Yacktman Asset Management LP Lowers Position in Reliance, Inc. (NYSE:RS)

Yacktman Asset Management LP lessened its holdings in shares of Reliance, Inc. (NYSE:RS - Free Report) by 11.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 763,184 shares of the industrial products company's stock after selling 93,913 shares during the quarter. Reliance accounts for approximately 2.9% of Yacktman Asset Management LP's portfolio, making the stock its 11th largest position. Yacktman Asset Management LP owned about 1.44% of Reliance worth $220,369,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. DekaBank Deutsche Girozentrale grew its holdings in Reliance by 0.3% during the first quarter. DekaBank Deutsche Girozentrale now owns 77,155 shares of the industrial products company's stock worth $21,945,000 after buying an additional 254 shares in the last quarter. M&T Bank Corp grew its holdings in Reliance by 0.9% during the first quarter. M&T Bank Corp now owns 5,146 shares of the industrial products company's stock worth $1,486,000 after buying an additional 48 shares in the last quarter. Crossmark Global Holdings Inc. grew its holdings in Reliance by 6.1% during the first quarter. Crossmark Global Holdings Inc. now owns 2,776 shares of the industrial products company's stock worth $802,000 after buying an additional 159 shares in the last quarter. TD Private Client Wealth LLC grew its holdings 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 buying an additional 284 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings 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 buying an additional 4,677 shares in the last quarter. Institutional investors own 79.26% of the company's stock.

Reliance Stock Performance

NYSE:RS traded up $0.64 during trading on Wednesday, reaching $328.06. The company's stock had a trading volume of 240,063 shares, compared to its average volume of 387,546. The firm has a market cap of $17.25 billion, a price-to-earnings ratio of 23.52, a price-to-earnings-growth ratio of 1.46 and a beta of 0.89. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.58 and a current ratio of 3.17. The firm has a 50 day moving average of $305.57 and a 200-day moving average of $290.65. Reliance, Inc. has a 12 month low of $250.07 and a 12 month high of $330.36.

Reliance (NYSE:RS - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The industrial products company reported $3.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.66 by $0.11. The firm had revenue of $3.48 billion during 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%. The business's revenue for the quarter was down 4.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.30 EPS. Research analysts expect that Reliance, Inc. will post 16.98 EPS for the current fiscal year.

Reliance Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 23rd were paid a $1.20 dividend. The ex-dividend date was Friday, May 23rd. This represents a $4.80 annualized dividend and a yield of 1.46%. Reliance's dividend payout ratio is currently 34.41%.

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.