The Manufacturers Life Insurance Company Purchases Shares of 23,577 Reliance, Inc. $RS

The Manufacturers Life Insurance Company purchased a new position in Reliance, Inc. (NYSE:RS) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 23,577 shares of the industrial products company’s stock, valued at approximately $8,808,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Costello Asset Management INC purchased a new stake in Reliance during the 1st quarter valued at $30,000. Brown Brothers Harriman & Co. lifted its position in Reliance by 86.2% during the fourth quarter. Brown Brothers Harriman & Co. now owns 108 shares of the industrial products company’s stock valued at $31,000 after buying an additional 50 shares during the period. Greenline Wealth Management LLC purchased a new position in Reliance during the 4th quarter valued at about $32,000. Quarry LP bought a new stake in shares of Reliance in the 3rd quarter worth approximately $32,000. Finally, Parkside Financial Bank & Trust grew its stake in shares of Reliance by 87.3% in the fourth quarter. Parkside Financial Bank & Trust now owns 118 shares of the industrial products company’s stock worth $34,000 after acquiring an additional 55 shares during the last quarter. Institutional investors own 79.26% of the company’s stock.

Reliance Price Performance

RS opened at $387.57 on Friday. The business has a fifty day moving average of $397.24 and a 200 day moving average of $362.24. The company has a quick ratio of 2.27, a current ratio of 4.30 and a debt-to-equity ratio of 0.22. The stock has a market cap of $19.79 billion, a P/E ratio of 22.53, a PEG ratio of 1.00 and a beta of 0.96. Reliance, Inc. has a 52-week low of $260.31 and a 52-week high of $433.02.

Reliance (NYSE:RS) last posted its quarterly earnings results on Wednesday, July 22nd. The industrial products company reported $6.27 EPS for the quarter, topping the consensus estimate of $5.47 by $0.80. The company had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.26 billion. Reliance had a net margin of 5.65% and a return on equity of 12.51%. The firm’s revenue was up 26.5% compared to the same quarter last year. During the same quarter last year, the firm posted $4.43 EPS. Reliance has set its Q3 2026 guidance at 6.400-6.600 EPS. As a group, sell-side analysts anticipate that Reliance, Inc. will post 22.23 EPS for the current year.

Reliance Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were paid a dividend of $1.25 per share. The ex-dividend date was Friday, August 14th. This represents a $5.00 annualized dividend and a dividend yield of 1.3%. Reliance’s dividend payout ratio (DPR) is currently 29.07%.

Insider Transactions at Reliance

In other news, SVP William A. Smith II sold 2,353 shares of the business’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $414.21, for a total value of $974,636.13. Following the completion of the transaction, the senior vice president directly owned 19,394 shares of the company’s stock, valued at approximately $8,033,188.74. The trade was a 10.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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 completion of the transaction, the chief financial officer owned 14,640 shares of the company’s stock, valued at $6,004,010.40. This represents a 13.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Citigroup reissued a “neutral” rating on shares of Reliance in a research report on Wednesday, July 29th. KeyCorp raised their price objective on shares of Reliance from $378.00 to $418.00 and gave the stock an “overweight” rating in a report on Wednesday, June 24th. Weiss Ratings reissued a “buy (b-)” rating on shares of Reliance in a report on Thursday, August 13th. JPMorgan Chase & Co. reduced their price objective on shares of Reliance from $378.00 to $376.00 and set a “neutral” rating for the company in a research note on Wednesday, July 15th. Finally, BMO Capital Markets lifted 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. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $377.50.

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.