Swedbank AB Buys 11,887 Shares of Reliance, Inc. (NYSE:RS)

Swedbank AB lifted its stake in shares of Reliance, Inc. (NYSE:RS - Free Report) by 38.4% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 42,881 shares of the industrial products company's stock after buying an additional 11,887 shares during the period. Swedbank AB owned about 0.08% of Reliance worth $12,402,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Riverview Trust Co acquired a new stake in Reliance during the 1st quarter valued at approximately $25,000. Innealta Capital LLC bought a new position in shares of Reliance in the 2nd quarter worth about $28,000. Contravisory Investment Management Inc. acquired a new position in shares of Reliance in the 1st quarter valued at about $30,000. UMB Bank n.a. grew its stake in Reliance by 27.0% during the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company's stock worth $72,000 after purchasing an additional 53 shares during the period. Finally, National Bank of Canada FI increased its holdings in Reliance by 17.9% in 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 in the last quarter. Institutional investors and hedge funds own 79.26% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on RS. Wolfe Research lowered 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. Bank of America reduced their price target on shares of Reliance from $340.00 to $335.00 and set a "neutral" rating for the company in a research report on Wednesday, June 26th. Finally, KeyCorp decreased their price target on Reliance from $335.00 to $325.00 and set an "overweight" rating for the company in a report on Monday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $329.40.

Reliance Stock Performance

Shares of NYSE RS traded up $0.58 during mid-day trading on Friday, reaching $296.92. 179,221 shares of the company's stock were exchanged, compared to its average volume of 318,060. The firm has a 50-day moving average price of $282.91 and a two-hundred day moving average price of $292.86. 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 firm has a market capitalization of $16.34 billion, a price-to-earnings ratio of 15.16 and a beta of 0.85. Reliance, Inc. has a 52 week low of $237.14 and a 52 week high of $342.20.

Reliance (NYSE:RS - Get Free Report) last released 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). Reliance had a net margin of 7.99% and a return on equity of 14.73%. The company had revenue of $3.64 billion during the quarter, compared to analysts' expectations of $3.64 billion. During the same quarter in the previous year, the firm earned $6.49 earnings per share. The firm's revenue was down 6.1% compared to the same quarter last year. Analysts predict that Reliance, Inc. will post 17.16 EPS for the current year.

Reliance Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were issued a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 1.48%. The ex-dividend date of this dividend was Friday, August 16th. Reliance's payout ratio is 22.46%.

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.