Pacer Advisors Inc. Lowers Position in Reliance, Inc. (NYSE:RS)

Key Points

• Pacer Advisors Inc. reduced its stake in Reliance, Inc. by 66.9% during the first quarter, now holding 269,849 shares valued at approximately $77.9 million.
• The company's shares have seen a recent decline, down 12.2%, with a market cap of $15.87 billion and a PE ratio of 22.03.
• Reliance announced a quarterly dividend of $1.20 per share, with a dividend yield of 1.59%, scheduled to be paid on August 29th.

Pacer Advisors Inc. lessened its holdings in Reliance, Inc. (NYSE:RS - Free Report) by 66.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 269,849 shares of the industrial products company's stock after selling 546,616 shares during the quarter. Pacer Advisors Inc. owned 0.51% of Reliance worth $77,919,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Commonwealth Equity Services LLC grew its holdings in shares of Reliance by 1.3% during the fourth quarter. Commonwealth Equity Services LLC now owns 4,333 shares of the industrial products company's stock worth $1,167,000 after purchasing an additional 55 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in Reliance by 12.7% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 1,289 shares of the industrial products company's stock valued at $347,000 after buying an additional 145 shares during the period. Sei Investments Co. lifted its stake in Reliance by 59.0% in the fourth quarter. Sei Investments Co. now owns 51,857 shares of the industrial products company's stock valued at $13,964,000 after buying an additional 19,245 shares during the period. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund acquired a new position in shares of Reliance during the fourth quarter worth approximately $242,000. Finally, Korea Investment CORP raised its position in shares of Reliance by 142.8% during the fourth quarter. Korea Investment CORP now owns 43,023 shares of the industrial products company's stock worth $11,584,000 after purchasing an additional 25,300 shares during the period. Institutional investors own 79.26% of the company's stock.

Reliance Stock Down 0.5%

Shares of NYSE:RS traded down $1.58 during trading on Tuesday, reaching $298.52. 163,088 shares of the stock were exchanged, compared to its average volume of 411,850. 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 fifty day moving average of $313.44 and a two-hundred day moving average of $296.36. The firm has a market cap of $15.70 billion, a price-to-earnings ratio of 21.79, a price-to-earnings-growth ratio of 1.42 and a beta of 0.89.

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

Reliance Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be given a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend is Friday, August 15th. Reliance's 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.