Natixis Advisors LLC Sells 909 Shares of Reliance, Inc. (NYSE:RS)

Natixis Advisors LLC reduced its position in shares of Reliance, Inc. (NYSE:RS) by 4.1% during the second quarter, Holdings Channel reports. The firm owned 21,103 shares of the industrial products company’s stock after selling 909 shares during the period. Natixis Advisors LLC’s holdings in Reliance were worth $6,027,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Riverview Trust Co bought a new stake in Reliance in the first quarter worth about $25,000. Innealta Capital LLC bought a new stake in Reliance in the second quarter worth about $28,000. Contravisory Investment Management Inc. bought a new stake in Reliance in the first quarter worth about $30,000. Partnership Wealth Management LLC bought a new stake in Reliance in the fourth quarter worth about $43,000. Finally, Rise Advisors LLC bought a new stake in Reliance in the first quarter worth about $49,000. 79.26% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on RS shares. Bank of America lowered their price objective on shares of Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a research 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 price objective on the stock. in a research report on Friday, July 26th. StockNews.com lowered shares of Reliance from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. Finally, KeyCorp reduced their target price on shares of Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a research note on Wednesday, July 3rd. 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 stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $329.40.

Reliance Price Performance

RS opened at $272.69 on Friday. The company has a market capitalization of $15.00 billion, a price-to-earnings ratio of 12.74 and a beta of 0.86. The company has a quick ratio of 2.43, a current ratio of 5.02 and a debt-to-equity ratio of 0.15. The firm has a 50-day moving average price of $287.92 and a 200-day moving average price of $301.12. Reliance, Inc. has a twelve month low of $237.14 and a twelve month high of $342.20.

Reliance (NYSE:RS) last posted its earnings results on Thursday, July 25th. The industrial products company reported $4.65 earnings per share for the quarter, missing the consensus estimate of $4.73 by ($0.08). The business had revenue of $3.64 billion during the quarter, compared to analysts’ expectations of $3.64 billion. Reliance had a return on equity of 14.73% and a net margin of 7.99%. Reliance’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $6.49 EPS. Equities analysts expect that Reliance, Inc. will post 17.21 EPS for the current year.

Reliance Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were paid a dividend of $1.10 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $4.40 annualized dividend and a yield of 1.61%. Reliance’s dividend payout ratio is currently 20.55%.

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.