Northwestern Mutual Wealth Management Co. reduced its stake in shares of Reliance, Inc. (NYSE:RS – Free Report) by 31.6% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 5,526 shares of the industrial products company’s stock after selling 2,549 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Reliance were worth $2,065,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in RS. XXEC Inc. acquired a new position in Reliance during the second quarter valued at approximately $127,493,000. BlackRock Inc. acquired a new stake in shares of Reliance in the second quarter worth $2,171,081,000. State Street Corp boosted its holdings in shares of Reliance by 4.5% during the 4th quarter. State Street Corp now owns 2,715,764 shares of the industrial products company’s stock worth $784,503,000 after buying an additional 118,009 shares during the period. Boston Partners grew its stake in Reliance by 27.5% in the 3rd quarter. Boston Partners now owns 2,247,603 shares of the industrial products company’s stock valued at $631,224,000 after buying an additional 484,286 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in Reliance by 25.2% in the 3rd quarter. Wellington Management Group LLP now owns 1,708,756 shares of the industrial products company’s stock worth $479,870,000 after acquiring an additional 343,598 shares during the period. Institutional investors own 79.26% of the company’s stock.
Insider Buying and Selling at Reliance
In other news, CFO Arthur Ajemyan sold 2,200 shares of Reliance stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $410.11, for a total transaction of $902,242.00. Following the sale, the chief financial officer directly owned 14,640 shares in the company, valued at approximately $6,004,010.40. The trade was a 13.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP William A. Smith II sold 2,353 shares of the company’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $414.21, for a total transaction of $974,636.13. Following the completion of the sale, the senior vice president directly owned 19,394 shares in the company, valued at approximately $8,033,188.74. The trade was a 10.82% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.40% of the company’s stock.
Reliance Trading Up 0.7%
Reliance (NYSE:RS – Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The industrial products company reported $6.27 EPS for the quarter, topping analysts’ consensus estimates of $5.47 by $0.80. Reliance had a return on equity of 12.51% and a net margin of 5.65%.The company had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.26 billion. During the same quarter last year, the company earned $4.43 EPS. The company’s quarterly revenue was up 26.5% on a year-over-year basis. Reliance has set its Q3 2026 guidance at 6.400-6.600 EPS. As a group, research analysts predict that Reliance, Inc. will post 22.23 earnings per share for the current year.
Reliance Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were issued a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Friday, August 14th. Reliance’s payout ratio is 29.07%.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on the stock. Zacks Research upgraded shares of Reliance from a “hold” rating to a “strong-buy” rating in a report on Monday, August 3rd. JPMorgan Chase & Co. dropped their price objective on Reliance from $378.00 to $376.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 15th. BMO Capital Markets increased their target price on Reliance from $390.00 to $415.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. Wells Fargo & Company dropped their price target on Reliance from $398.00 to $391.00 and set an “equal weight” rating on the stock in a research report on Monday, August 24th. Finally, Wall Street Zen cut Reliance from a “strong-buy” rating to a “buy” rating in a research report on Monday, August 31st. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $377.50.
Check Out Our Latest Report on Reliance
Reliance Company Profile
Reliance Steel & Aluminum Co (NYSE: RS) is a leading metals service center company that distributes and processes a broad array of metal products. The company offers cut-to-length, shearing, blanking, sawing, bending, machining and value-added services for carbon and alloy steel, stainless steel, aluminum, brass, titanium and specialty metal alloys. Its products serve diverse end markets, including energy, infrastructure, general manufacturing, transportation, aerospace and defense.
Founded in 1939 in Los Angeles, Reliance Steel & Aluminum has grown through a combination of organic expansion and strategic acquisitions.
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