Reliance, Inc. (NYSE:RS) Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. reduced its stake in Reliance, Inc. by 1.4%, selling 92,517 shares, and now holds approximately 12.05% of the company, valued at about $1.83 billion.
• Reliance reported earnings per share of $4.43 for the most recent quarter, falling short of estimates by $0.29, while its revenue matched expectations at $3.66 billion.
• The company declared a quarterly dividend of $1.20 per share, set to be paid on August 29th, which represents an annualized dividend yield of 1.7%.

Vanguard Group Inc. cut its position in Reliance, Inc. (NYSE:RS - Free Report) by 1.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,336,723 shares of the industrial products company's stock after selling 92,517 shares during the period. Vanguard Group Inc. owned 12.05% of Reliance worth $1,829,729,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in RS. New Age Alpha Advisors LLC lifted its position in Reliance by 5,167.6% during the first quarter. New Age Alpha Advisors LLC now owns 26,022 shares of the industrial products company's stock worth $7,514,000 after buying an additional 25,528 shares in the last quarter. Liberty Wealth Management LLC purchased a new position in Reliance during the first quarter worth approximately $5,003,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund lifted its position in Reliance by 188.9% during the first quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 2,600 shares of the industrial products company's stock worth $751,000 after buying an additional 1,700 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in Reliance by 34.0% during the first quarter. PNC Financial Services Group Inc. now owns 11,607 shares of the industrial products company's stock worth $3,352,000 after buying an additional 2,947 shares in the last quarter. Finally, Strategic Family Wealth Counselors L.L.C. lifted its position in Reliance by 91.3% during the first quarter. Strategic Family Wealth Counselors L.L.C. now owns 3,163 shares of the industrial products company's stock worth $913,000 after buying an additional 1,510 shares in the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Wells Fargo & Company began coverage on Reliance in a research report on Wednesday. They issued an "equal weight" rating and a $296.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, Reliance has a consensus rating of "Hold" and a consensus target price of $323.50.

Reliance Trading Down 1.8%

Shares of RS stock traded down $5.32 on Thursday, hitting $288.34. The stock had a trading volume of 75,592 shares, compared to its average volume of 408,502. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.18 and a quick ratio of 1.51. The firm has a market capitalization of $15.16 billion, a P/E ratio of 21.06, a P/E/G ratio of 1.36 and a beta of 0.89. Reliance, Inc. has a 1 year low of $250.07 and a 1 year high of $347.43. The company's 50 day moving average price is $311.05 and its 200-day moving average price is $296.46.

Reliance (NYSE:RS - Get Free Report) last posted its quarterly earnings data 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 firm 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%. Reliance's quarterly revenue was up .5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.65 EPS. Analysts anticipate that Reliance, Inc. will post 16.98 earnings per share for the current year.

Reliance Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Friday, August 15th. Reliance's payout ratio is presently 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.