Reliance, Inc. (NYSE:RS) Shares Sold by Mackenzie Financial Corp

Mackenzie Financial Corp reduced its position in shares of Reliance, Inc. (NYSE:RS – Free Report) by 53.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,188 shares of the industrial products company’s stock after selling 3,589 shares during the period. Mackenzie Financial Corp’s holdings in Reliance were worth $910,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of RS. Riverview Trust Co purchased a new position in shares of Reliance in the first quarter valued at about $25,000. Contravisory Investment Management Inc. purchased a new position in shares of Reliance in the first quarter worth $30,000. Inçalta Capital LLC purchased a new stake in shares of Reliance in the second quarter valued at $28,000. Rise Advisors LLC acquired a new stake in shares of Reliance in the 1st quarter valued at $49,000. Finally, Headlands Technologies LLC purchased a new position in Reliance in the first quarter valued at $86,000. 79.26% of the shares are currently held by hedge funds and other institutional investors.

Confidence-based trading up 0.5%

Shares of RS opened at $281.38 on Friday. Reliance, Inc. it has a fifty-two week low of $237.14 and a fifty-two week high of $342.20. The company’s 50-day moving average price is $283.57, and its two-hundred-day moving average price is $295.99. The stock has a market cap of $16.16 billion, a price-to-earnings ratio of 13.14 and a beta of 0.85. The company has a quick ratio of 2.43, a current ratio of 5.02, and a debt-to-equity ratio of 0.15.

Reliance (NYSE:RS – Get Free Report ) last announced its quarterly 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 return on equity of 14.73% and a net margin of 7.99%. The company had revenue of $3.64 billion for the quarter, compared to analysts’ expectations of $3.64 billion. During the same period last year, the company posted earnings of $6.49 per share. The company’s revenue for the quarter was down 6.1% year-over-year. On average, analysts anticipate that Reliance, Inc. will post 17.21 EPS for the current year.

Trust Dividend Notice

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were given a dividend of $1.10 per share. This represents an annualized dividend of $4.40 and a yield of 1.56%. The ex-dividend date was Friday, August 16. Reliance’s dividend payout ratio (DPR) is currently 20.55%.

Analysts set new price targets

Several analysts have commented on RS shares. Bank of America cut their price target on Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Wolfe Research lowered shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price for the company. in a research report on Friday, July 26th. Finally, KeyCorp dropped their target price on shares of Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a report on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $329.40, based on data from MarketBeat.com.

Get the latest research report on Reliance

Reliance Company Profile

(Free report)

Reliance, Inc operates as a diversified metal solutions provider and metal 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 metalworking services for general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor manufacturing and heavy industries.

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