Archer Investment Corp Sells 50 Shares of Reliance, Inc. (NYSE:RS)

Archer Investment Corp decreased its position in Reliance, Inc. (NYSE:RS) by 13.7% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 315 shares of the industrial products company’s stock after selling 50 shares during the quarter. Archer Investment Corp’s holdings in Reliance were worth $90,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Sei Investments Co. increased its stake in shares of Reliance by 13.1% during the first quarter. Sei Investments Co. now owns 51,053 shares of the industrial products company’s stock valued at $17,062,000 after buying an additional 5,902 shares during the period. UBS Group AG lifted its holdings in shares of Reliance by 262.0% during the fourth quarter. UBS Group AG now owns 45,016 shares of the industrial products company’s stock valued at $12,590,000 after purchasing an additional 32,580 shares in the last quarter. Bessemer Group Inc. lifted its holdings in shares of Reliance by 2,870.9% during the first quarter. Bessemer Group Inc. now owns 3,981 shares of the industrial products company’s stock valued at $1,331,000 after purchasing an additional 3,847 shares in the last quarter. MMCAP International Inc. SPC bought a new position in Reliance in the fourth quarter valued at about $845,000. Finally, Russell Investments Group Ltd. lifted its holdings in Reliance by 1.9% in the first quarter. Russell Investments Group Ltd. now owns 159,878 shares of the industrial products company’s stock valued at $53,644,000 after acquiring an additional 2,985 shares during the period. Institutional investors own 79.26% of the company’s stock.

Reliance Trading Up 0.3 %

Shares of NYSE RS opened at $273.49 on Thursday. Reliance, Inc. has a twelve month low of $237.14 and a twelve month high of $342.20. The business has a fifty day simple moving average of $288.36 and a two-hundred day simple moving average of $301.70. The firm has a market cap of $15.05 billion, a PE ratio of 12.77 and a beta of 0.86. 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 (NYSE:RS) last issued its quarterly earnings data on Thursday, July 25th. The industrial products company reported $4.65 earnings per share (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 analyst estimates of $3.64 billion. Reliance had a net margin of 7.99% and a return on equity of 14.73%. The business’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period last year, the firm earned $6.49 EPS. Analysts expect that Reliance, Inc. will post 17.21 earnings per share for the current fiscal year.

Reliance Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were issued a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend was Friday, August 16th. Reliance’s dividend payout ratio is presently 20.55%.

Analyst Ratings Changes

RS has been the subject of a number of analyst reports. StockNews.com cut Reliance from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. KeyCorp cut their price target on Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a report on Wednesday, July 3rd. Bank of America cut their price target on Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Finally, Wolfe Research lowered 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. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Reliance has a consensus rating of “Hold” and an average target price of $329.40.

Reliance 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.