Reliance, Inc. (NYSE:RS) Shares Sold by Yacktman Asset Management LP

Yacktman Asset Management LP reduced its stake in shares of Reliance, Inc. (NYSE:RS - Free Report) by 11.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 763,184 shares of the industrial products company's stock after selling 93,913 shares during the period. Reliance makes up approximately 2.9% of Yacktman Asset Management LP's investment portfolio, making the stock its 11th biggest holding. Yacktman Asset Management LP owned 1.44% of Reliance worth $220,369,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. DekaBank Deutsche Girozentrale lifted its position in Reliance by 0.3% during the first quarter. DekaBank Deutsche Girozentrale now owns 77,155 shares of the industrial products company's stock valued at $21,945,000 after purchasing an additional 254 shares during the period. M&T Bank Corp increased its stake in shares of Reliance by 0.9% in the 1st quarter. M&T Bank Corp now owns 5,146 shares of the industrial products company's stock valued at $1,486,000 after purchasing an additional 48 shares in the last quarter. Crossmark Global Holdings Inc. raised its holdings in Reliance by 6.1% in the 1st quarter. Crossmark Global Holdings Inc. now owns 2,776 shares of the industrial products company's stock worth $802,000 after purchasing an additional 159 shares during the period. TD Private Client Wealth LLC boosted its position in Reliance by 8.2% during the first quarter. TD Private Client Wealth LLC now owns 3,728 shares of the industrial products company's stock worth $1,076,000 after purchasing an additional 284 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its position in Reliance by 6.3% during the first quarter. Envestnet Asset Management Inc. now owns 78,579 shares of the industrial products company's stock worth $22,690,000 after purchasing an additional 4,677 shares in the last quarter. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Reliance Price Performance

RS stock traded up $4.41 during mid-day trading on Thursday, reaching $332.33. 98,366 shares of the company's stock were exchanged, compared to its average volume of 400,161. The company has a market cap of $17.48 billion, a price-to-earnings ratio of 23.82, a price-to-earnings-growth ratio of 1.47 and a beta of 0.89. The stock's 50 day moving average is $306.37 and its 200 day moving average is $290.91. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.17 and a quick ratio of 1.58. Reliance, Inc. has a 12-month low of $250.07 and a 12-month high of $333.71.

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, research analysts expect that Reliance, Inc. will post 16.98 EPS for the current year.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 23rd were issued a dividend of $1.20 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.44%. Reliance's payout ratio is currently 34.41%.

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.