OP Asset Management Ltd Purchases Shares of 5,691 Reliance, Inc. $RS

Key Points

• OP Asset Management opened a new position in Reliance, Inc., buying 5,691 shares valued at about $1.73 million in the first quarter.
• Other institutional investors have also been active in RS, with hedge fund ownership remaining high at 79.26% of the company’s stock.
• Reliance recently beat earnings expectations, reporting $5.16 EPS on $4.03 billion in revenue, and it also paid a $1.25 quarterly dividend for a 1.3% annualized yield.

OP Asset Management Ltd acquired a new position in shares of Reliance, Inc. (NYSE:RS - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,691 shares of the industrial products company's stock, valued at approximately $1,730,000.

Other hedge funds also recently modified their holdings of the company. Norges Bank bought a new stake in Reliance during the 4th quarter worth approximately $207,691,000. Alliancebernstein L.P. raised its position in Reliance by 899.4% in the 3rd quarter. Alliancebernstein L.P. now owns 733,528 shares of the industrial products company's stock valued at $205,997,000 after purchasing an additional 660,128 shares during the last quarter. Boston Partners boosted its stake in Reliance by 27.5% in the third quarter. Boston Partners now owns 2,247,603 shares of the industrial products company's stock worth $631,224,000 after purchasing an additional 484,286 shares in the last quarter. Wellington Management Group LLP boosted its stake in Reliance by 25.2% in the third quarter. Wellington Management Group LLP now owns 1,708,756 shares of the industrial products company's stock worth $479,870,000 after purchasing an additional 343,598 shares in the last quarter. Finally, Corient Private Wealth LLC grew its holdings in shares of Reliance by 1,019.0% during the fourth quarter. Corient Private Wealth LLC now owns 341,874 shares of the industrial products company's stock worth $98,758,000 after purchasing an additional 311,323 shares during the last quarter. Institutional investors and hedge funds own 79.26% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on RS shares. BMO Capital Markets lifted their price target on Reliance from $320.00 to $350.00 and gave the company a "market perform" rating in a report on Monday, April 27th. Wells Fargo & Company increased their price objective on shares of Reliance from $343.00 to $376.00 and gave the stock an "equal weight" rating in a report on Thursday, June 4th. JPMorgan Chase & Co. raised their price objective on shares of Reliance from $345.00 to $378.00 and gave the company a "neutral" rating in a research report on Wednesday, June 10th. Seaport Research Partners boosted their target price on shares of Reliance from $340.00 to $390.00 and gave the stock a "buy" rating in a research note on Tuesday, April 28th. Finally, The Goldman Sachs Group started coverage on shares of Reliance in a research report on Wednesday, April 1st. They set a "neutral" rating and a $300.00 target price on the stock. 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. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $364.50.

Insider Buying and Selling at Reliance

In other news, CFO Arthur Ajemyan sold 3,500 shares of Reliance stock in a transaction on Monday, April 27th. The shares were sold at an average price of $358.12, for a total transaction of $1,253,420.00. Following the transaction, the chief financial officer directly owned 16,840 shares of the company's stock, valued at $6,030,740.80. This trade represents a 17.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.40% of the stock is currently owned by corporate insiders.

Reliance Price Performance

Shares of RS stock opened at $385.22 on Monday. The stock has a 50-day moving average price of $375.91 and a 200 day moving average price of $334.81. The company has a quick ratio of 2.24, a current ratio of 4.39 and a debt-to-equity ratio of 0.24. The firm has a market cap of $19.67 billion, a price-to-earnings ratio of 25.13, a PEG ratio of 1.19 and a beta of 0.95. Reliance, Inc. has a 12 month low of $260.31 and a 12 month high of $419.83.

Reliance (NYSE:RS - Get Free Report) last released its earnings results on Wednesday, April 22nd. The industrial products company reported $5.16 EPS for the quarter, topping analysts' consensus estimates of $4.63 by $0.53. The firm had revenue of $4.03 billion during the quarter, compared to analyst estimates of $3.89 billion. Reliance had a net margin of 5.42% and a return on equity of 11.37%. The business's quarterly revenue was up 15.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.77 EPS. Reliance has set its Q2 2026 guidance at 5.150-5.350 EPS. Research analysts expect that Reliance, Inc. will post 19.26 EPS for the current year.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 5th. Shareholders of record on Friday, May 22nd were issued a $1.25 dividend. The ex-dividend date was Friday, May 22nd. This represents a $5.00 annualized dividend and a yield of 1.3%. Reliance's dividend payout ratio (DPR) is 32.62%.

Reliance Company Profile

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.

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