Seven Eight Capital LP Has $4.62 Million Stock Position in Reliance, Inc. (NYSE:RS)

Seven Eight Capital LP lifted its holdings in Reliance, Inc. (NYSE:RS - Free Report) by 513.7% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,177 shares of the industrial products company's stock after buying an additional 13,541 shares during the quarter. Reliance comprises 0.5% of Seven Eight Capital LP's portfolio, making the stock its 27th biggest holding. Seven Eight Capital LP's holdings in Reliance were worth $4,620,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Riverview Trust Co acquired a new stake in shares of Reliance during the 1st quarter worth approximately $25,000. Innealta Capital LLC bought a new stake in shares of Reliance during the 2nd quarter valued at $28,000. Contravisory Investment Management Inc. acquired a new position in shares of Reliance in the 1st quarter valued at $30,000. Rise Advisors LLC bought a new position in shares of Reliance in the 1st quarter worth $49,000. Finally, National Bank of Canada FI grew its stake in shares of Reliance by 17.9% during the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company's stock worth $76,000 after purchasing an additional 41 shares during the period. Institutional investors and hedge funds own 79.26% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on RS. KeyCorp cut their target price on Reliance from $341.00 to $325.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 3rd. Wolfe Research downgraded shares of Reliance from a "peer perform" rating to an "underperform" rating and set a $262.00 price target on the stock. in a research report on Friday, July 26th. Finally, Bank of America decreased their price objective on shares of Reliance from $340.00 to $335.00 and set a "neutral" rating for the company in a report on Wednesday, June 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. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $329.40.

Reliance Stock Down 1.2 %

RS traded down $3.50 during trading on Wednesday, reaching $277.11. The company had a trading volume of 365,065 shares, compared to its average volume of 317,994. The business's fifty day moving average price is $287.16 and its 200 day moving average price is $298.61. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.02 and a quick ratio of 2.43. Reliance, Inc. has a 12 month low of $237.14 and a 12 month high of $342.20. The company has a market cap of $15.91 billion, a P/E ratio of 12.94 and a beta of 0.85.

Reliance (NYSE:RS - Get Free Report) last announced 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). The company had revenue of $3.64 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the previous year, the company posted $6.49 earnings per share. Equities analysts anticipate that Reliance, Inc. will post 17.21 EPS for the current year.

Reliance Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were paid a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 1.59%. The ex-dividend date was Friday, August 16th. Reliance's payout ratio is 20.55%.

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.