Korea Investment Corp has increased its holdings in Reliance, Inc. (NYSE: RS) by 15.8%, now owning a total of 30,823 shares valued at approximately $9.68 million. This move occurred during the second quarter of 2024, according to filings made with the U.S. Securities and Exchange Commission (SEC). The firm added 4,200 shares to its portfolio, reflecting a significant investment in the industrial products company.
Other institutional investors have also been active with Reliance shares. Boston Partners raised its stake by 72.6% in the same quarter, bringing its total to 1,763,317 shares, valued at around $552.46 million after acquiring an additional 741,417 shares. Franklin Resources Inc. increased its holdings by 2.5%, now owning 1,090,657 shares worth about $342.36 million. T. Rowe Price Investment Management Inc. lifted its stake by 1.2%, while American Century Companies Inc. increased its holdings by 6.5% during the same period.
The institutional interest is notable, as approximately 79.26% of Reliance’s stock is now owned by institutional investors. This trend suggests a strong confidence in the company’s future potential.
Market Performance and Dividends
On Monday, shares of Reliance opened at $279.32, reflecting a decrease of 0.5%. The company currently holds a market capitalization of $14.60 billion, with a price-to-earnings (P/E) ratio of 20.42. Reliance has shown resilience in the market, with a one-year low of $250.07 and a high of $347.43.
In a recent announcement, Reliance disclosed a quarterly dividend of $1.20 per share, scheduled for payment on December 5, 2024. Shareholders of record as of November 21, 2024 will receive this dividend, representing an annualized yield of 1.7% and a payout ratio of 35.09%.
Analyst Ratings and Future Projections
Several analysts have provided insights into Reliance’s stock performance recently. Wells Fargo & Company adjusted their price target from $284.00 to $287.00, maintaining an “equal weight” rating. Zacks Research downgraded the stock from a “strong-buy” to a “hold” rating. JPMorgan Chase & Co. lowered their target price from $350.00 to $345.00, while BMO Capital Markets decreased their target from $340.00 to $315.00.
Overall, three analysts rated Reliance as a Buy, while five have assigned a Hold rating. The consensus rating remains a Hold, with an average target price of $323.00, according to data from MarketBeat.
Reliance, Inc. operates as a diversified metal solutions provider, distributing a wide array of metal products across various industries, including general manufacturing, aerospace, and heavy industries.
