United Capital Management of KS Inc. Raises Holdings in Reliance, Inc. (NYSE:RS)

United Capital Management of KS Inc. boosted its position in Reliance, Inc. (NYSE:RS) by 2.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 29,794 shares of the industrial products company’s stock after acquiring an additional 807 shares during the period. Reliance accounts for 1.9% of United Capital Management of KS Inc.’s investment portfolio, making the stock its 19th biggest position. United Capital Management of KS Inc. owned approximately 0.05% of Reliance worth $8,509,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Riverview Trust Co bought a new position in Reliance in the 1st quarter worth $25,000. Innealta Capital LLC bought a new stake in Reliance during the 2nd quarter valued at approximately $28,000. Contravisory Investment Management Inc. purchased a new position in shares of Reliance during the 1st quarter worth approximately $30,000. Partnership Wealth Management LLC bought a new position in shares of Reliance in the 4th quarter worth approximately $43,000. Finally, Rise Advisors LLC purchased a new position in shares of Reliance in the 1st quarter valued at approximately $49,000. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Reliance Price Performance

RS opened at $286.65 on Friday. The firm has a market cap of $15.77 billion, a PE ratio of 13.39 and a beta of 0.86. The stock has a 50-day moving average price of $288.60 and a 200-day moving average price of $302.54. Reliance, Inc. has a 1 year low of $237.14 and a 1 year high of $342.20. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.02 and a quick ratio of 2.43.

Reliance (NYSE:RS) last released its quarterly earnings data 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). The firm had revenue of $3.64 billion for the quarter, compared to the consensus estimate of $3.64 billion. Reliance had a net margin of 7.99% and a return on equity of 14.73%. The firm’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $6.49 earnings per share. Sell-side analysts predict that Reliance, Inc. will post 17.21 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were given a $1.10 dividend. The ex-dividend date was Friday, August 16th. This represents a $4.40 annualized dividend and a yield of 1.53%. Reliance’s dividend payout ratio (DPR) is presently 20.55%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. KeyCorp reduced their price target on Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 3rd. StockNews.com lowered shares of Reliance from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. 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 note on Friday, July 26th. Finally, Bank of America cut their price objective on shares of Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $329.40.

About Reliance

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.