Acadian Asset Management LLC Sells 84,162 Shares of Reliance, Inc. (NYSE:RS)

Acadian Asset Management LLC lowered its stake in Reliance, Inc. (NYSE:RS - Free Report) by 7.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 988,038 shares of the industrial products company's stock after selling 84,162 shares during the period. Reliance makes up approximately 0.9% of Acadian Asset Management LLC's holdings, making the stock its 19th largest holding. Acadian Asset Management LLC owned about 1.72% of Reliance worth $282,151,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of RS. Illinois Municipal Retirement Fund grew its position in shares of Reliance by 4.7% in the 2nd quarter. Illinois Municipal Retirement Fund now owns 45,356 shares of the industrial products company's stock worth $12,954,000 after buying an additional 2,036 shares during the last quarter. Los Angeles Capital Management LLC boosted its holdings in Reliance by 127.0% in the second quarter. Los Angeles Capital Management LLC now owns 21,812 shares of the industrial products company's stock valued at $6,230,000 after acquiring an additional 12,205 shares in the last quarter. Savant Capital LLC increased its position in Reliance by 26.5% during the 2nd quarter. Savant Capital LLC now owns 1,903 shares of the industrial products company's stock valued at $543,000 after purchasing an additional 399 shares during the period. Candriam S.C.A. increased its position in Reliance by 5.6% during the 2nd quarter. Candriam S.C.A. now owns 4,181 shares of the industrial products company's stock valued at $1,194,000 after purchasing an additional 221 shares during the period. Finally, Private Advisor Group LLC raised its holdings in Reliance by 11.6% in the 2nd quarter. Private Advisor Group LLC now owns 3,901 shares of the industrial products company's stock worth $1,114,000 after purchasing an additional 404 shares in the last quarter. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently commented on RS shares. Wolfe Research downgraded shares of 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. KeyCorp lowered their price objective on Reliance from $341.00 to $325.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 3rd. StockNews.com cut Reliance from a "buy" rating to a "hold" rating in a research note on Wednesday, May 15th. Finally, Bank of America dropped their price objective on Reliance from $340.00 to $335.00 and set a "neutral" rating on the stock in a research report on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, Reliance currently has an average rating of "Hold" and a consensus price target of $329.40.

Reliance Price Performance

Shares of NYSE:RS traded up $0.73 during mid-day trading on Friday, reaching $272.69. The stock had a trading volume of 376,493 shares, compared to its average volume of 287,655. The company has a market cap of $15.66 billion, a P/E ratio of 12.74 and a beta of 0.85. The business's 50 day moving average price is $287.92 and its 200 day moving average price is $300.90. The company has a current ratio of 5.02, a quick ratio of 2.43 and a debt-to-equity ratio of 0.15. Reliance, Inc. has a 1 year low of $237.14 and a 1 year high of $342.20.

Reliance (NYSE:RS - Get Free Report) last announced its earnings results on Thursday, July 25th. The industrial products company reported $4.65 EPS for the quarter, missing analysts' consensus estimates 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 for the quarter was down 6.1% compared to the same quarter last year. During the same quarter last year, the firm posted $6.49 EPS. Research analysts expect that Reliance, Inc. will post 17.21 EPS for the current fiscal year.

Reliance Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were paid a dividend of $1.10 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $4.40 annualized dividend and a dividend yield of 1.61%. Reliance's dividend payout ratio is currently 20.55%.

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.