Pure Financial Advisors LLC purchased a new position in Reliance, Inc. (NYSE:RS – Free Report) in the 2nd quarter, HoldingsChannel reports. The firm purchased 8,433 shares of the industrial products company’s stock, valued at approximately $3,151,000.
A number of other hedge funds have also bought and sold shares of the company. XXEC Inc. bought a new position in shares of Reliance during the second quarter valued at approximately $127,493,000. BlackRock Inc. bought a new stake in shares of Reliance in the second quarter valued at about $2,171,081,000. Norges Bank bought a new stake in shares of Reliance in the 4th quarter valued at about $207,691,000. Boston Partners lifted its holdings in Reliance by 27.5% during the third quarter. Boston Partners now owns 2,247,603 shares of the industrial products company’s stock worth $631,224,000 after buying an additional 484,286 shares during the period. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Reliance during the 2nd quarter worth $176,913,000. Institutional investors own 79.26% of the company’s stock.
Reliance Trading Up 1.8%
Reliance stock opened at $390.63 on Thursday. The firm has a market cap of $19.95 billion, a PE ratio of 22.71, a P/E/G ratio of 0.99 and a beta of 0.96. Reliance, Inc. has a 12 month low of $260.31 and a 12 month high of $433.02. The stock’s 50 day simple moving average is $397.51 and its two-hundred day simple moving average is $361.79. The company has a current ratio of 4.30, a quick ratio of 2.27 and a debt-to-equity ratio of 0.22.
Reliance Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be issued a $1.25 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $5.00 dividend on an annualized basis and a yield of 1.3%. Reliance’s dividend payout ratio is presently 29.07%.
Insider Buying and Selling
In other Reliance news, SVP William A. Smith II sold 2,353 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $414.21, for a total transaction of $974,636.13. Following the transaction, the senior vice president directly owned 19,394 shares of the company’s stock, valued at $8,033,188.74. This trade represents a 10.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Arthur Ajemyan sold 2,200 shares of the business’s stock in a transaction dated Friday, July 31st. The stock was 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 of the company’s stock, valued at $6,004,010.40. This represents a 13.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.40% of the company’s stock.
Analysts Set New Price Targets
Several brokerages have weighed in on RS. Citigroup restated a “neutral” rating on shares of Reliance in a research note on Wednesday, July 29th. JPMorgan Chase & Co. dropped their target price on Reliance from $378.00 to $376.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 15th. KeyCorp raised their price target on shares of Reliance from $378.00 to $418.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 24th. Weiss Ratings restated a “buy (b-)” rating on shares of Reliance in a research note on Thursday, August 13th. Finally, Zacks Research raised shares of Reliance from a “hold” rating to a “strong-buy” rating in a report on Monday, August 3rd. 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 given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $377.50.
View Our Latest Stock Analysis on Reliance
About Reliance
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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