Reliance, Inc. (NYSE:RS) Shares Sold by Empirical Financial Services LLC d.b.a. Empirical Wealth Management

Key Points

• Empirical Financial Services LLC reduced its stake in Reliance, Inc. by 86.7%, selling 35,440 shares and leaving it with 5,459 shares worth approximately $1.58 million.
• Reliance reported Q2 earnings of $4.43 per share, which was below the expected $4.72, despite a slight year-over-year revenue increase of 0.5%.
• The company declared a quarterly dividend of $1.20 per share, representing an annual yield of 1.7%, with the ex-dividend date set for August 15.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management decreased its position in Reliance, Inc. (NYSE:RS - Free Report) by 86.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,459 shares of the industrial products company's stock after selling 35,440 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Reliance were worth $1,576,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RS. Price T Rowe Associates Inc. MD increased its holdings in Reliance by 9.4% in 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 increased its holdings in Reliance by 15.5% in 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. increased its holdings in Reliance by 23.6% in 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 increased its holdings in Reliance by 32.7% in 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 increased its holdings in Reliance by 25.1% in 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. Hedge funds and other institutional investors own 79.26% of the company's stock.

Reliance Stock Up 0.5%

NYSE:RS traded up $1.45 during trading hours on Monday, hitting $284.88. The company's stock had a trading volume of 345,049 shares, compared to its average volume of 477,509. The stock has a market capitalization of $14.98 billion, a P/E ratio of 20.79, a price-to-earnings-growth ratio of 1.35 and a beta of 0.89. The stock has a fifty day moving average of $313.01 and a 200-day moving average of $296.70. 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, Inc. has a 52-week low of $250.07 and a 52-week high of $347.43.

Reliance (NYSE:RS - Get Free Report) last posted its earnings results 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). The business had revenue of $3.66 billion during the quarter, compared to analysts' expectations of $3.66 billion. Reliance had a net margin of 5.39% and a return on equity of 10.48%. The business's quarterly revenue was up .5% compared to the same quarter last year. During the same period last year, the company earned $4.65 EPS. On average, equities analysts forecast that Reliance, Inc. will post 16.98 earnings per share for the current year.

Reliance Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be issued 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 (DPR) is presently 35.04%.

Reliance 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.