Plato Investment Management Ltd Reduces Holdings in Reliance, Inc. (NYSE:RS)

Plato Investment Management Ltd lowered its position in Reliance, Inc. (NYSE:RS) by 60.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,012 shares of the industrial products company’s stock after selling 6,110 shares during the quarter. Plato Investment Management Ltd’s holdings in Reliance were worth $1,146,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Riverview Trust Co purchased a new position in Reliance during the 1st quarter valued at $25,000. Innealta Capital LLC bought a new stake in shares of Reliance in the 2nd quarter valued at about $28,000. Contravisory Investment Management Inc. bought a new position in Reliance in the first quarter worth approximately $30,000. Rise Advisors LLC purchased a new stake in Reliance during the first quarter worth $49,000. Finally, National Bank of Canada FI boosted its position in Reliance by 17.9% during the 2nd quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after acquiring an additional 41 shares in the last quarter. Institutional investors own 79.26% of the company’s stock.

Reliance Trading Up 1.4 %

Reliance stock opened at $277.90 on Monday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.43 and a current ratio of 5.02. The stock has a market cap of $15.29 billion, a PE ratio of 12.98 and a beta of 0.85. The stock has a 50-day moving average of $287.13 and a two-hundred day moving average of $299.17. Reliance, Inc. has a one year low of $237.14 and a one year high of $342.20.

Reliance (NYSE:RS) last released its earnings results on Thursday, July 25th. The industrial products company reported $4.65 EPS for the quarter, missing analysts’ consensus estimates of $4.73 by ($0.08). Reliance had a return on equity of 14.73% and a net margin of 7.99%. The company had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same quarter last year, the business earned $6.49 earnings per share. The firm’s revenue for the quarter was down 6.1% on a year-over-year basis. On average, research analysts anticipate that Reliance, Inc. will post 17.21 EPS for the current fiscal year.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were paid a $1.10 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $4.40 dividend on an annualized basis and a yield of 1.58%. Reliance’s dividend payout ratio (DPR) is 20.55%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Wolfe Research cut Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective for the company. in a research note on Friday, July 26th. Bank of America decreased their price target on shares of Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. Finally, KeyCorp lowered their price target on shares of Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a report on Wednesday, July 3rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $329.40.

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.