Squarepoint Ops LLC Cuts Position in Reliance, Inc. (NYSE:RS)

Squarepoint Ops LLC reduced its position in Reliance, Inc. (NYSE:RS - Free Report) by 64.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,630 shares of the industrial products company's stock after selling 2,970 shares during the quarter. Squarepoint Ops LLC's holdings in Reliance were worth $466,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the company. Riverview Trust Co acquired a new position in shares of Reliance during the first quarter valued at about $25,000. Innealta Capital LLC purchased a new position in Reliance during the 2nd quarter worth $28,000. Contravisory Investment Management Inc. purchased a new stake in shares of Reliance in the first quarter valued at about $30,000. Rise Advisors LLC bought a new position in shares of Reliance during the first quarter valued at about $49,000. Finally, National Bank of Canada FI grew 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 worth $76,000 after purchasing an additional 41 shares in the last quarter. Institutional investors own 79.26% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on RS shares. KeyCorp lowered 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 lowered 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. Finally, Bank of America dropped their price objective on shares of Reliance from $340.00 to $335.00 and set a "neutral" rating on the stock in a report on Wednesday, June 26th. One 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. Based on data from MarketBeat, Reliance has an average rating of "Hold" and an average price target of $329.40.

Reliance Price Performance

Shares of NYSE:RS traded down $1.65 during trading on Thursday, reaching $286.42. The company had a trading volume of 274,871 shares, compared to its average volume of 320,975. Reliance, Inc. has a 12 month low of $237.14 and a 12 month high of $342.20. 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 market capitalization of $15.76 billion, a P/E ratio of 13.45 and a beta of 0.85. The company has a fifty day moving average of $282.06 and a two-hundred day moving average of $294.58.

Reliance (NYSE:RS - Get Free Report) last announced its quarterly earnings data on Thursday, July 25th. The industrial products company reported $4.65 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.73 by ($0.08). The company had revenue of $3.64 billion for the quarter, compared to the consensus estimate of $3.64 billion. Reliance had a net margin of 7.99% and a return on equity of 14.73%. The firm's quarterly revenue was down 6.1% compared to the same quarter last year. During the same period last year, the business posted $6.49 earnings per share. Equities research analysts forecast that Reliance, Inc. will post 17.16 earnings per share for the current year.

Reliance Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date of this dividend was Friday, August 16th. Reliance's payout ratio is 20.55%.

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.