Victory Capital Management Inc. Trims Stake in Reliance, Inc. (NYSE:RS)

Victory Capital Management Inc. lessened its position in shares of Reliance, Inc. (NYSE:RS - Free Report) by 12.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 197,446 shares of the industrial products company's stock after selling 28,293 shares during the quarter. Victory Capital Management Inc. owned about 0.37% of Reliance worth $57,013,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Reliance in the 4th quarter worth $186,255,000. American Century Companies Inc. boosted its stake in Reliance by 1,127.9% in the 4th quarter. American Century Companies Inc. now owns 426,986 shares of the industrial products company's stock worth $114,971,000 after purchasing an additional 392,213 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Reliance by 9.4% during the 4th 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 purchasing an additional 319,576 shares during the last quarter. GAMMA Investing LLC grew its stake in Reliance by 33,792.2% during the 1st quarter. GAMMA Investing LLC now owns 278,933 shares of the industrial products company's stock valued at $80,542,000 after purchasing an additional 278,110 shares during the last quarter. Finally, First Trust Advisors LP grew its stake in Reliance by 15.5% during the 4th quarter. First Trust Advisors LP now owns 1,382,916 shares of the industrial products company's stock valued at $372,364,000 after purchasing an additional 185,873 shares during the last quarter. Hedge funds and other institutional investors own 79.26% of the company's stock.

Reliance Stock Performance

Reliance stock traded up $1.58 during midday trading on Tuesday, hitting $340.62. 587,690 shares of the company were exchanged, compared to its average volume of 389,723. The firm has a market capitalization of $17.91 billion, a PE ratio of 24.42, a price-to-earnings-growth ratio of 1.49 and a beta of 0.89. Reliance, Inc. has a fifty-two week low of $250.07 and a fifty-two week high of $346.25. The business has a fifty day simple moving average of $311.08 and a two-hundred day simple moving average of $294.14. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.58 and a current ratio of 3.17.

Reliance (NYSE:RS - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The industrial products company reported $3.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.66 by $0.11. The company had revenue of $3.48 billion for the quarter, compared to the consensus estimate of $3.44 billion. Reliance had a return on equity of 10.77% and a net margin of 5.65%. Reliance's revenue for the quarter was down 4.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $5.30 earnings per share. On average, sell-side analysts forecast 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 was paid on Friday, June 6th. Investors of record on Friday, May 23rd were paid a dividend of $1.20 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $4.80 annualized dividend and a yield of 1.41%. Reliance's payout ratio is 34.41%.

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.