Reliance (NYSE:RS) Stock Price Down 10.3% After Earnings Miss

Reliance, Inc. (NYSE:RS - Get Free Report) shares traded down 10.3% on Thursday following a dissappointing earnings announcement. The company traded as low as $311.33 and last traded at $308.31. 294,570 shares changed hands during trading, a decline of 27% from the average session volume of 401,807 shares. The stock had previously closed at $343.66.

The industrial products company reported $4.43 EPS for the quarter, missing analysts' consensus estimates of $4.72 by ($0.29). The firm had revenue of $3.66 billion during the quarter, compared to the consensus estimate of $3.66 billion. Reliance had a net margin of 5.65% and a return on equity of 10.77%. The business's quarterly revenue was up .5% on a year-over-year basis. During the same period in the previous year, the firm earned $4.65 earnings per share.

Reliance Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be issued a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.58%. Reliance's dividend payout ratio is currently 34.41%.

Hedge Funds Weigh In On Reliance

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Merewether Investment Management LP acquired a new stake in Reliance in the fourth quarter valued at $9,963,000. O Shaughnessy Asset Management LLC lifted its position in shares of Reliance by 38.5% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 34,697 shares of the industrial products company's stock valued at $9,343,000 after acquiring an additional 9,642 shares during the period. Loomis Sayles & Co. L P lifted its position in shares of Reliance by 3.5% during the 4th quarter. Loomis Sayles & Co. L P now owns 48,213 shares of the industrial products company's stock valued at $12,982,000 after acquiring an additional 1,640 shares during the period. Envestnet Portfolio Solutions Inc. grew its stake in Reliance by 12.7% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 1,289 shares of the industrial products company's stock worth $347,000 after acquiring an additional 145 shares during the period. Finally, GAMMA Investing LLC raised its stake in shares of Reliance by 17.4% in the 1st quarter. GAMMA Investing LLC now owns 966 shares of the industrial products company's stock valued at $279,000 after purchasing an additional 143 shares in the last quarter. 79.26% of the stock is owned by institutional investors.

Reliance Stock Down 11.6%

The company has a debt-to-equity ratio of 0.15, a current ratio of 3.17 and a quick ratio of 1.58. The firm has a market capitalization of $15.98 billion, a P/E ratio of 21.80, a PEG ratio of 1.49 and a beta of 0.89. The firm's fifty day moving average price is $313.46 and its 200-day moving average price is $295.28.

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.

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