volume of 291,580 shares, compared to its average volume of 489,098. The company has a 50 day moving average of $310.23 and a 200 day moving average of $296.43. Reliance, Inc. has a 12-month low of $250.07 and a 12-month high of $347.43. The stock has a market cap of $15.06 billion, a PE ratio of 20.90, a price-to-earnings-growth ratio of 1.38 and a beta of 0.89. The company has a current ratio of 3.18, a quick ratio of 1.51 and a debt-to-equity ratio of 0.14.

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

Reliance Announces Dividend

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

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company raised shares of Reliance to a "hold" rating in a research note on Thursday. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $323.50.

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.