Charles Schwab Investment Management Inc. Has $117.91 Million Position in Reliance, Inc. (NYSE:RS)

Key Points

• Charles Schwab Investment Management Inc. increased its holdings in Reliance, Inc. (NYSE:RS) by 2.7%, owning approximately 0.78% of the company worth $117.9 million as of the latest SEC filing.
• Reliance reported a net margin of 5.39% and earnings per share of $4.43 for the latest quarter, missing analysts' estimates of $4.72 by $0.29.
• The company announced a quarterly dividend of $1.20 per share, with an annualized dividend yield of 1.7%, payable on August 29th.

Charles Schwab Investment Management Inc. grew its stake in shares of Reliance, Inc. (NYSE:RS - Free Report) by 2.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 408,339 shares of the industrial products company's stock after purchasing an additional 10,886 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.78% of Reliance worth $117,908,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Merewether Investment Management LP acquired a new position in shares of Reliance during the fourth quarter worth approximately $9,963,000. GAMMA Investing LLC boosted its position in shares of Reliance by 17.4% during the first quarter. GAMMA Investing LLC now owns 966 shares of the industrial products company's stock worth $279,000 after buying an additional 143 shares during the period. NDVR Inc. boosted its position in shares of Reliance by 5.8% during the fourth quarter. NDVR Inc. now owns 882 shares of the industrial products company's stock worth $237,000 after buying an additional 48 shares during the period. SG Americas Securities LLC boosted its position in shares of Reliance by 567.7% during the first quarter. SG Americas Securities LLC now owns 5,629 shares of the industrial products company's stock worth $1,625,000 after buying an additional 4,786 shares during the period. Finally, BNP Paribas Financial Markets boosted its position in shares of Reliance by 3.5% during the fourth quarter. BNP Paribas Financial Markets now owns 23,469 shares of the industrial products company's stock worth $6,319,000 after buying an additional 787 shares during the period. 79.26% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Wells Fargo & Company upgraded Reliance to a "hold" rating in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $323.50.

Reliance Price Performance

RS traded down $2.36 during trading on Friday, reaching $286.72. The stock had a trading volume of 153,118 shares, compared to its average volume of 408,027. The firm has a market capitalization of $15.08 billion, a price-to-earnings ratio of 20.93, a price-to-earnings-growth ratio of 1.40 and a beta of 0.89. The company has a quick ratio of 1.51, a current ratio of 3.18 and a debt-to-equity ratio of 0.14. Reliance, Inc. has a 1-year low of $250.07 and a 1-year high of $347.43. The stock has a 50 day moving average of $310.71 and a two-hundred day moving average of $296.47.

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

Reliance Announces Dividend

The business also recently declared 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 annualized dividend and a dividend yield of 1.7%. Reliance's dividend payout ratio is currently 35.04%.

About Reliance

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.