nVerses Capital LLC Makes New $376,000 Investment in Reliance, Inc. (NYSE:RS)

nVerses Capital LLC bought a new stake in Reliance, Inc. (NYSE:RS) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,300 shares of the industrial products company’s stock, valued at approximately $376,000.

Other institutional investors also recently modified their holdings of the company. Acadian Asset Management LLC grew its holdings in Reliance by 20.8% during the 1st quarter. Acadian Asset Management LLC now owns 1,072,200 shares of the industrial products company’s stock worth $358,270,000 after acquiring an additional 184,509 shares during the last quarter. Hsbc Holdings PLC lifted its position in shares of Reliance by 78.5% during the second quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock worth $82,816,000 after purchasing an additional 127,422 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Reliance by 21.5% during the first quarter. Principal Financial Group Inc. now owns 348,534 shares of the industrial products company’s stock valued at $116,473,000 after purchasing an additional 61,687 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Reliance by 4.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,168,880 shares of the industrial products company’s stock valued at $333,809,000 after purchasing an additional 53,747 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in Reliance by 21.1% in the 2nd quarter. Victory Capital Management Inc. now owns 202,628 shares of the industrial products company’s stock worth $57,871,000 after purchasing an additional 35,336 shares during the last quarter. Institutional investors own 79.26% of the company’s stock.

Analyst Upgrades and Downgrades

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

Reliance Stock Up 1.4 %

NYSE:RS opened at $296.34 on Friday. The stock’s fifty day simple moving average is $282.63 and its 200-day simple moving average is $293.11. The firm has a market capitalization of $16.30 billion, a P/E ratio of 15.13 and a beta of 0.85. The company has a quick ratio of 2.43, a current ratio of 5.02 and a debt-to-equity ratio of 0.15. Reliance, Inc. has a 12-month low of $237.14 and a 12-month high of $342.20.

Reliance (NYSE:RS) last issued its earnings results on Thursday, July 25th. The industrial products company reported $4.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.73 by ($0.08). The company had revenue of $3.64 billion for the quarter, compared to the consensus estimate of $3.64 billion. Reliance had a return on equity of 14.73% and a net margin of 7.99%. Reliance’s quarterly revenue was down 6.1% on a year-over-year basis. During the same quarter last year, the business posted $6.49 EPS. Equities research analysts expect that Reliance, Inc. will post 17.16 earnings per share for the current year.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were issued a $1.10 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $4.40 annualized dividend and a yield of 1.48%. Reliance’s dividend payout ratio (DPR) is presently 22.46%.

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.