Reliance, Inc. (NYSE:RS) Shares Sold by Amalgamated Bank

Amalgamated Bank cut its holdings in shares of Reliance, Inc. (NYSE:RS - Free Report) by 9.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 34,180 shares of the industrial products company's stock after selling 3,435 shares during the period. Amalgamated Bank owned about 0.06% of Reliance worth $9,762,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Mercer Global Advisors Inc. ADV boosted its position in Reliance by 2.3% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 27,950 shares of the industrial products company's stock worth $7,982,000 after purchasing an additional 637 shares in the last quarter. Virtu Financial LLC lifted its stake in shares of Reliance by 68.2% in the 2nd quarter. Virtu Financial LLC now owns 4,276 shares of the industrial products company's stock valued at $1,221,000 after purchasing an additional 1,734 shares during the period. Plancorp LLC boosted its holdings in Reliance by 34.4% during the second quarter. Plancorp LLC now owns 1,998 shares of the industrial products company's stock worth $571,000 after buying an additional 511 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Reliance by 4.8% during the second quarter. Dimensional Fund Advisors LP now owns 1,168,880 shares of the industrial products company's stock valued at $333,809,000 after buying an additional 53,747 shares during the period. Finally, Wealthspire Advisors LLC purchased a new position in Reliance in the second quarter valued at $368,000. 79.26% of the stock is owned by hedge funds and other institutional investors.

Reliance Price Performance

Shares of RS traded up $8.90 during mid-day trading on Thursday, hitting $286.01. 370,354 shares of the company were exchanged, compared to its average volume of 318,283. The stock has a market cap of $16.42 billion, a price-to-earnings ratio of 13.31 and a beta of 0.85. Reliance, Inc. has a 1-year low of $237.14 and a 1-year high of $342.20. The company has a 50 day moving average of $287.02 and a 200-day moving average of $298.46. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.43 and a current ratio of 5.02.

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). Reliance had a net margin of 7.99% and a return on equity of 14.73%. The firm had revenue of $3.64 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same period in the previous year, the company earned $6.49 EPS. Reliance's revenue was down 6.1% compared to the same quarter last year. Analysts expect that Reliance, Inc. will post 17.21 EPS for the current fiscal year.

Reliance Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors 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 yield of 1.54%. Reliance's dividend payout ratio is presently 20.55%.

Wall Street Analysts Forecast Growth

RS has been the topic of several recent analyst reports. KeyCorp lowered their target price on shares of Reliance from $341.00 to $325.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 3rd. Bank of America lowered their price target on Reliance from $340.00 to $335.00 and set a "neutral" rating on the stock in a research report on Wednesday, June 26th. Finally, Wolfe Research lowered Reliance from a "peer perform" rating to an "underperform" rating and set a $262.00 price objective on the stock. in a 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 given a buy rating to the stock. Based on data from MarketBeat, Reliance currently 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.