Reliance, Inc. (NYSE:RS) Shares Sold by Yacktman Asset Management LP

Yacktman Asset Management LP decreased its holdings in Reliance, Inc. (NYSE:RS) by 0.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 989,685 shares of the industrial products company’s stock after selling 6,717 shares during the period. Reliance makes up approximately 2.7% of Yacktman Asset Management LP’s investment portfolio, making the stock its 12th largest position. Yacktman Asset Management LP owned about 1.72% of Reliance worth $282,654,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Riverview Trust Co purchased a new position in shares of Reliance during the 1st quarter worth $25,000. Innealta Capital LLC acquired a new stake in shares of Reliance during the second quarter valued at about $28,000. Contravisory Investment Management Inc. purchased a new stake in shares of Reliance in the 1st quarter valued at approximately $30,000. Partnership Wealth Management LLC acquired a new position in shares of Reliance in the 4th quarter worth approximately $43,000. Finally, Rise Advisors LLC purchased a new position in shares of Reliance during the 1st quarter worth approximately $49,000. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Reliance Stock Down 0.9 %

Shares of RS stock traded down $2.50 on Thursday, reaching $270.96. 116,140 shares of the stock were exchanged, compared to its average volume of 314,566. Reliance, Inc. has a twelve month low of $237.14 and a twelve month high of $342.20. The company has a current ratio of 5.02, a quick ratio of 2.43 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $14.91 billion, a price-to-earnings ratio of 12.64 and a beta of 0.86. The business’s 50 day moving average price is $288.36 and its 200 day moving average price is $301.70.

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

Reliance Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Shareholders 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 annualized dividend and a yield of 1.62%. Reliance’s dividend payout ratio is presently 20.55%.

Analyst Upgrades and Downgrades

RS has been the subject of several research analyst reports. Bank of America lowered their price target on Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. StockNews.com cut shares of Reliance from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. Wolfe Research lowered shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price on the stock. in a report on Friday, July 26th. Finally, KeyCorp dropped their price target on shares of Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a research note on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target 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.