Redwood Investment Management LLC Buys Shares of 3,418 Reliance, Inc. $RS

Key Points

• Redwood Investment Management initiated a position in Reliance by purchasing 3,418 shares valued at approximately $1.04 million. Institutional investors collectively own 79.26% of the company.
• Reliance reported quarterly EPS of $6.27, beating estimates of $5.47, while revenue rose 26.5% year over year to $4.63 billion. The company guided for third-quarter EPS of $6.40–$6.60.
• Analysts maintain a consensus “Hold” rating with an average price target of $378.67, below the stock’s reported $409.33 opening price. Reliance also declared a $1.25 quarterly dividend, equivalent to a 1.2% yield.

Redwood Investment Management LLC purchased a new position in Reliance, Inc. (NYSE:RS - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,418 shares of the industrial products company's stock, valued at approximately $1,039,000.

Other institutional investors have also modified their holdings of the company. State Street Corp grew its position in shares of Reliance by 4.5% in the 4th quarter. State Street Corp now owns 2,715,764 shares of the industrial products company's stock valued at $784,503,000 after purchasing an additional 118,009 shares during the period. Boston Partners raised its holdings in Reliance by 27.5% during the 3rd quarter. Boston Partners now owns 2,247,603 shares of the industrial products company's stock worth $631,224,000 after buying an additional 484,286 shares during the period. Wellington Management Group LLP raised its holdings in Reliance by 25.2% during the 3rd quarter. Wellington Management Group LLP now owns 1,708,756 shares of the industrial products company's stock worth $479,870,000 after buying an additional 343,598 shares during the period. Geode Capital Management LLC lifted its stake in Reliance by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 938,601 shares of the industrial products company's stock valued at $270,349,000 after buying an additional 2,549 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Reliance by 8.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 735,212 shares of the industrial products company's stock valued at $212,390,000 after buying an additional 55,344 shares during the period. Institutional investors own 79.26% of the company's stock.

Insider Buying and Selling

In other news, SVP William A. Smith II sold 2,353 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $414.21, for a total transaction of $974,636.13. Following the completion of the transaction, the senior vice president directly owned 19,394 shares in the company, valued at $8,033,188.74. This represents a 10.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.40% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. BMO Capital Markets increased their price objective on shares of Reliance from $390.00 to $415.00 and gave the stock a "market perform" rating in a research report on Monday, July 27th. Seaport Research Partners boosted their price objective on shares of Reliance from $340.00 to $390.00 and gave the company a "buy" rating in a research report on Tuesday, April 28th. JPMorgan Chase & Co. reduced their target price on shares of Reliance from $378.00 to $376.00 and set a "neutral" rating for the company in a research note on Wednesday, July 15th. Citigroup reiterated a "neutral" rating on shares of Reliance in a report on Wednesday, July 29th. Finally, Wall Street Zen raised Reliance from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Two equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $378.67.

Reliance Price Performance

Shares of RS opened at $409.33 on Tuesday. The stock has a market capitalization of $20.90 billion, a P/E ratio of 23.80, a P/E/G ratio of 1.14 and a beta of 0.96. Reliance, Inc. has a twelve month low of $260.31 and a twelve month high of $419.83. The company has a 50 day moving average of $392.18 and a 200-day moving average of $352.02. The company has a quick ratio of 2.27, a current ratio of 4.30 and a debt-to-equity ratio of 0.22.

Reliance (NYSE:RS - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The industrial products company reported $6.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.47 by $0.80. Reliance had a net margin of 5.65% and a return on equity of 12.51%. The company had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.26 billion. During the same period last year, the company earned $4.43 earnings per share. The firm's revenue was up 26.5% compared to the same quarter last year. Reliance has set its Q3 2026 guidance at 6.400-6.600 EPS. As a group, equities research analysts forecast that Reliance, Inc. will post 20.37 EPS for the current fiscal year.

Reliance Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be given a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $5.00 annualized dividend and a yield of 1.2%. Reliance's payout ratio is 29.07%.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source