Norges Bank Takes Position in Reliance, Inc. $RS

Norges Bank acquired a new stake in shares of Reliance, Inc. (NYSE:RS) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 718,976 shares of the industrial products company’s stock, valued at approximately $207,691,000.

A number of other hedge funds have also made changes to their positions in RS. Elevation Wealth Partners LLC acquired a new position in shares of Reliance during the 4th quarter valued at about $28,000. Quarry LP acquired a new position in shares of Reliance during the 3rd quarter valued at about $32,000. Guerra Advisors Inc acquired a new position in shares of Reliance during the 3rd quarter valued at about $34,000. Elyxium Wealth LLC acquired a new position in shares of Reliance during the 4th quarter valued at about $36,000. Finally, Advisory Services Network LLC acquired a new position in shares of Reliance during the 3rd quarter valued at about $39,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Price Performance

Shares of NYSE:RS opened at $392.25 on Wednesday. The business has a 50 day moving average price of $341.00 and a 200 day moving average price of $318.33. Reliance, Inc. has a twelve month low of $260.31 and a twelve month high of $394.62. The company has a market cap of $20.02 billion, a price-to-earnings ratio of 25.59, a PEG ratio of 1.19 and a beta of 0.95. The company has a quick ratio of 2.24, a current ratio of 4.39 and a debt-to-equity ratio of 0.24.

Reliance (NYSE:RS) last announced its earnings results on Wednesday, April 22nd. The industrial products company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $4.63 by $0.53. Reliance had a return on equity of 11.37% and a net margin of 5.42%.The firm had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $3.89 billion. During the same quarter in the prior year, the company earned $3.77 EPS. The firm’s revenue for the quarter was up 15.1% compared to the same quarter last year. Reliance has set its Q2 2026 guidance at 5.150-5.350 EPS. Research analysts predict that Reliance, Inc. will post 18.98 earnings per share for the current year.

Reliance Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 5th. Stockholders of record on Friday, May 22nd will be given a dividend of $1.25 per share. The ex-dividend date is Friday, May 22nd. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.3%. Reliance’s payout ratio is currently 32.62%.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Bank of America lowered Reliance from a “neutral” rating to an “underperform” rating and set a $365.00 price objective on the stock. in a report on Thursday, April 30th. Zacks Research upgraded Reliance from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 3rd. Wall Street Zen upgraded Reliance from a “hold” rating to a “buy” rating in a research note on Saturday, April 11th. Wells Fargo & Company increased their target price on Reliance from $323.00 to $330.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 15th. Finally, The Goldman Sachs Group began coverage on Reliance in a research note on Wednesday, April 1st. They set a “neutral” rating and a $300.00 target price for the company. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $344.67.

Insiders Place Their Bets

In related news, CFO Arthur Ajemyan sold 3,500 shares of the company’s stock in a transaction on Monday, April 27th. The stock was sold at an average price of $358.12, for a total value of $1,253,420.00. Following the completion of the transaction, the chief financial officer directly owned 16,840 shares in the company, valued at approximately $6,030,740.80. This represents a 17.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP William A. Smith II sold 6,615 shares of the company’s stock in a transaction on Monday, March 9th. The shares were sold at an average price of $298.61, for a total value of $1,975,305.15. Following the completion of the transaction, the senior vice president owned 21,747 shares of the company’s stock, valued at $6,493,871.67. The trade was a 23.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.40% of the company’s stock.

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.