Mn Services Vermogensbeheer B.V. Reduces Stock Holdings in Reliance, Inc. (NYSE:RS)

Mn Services Vermogensbeheer B.V. trimmed its position in Reliance, Inc. (NYSE:RS) by 7.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 20,900 shares of the industrial products company’s stock after selling 1,600 shares during the period. Mn Services Vermogensbeheer B.V.’s holdings in Reliance were worth $6,035,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Proficio Capital Partners LLC bought a new position in shares of Reliance in the fourth quarter worth about $7,352,000. Merewether Investment Management LP bought a new position in shares of Reliance in the fourth quarter worth about $9,963,000. Loomis Sayles & Co. L P raised its stake in shares of Reliance by 3.5% in the fourth quarter. Loomis Sayles & Co. L P now owns 48,213 shares of the industrial products company’s stock worth $12,982,000 after buying an additional 1,640 shares during the period. O Shaughnessy Asset Management LLC raised its stake in shares of Reliance by 38.5% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 34,697 shares of the industrial products company’s stock worth $9,343,000 after buying an additional 9,642 shares during the period. Finally, Daiwa Securities Group Inc. raised its stake in shares of Reliance by 15.0% in the fourth quarter. Daiwa Securities Group Inc. now owns 13,010 shares of the industrial products company’s stock worth $3,503,000 after buying an additional 1,700 shares during the period. 79.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, KeyCorp raised their price objective on Reliance from $321.00 to $327.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Reliance has an average rating of “Hold” and an average price target of $319.00.

Reliance Stock Up 1.2%

Shares of RS opened at $309.52 on Wednesday. The business’s 50 day moving average is $294.60 and its 200 day moving average is $288.54. The company has a market capitalization of $16.28 billion, a PE ratio of 22.19, a price-to-earnings-growth ratio of 1.36 and a beta of 0.88. Reliance, Inc. has a 12-month low of $250.07 and a 12-month high of $326.87. The company has a current ratio of 3.17, a quick ratio of 1.58 and a debt-to-equity ratio of 0.15.

Reliance (NYSE:RS) last issued its earnings results on Wednesday, April 23rd. The industrial products company reported $3.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.66 by $0.11. The company had revenue of $3.48 billion for the quarter, compared to the consensus estimate of $3.44 billion. Reliance had a return on equity of 10.77% and a net margin of 5.65%. The firm’s quarterly revenue was down 4.4% on a year-over-year basis. During the same quarter last year, the company earned $5.30 EPS. Research analysts expect that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 23rd were paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 1.55%. The ex-dividend date was Friday, May 23rd. Reliance’s dividend payout ratio (DPR) is presently 34.41%.

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.