Korea Investment CORP Acquires New Position in Reliance, Inc. $RS

Korea Investment CORP acquired a new position in shares of Reliance, Inc. (NYSE:RS) during the second quarter, HoldingsChannel reports. The fund acquired 64,879 shares of the industrial products company’s stock, valued at approximately $24,239,000.

A number of other hedge funds also recently added to or reduced their stakes in RS. Costello Asset Management INC acquired a new stake in shares of Reliance in the 1st quarter worth approximately $30,000. N.E.W. Advisory Services LLC purchased a new stake in Reliance during the second quarter worth $37,000. Brown Brothers Harriman & Co. grew its holdings in Reliance by 86.2% in the fourth quarter. Brown Brothers Harriman & Co. now owns 108 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 50 shares during the last quarter. Greenline Wealth Management LLC acquired a new stake in Reliance in the fourth quarter valued at $32,000. Finally, Quarry LP purchased a new position in shares of Reliance in the third quarter valued at $32,000. 79.26% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CFO Arthur Ajemyan sold 2,200 shares of the business’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $410.11, for a total value 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. The trade was a 13.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP William A. Smith II sold 2,353 shares of the company’s stock in a transaction that occurred 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 in the company, valued at $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.

Analyst Ratings Changes

Several research analysts have recently issued reports on RS shares. Wells Fargo & Company lifted their price target on Reliance from $372.00 to $398.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 23rd. Citigroup restated a “neutral” rating on shares of Reliance in a report on Wednesday, July 29th. KeyCorp lifted their target price 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 reaffirmed a “buy (b-)” rating on shares of Reliance in a report on Thursday, August 13th. Finally, Zacks Research raised shares of Reliance from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 3rd. One 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 company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $378.67.

Reliance Stock Down 0.1%

RS opened at $387.58 on Monday. 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 firm 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. The business’s fifty day simple moving average is $398.80 and its 200 day simple moving average is $360.86.

Reliance (NYSE:RS) last announced its earnings results on Wednesday, July 22nd. The industrial products company reported $6.27 earnings per share for the quarter, beating the consensus estimate of $5.47 by $0.80. Reliance had a net margin of 5.65% and a return on equity of 12.51%. The firm had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.26 billion. During the same quarter in the previous year, the company posted $4.43 EPS. The firm’s revenue for the quarter 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, equities research analysts anticipate that Reliance, Inc. will post 22.23 EPS for the current fiscal year.

Reliance Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be issued a dividend of $1.25 per share. The ex-dividend date is Friday, August 14th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.3%. Reliance’s payout ratio is 29.07%.

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.