Plato Investment Management Ltd Trims Position in Reliance, Inc. (NYSE:RS)

Plato Investment Management Ltd reduced its holdings in Reliance, Inc. (NYSE:RS) by 60.4% during the 2nd quarter, Holdings Channel reports. The fund owned 4,012 shares of the industrial products company’s stock after selling 6,110 shares during the period. Plato Investment Management Ltd’s holdings in Reliance were worth $1,146,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Reliance Stock Up 1.4 %

Reliance stock opened at $277.90 on Monday. Reliance, Inc. has a 12 month low of $237.14 and a 12 month high of $342.20. The stock has a market capitalization of $15.29 billion, a PE ratio of 12.98 and a beta of 0.85. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.02 and a quick ratio of 2.43. The business has a 50 day simple moving average of $287.13 and a 200-day simple moving average of $299.17.

Reliance (NYSE:RS) last issued its quarterly earnings results on Thursday, July 25th. The industrial products company reported $4.65 EPS for the quarter, missing the consensus estimate of $4.73 by ($0.08). The company had revenue of $3.64 billion during the quarter, compared to analysts’ expectations of $3.64 billion. Reliance had a return on equity of 14.73% and a net margin of 7.99%. Reliance’s revenue was down 6.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $6.49 EPS. On average, analysts anticipate that Reliance, Inc. will post 17.21 EPS for the current fiscal year.

Reliance Announces Dividend

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

Analyst Ratings Changes

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

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.