Farther Finance Advisors LLC Acquires 40 Shares of Reliance, Inc. (NYSE:RS)

Farther Finance Advisors LLC lifted its holdings in Reliance, Inc. (NYSE:RS) by 11.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 401 shares of the industrial products company’s stock after buying an additional 40 shares during the period. Farther Finance Advisors LLC’s holdings in Reliance were worth $116,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Principal Securities Inc. boosted its position in Reliance by 26.6% in the 4th quarter. Principal Securities Inc. now owns 800 shares of the industrial products company’s stock valued at $215,000 after buying an additional 168 shares during the period. CIBC Asset Management Inc raised its stake in shares of Reliance by 2.3% during the 4th quarter. CIBC Asset Management Inc now owns 2,694 shares of the industrial products company’s stock worth $725,000 after acquiring an additional 60 shares in the last quarter. Truist Financial Corp raised its stake in shares of Reliance by 16.9% during the 4th quarter. Truist Financial Corp now owns 1,399 shares of the industrial products company’s stock worth $377,000 after acquiring an additional 202 shares in the last quarter. Y Intercept Hong Kong Ltd increased its stake in Reliance by 226.0% during the 4th quarter. Y Intercept Hong Kong Ltd now owns 12,390 shares of the industrial products company’s stock valued at $3,336,000 after purchasing an additional 8,589 shares in the last quarter. Finally, Edge Capital Group LLC acquired a new position in Reliance during the 4th quarter valued at approximately $46,979,000. 79.26% of the stock is currently owned by institutional investors.

Reliance Stock Performance

Shares of NYSE RS opened at $306.47 on Friday. The company’s fifty day moving average price is $296.34 and its 200 day moving average price is $288.52. Reliance, Inc. has a 1 year low of $250.07 and a 1 year high of $326.87. The company has a market capitalization of $16.12 billion, a PE ratio of 21.97, a price-to-earnings-growth ratio of 1.37 and a beta of 0.88. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.58 and a current ratio of 3.17.

Reliance (NYSE:RS) last posted its quarterly earnings data on Wednesday, April 23rd. The industrial products company reported $3.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.66 by $0.11. The business had revenue of $3.48 billion for the quarter, compared to the consensus estimate of $3.44 billion. Reliance had a net margin of 5.65% and a return on equity of 10.77%. The company’s revenue was down 4.4% compared to the same quarter last year. During the same period last year, the firm posted $5.30 earnings per share. On average, research analysts predict that Reliance, Inc. will post 16.98 earnings per share for the current year.

Reliance Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 23rd were paid a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 1.57%. The ex-dividend date was Friday, May 23rd. Reliance’s dividend payout ratio is currently 34.41%.

Wall Street Analysts Forecast Growth

Separately, KeyCorp increased their price objective on shares of Reliance from $321.00 to $327.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Reliance has an average rating of “Hold” and a consensus price target of $319.00.

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.