Zurcher Kantonalbank Zurich Cantonalbank Sells 956 Shares of Reliance, Inc. (NYSE:RS)

Key Points

• Zurcher Kantonalbank reduced its stake in Reliance, Inc. by 7.4%, holding 12,003 shares valued at approximately $3.47 million.
• Reliance reported an earnings per share (EPS) of $4.43 for the latest quarter, falling short of analyst expectations of $4.72.
• The company declared a quarterly dividend of $1.20, set to be paid on August 29th, representing an annualized yield of 1.7%.

Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in Reliance, Inc. (NYSE:RS - Free Report) by 7.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,003 shares of the industrial products company's stock after selling 956 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Reliance were worth $3,466,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its position in shares of Reliance by 9.4% during the fourth 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 buying an additional 319,576 shares during the last quarter. First Trust Advisors LP boosted its position in shares of 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 last quarter. T. Rowe Price Investment Management Inc. boosted its position in shares of Reliance by 23.6% during the fourth 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 buying an additional 121,078 shares during the last quarter. Northern Trust Corp boosted its position in shares of Reliance by 32.7% during the fourth quarter. Northern Trust Corp now owns 597,348 shares of the industrial products company's stock valued at $160,842,000 after buying an additional 147,076 shares during the last quarter. Finally, FMR LLC boosted its position in shares of Reliance by 25.1% during the fourth quarter. FMR LLC now owns 507,618 shares of the industrial products company's stock valued at $136,681,000 after buying an additional 101,733 shares during the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.

Reliance Stock Performance

Shares of Reliance stock traded up $1.45 during trading on Monday, hitting $284.88. 345,049 shares of the company's stock traded hands, compared to its average volume of 477,509. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.18 and a quick ratio of 1.51. Reliance, Inc. has a 1 year low of $250.07 and a 1 year high of $347.43. The stock has a market capitalization of $14.98 billion, a P/E ratio of 20.79, a PEG ratio of 1.35 and a beta of 0.89. The business has a 50-day simple moving average of $313.01 and a 200-day simple moving average of $296.70.

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

Reliance Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be issued a $1.20 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $4.80 dividend on an annualized basis and a yield of 1.7%. Reliance's dividend payout ratio is currently 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.