Royal London Asset Management Ltd. Lowers Stock Holdings in Reliance, Inc. (NYSE:RS)

Royal London Asset Management Ltd. trimmed its position in shares of Reliance, Inc. (NYSE:RS - Free Report) by 6.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 879,321 shares of the industrial products company's stock after selling 60,582 shares during the period. Reliance comprises 0.6% of Royal London Asset Management Ltd.'s portfolio, making the stock its 24th largest position. Royal London Asset Management Ltd. owned 1.53% of Reliance worth $251,134,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Riverview Trust Co bought a new position in Reliance in the 1st quarter worth $25,000. Contravisory Investment Management Inc. bought a new position in Reliance in the first quarter worth about $30,000. Innealta Capital LLC purchased a new stake in Reliance in the second quarter worth about $28,000. Rise Advisors LLC purchased a new stake in Reliance in the first quarter worth about $49,000. Finally, Partnership Wealth Management LLC bought a new stake in Reliance during the 4th quarter valued at approximately $43,000. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Reliance Stock Performance

Shares of Reliance stock traded down $1.14 during trading on Tuesday, hitting $271.23. 335,770 shares of the company's stock traded hands, compared to its average volume of 317,233. Reliance, Inc. has a 1 year low of $237.14 and a 1 year high of $342.20. The business has a 50-day simple moving average of $287.77 and a 200-day simple moving average of $300.57. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.02 and a quick ratio of 2.43. The stock has a market capitalization of $14.92 billion, a P/E ratio of 12.61 and a beta of 0.86.

Reliance (NYSE:RS - Get Free Report) last posted its earnings results on Thursday, July 25th. The industrial products company reported $4.65 earnings per share for the quarter, missing analysts' consensus estimates of $4.73 by ($0.08). Reliance had a net margin of 7.99% and a return on equity of 14.73%. The firm had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same period in the prior year, the company posted $6.49 EPS. The firm's revenue was down 6.1% compared to the same quarter last year. As a group, analysts forecast that Reliance, Inc. will post 17.21 EPS for the current year.

Reliance Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were given 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 yield of 1.62%. Reliance's dividend payout ratio (DPR) is presently 20.55%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Bank of America decreased their target price on shares of 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 $341.00 to $325.00 and set an "overweight" rating for the company in a research note 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, Wolfe Research lowered Reliance from a "peer perform" rating to an "underperform" rating and set a $262.00 price target for the company. in a research report on Friday, July 26th. One equities research 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's 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.