Reliance, Inc. (NYSE:RS) Stock Holdings Lowered by Dai ichi Life Insurance Company Ltd

Dai ichi Life Insurance Company Ltd reduced its stake in shares of Reliance, Inc. (NYSE:RS - Free Report) by 22.3% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 17,667 shares of the industrial products company's stock after selling 5,080 shares during the quarter. Dai ichi Life Insurance Company Ltd's holdings in Reliance were worth $5,046,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RS. Riverview Trust Co purchased a new stake in shares of Reliance during the first quarter valued at approximately $25,000. Innealta Capital LLC purchased a new stake in Reliance during the 2nd quarter worth $28,000. Contravisory Investment Management Inc. acquired a new position in Reliance in the 1st quarter worth $30,000. Rise Advisors LLC purchased a new position in Reliance in the 1st quarter valued at about $49,000. Finally, National Bank of Canada FI boosted its position in Reliance by 17.9% in the 2nd quarter. National Bank of Canada FI now owns 270 shares of the industrial products company's stock valued at $76,000 after buying an additional 41 shares during the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

Reliance Stock Up 1.4 %

NYSE RS traded up $3.86 on Friday, hitting $277.90. 281,648 shares of the stock traded hands, compared to its average volume of 318,337. 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 stock has a 50-day moving average of $287.13 and a 200 day moving average of $299.17. Reliance, Inc. has a twelve month low of $237.14 and a twelve month high of $342.20. The company has a market capitalization of $15.29 billion, a P/E ratio of 12.98 and a beta of 0.85.

Reliance (NYSE:RS - Get Free Report) last posted its quarterly earnings results 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 firm had revenue of $3.64 billion for 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 revenue was down 6.1% on a year-over-year basis. During the same period in the prior year, the company posted $6.49 earnings per share. As a group, 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 given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend was Friday, August 16th. Reliance's dividend payout ratio is presently 20.55%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on RS. Bank of America cut their price target on Reliance from $340.00 to $335.00 and set a "neutral" rating on the stock in a research note on Wednesday, June 26th. KeyCorp cut their target price on Reliance from $341.00 to $325.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 3rd. Finally, Wolfe Research downgraded shares of 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 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, the stock has an average rating of "Hold" and a consensus target price 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.