Hsbc Holdings PLC Increases Stake in Reliance, Inc. (NYSE:RS)

Hsbc Holdings PLC grew its position in shares of Reliance, Inc. (NYSE:RS - Free Report) by 78.5% during the second quarter, according to its most recent filing with the SEC. The firm owned 289,758 shares of the industrial products company's stock after acquiring an additional 127,422 shares during the period. Hsbc Holdings PLC owned about 0.50% of Reliance worth $82,816,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Astoria Portfolio Advisors LLC. grew its holdings in Reliance by 4.9% in the first quarter. Astoria Portfolio Advisors LLC. now owns 778 shares of the industrial products company's stock worth $253,000 after purchasing an additional 36 shares during the period. Avantax Advisory Services Inc. grew its stake in shares of Reliance by 4.2% in the 4th quarter. Avantax Advisory Services Inc. now owns 1,023 shares of the industrial products company's stock worth $286,000 after buying an additional 41 shares during the last quarter. National Bank of Canada FI increased its position in Reliance by 17.9% during 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 in the last quarter. Consolidated Planning Corp raised its stake in Reliance by 7.1% during the second quarter. Consolidated Planning Corp now owns 752 shares of the industrial products company's stock valued at $215,000 after buying an additional 50 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. raised its stake in Reliance by 6.3% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 907 shares of the industrial products company's stock valued at $254,000 after buying an additional 54 shares during the last quarter. Hedge funds and other institutional investors own 79.26% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on RS shares. KeyCorp reduced their price target on Reliance from $341.00 to $325.00 and set an "overweight" rating for the company in a report on Wednesday, July 3rd. 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 report on Wednesday, June 26th. Finally, Wolfe Research downgraded shares of Reliance from a "peer perform" rating to an "underperform" rating and set a $262.00 target price on the stock. in a research note on Friday, July 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $329.40.

Reliance Stock Performance

NYSE RS traded down $5.11 during trading hours on Friday, hitting $281.03. The company's stock had a trading volume of 1,416,770 shares, compared to its average volume of 324,318. Reliance, Inc. has a 12 month low of $237.14 and a 12 month high of $342.20. The company's 50 day simple moving average is $286.89 and its two-hundred day simple moving average is $298.37. 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 company has a market cap of $15.46 billion, a P/E ratio of 13.12 and a beta of 0.85.

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

Reliance Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were issued a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 1.57%. The ex-dividend date was Friday, August 16th. Reliance's 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.