Fri Sep 20 11:42:51 UTC 2024: ## King Luther Capital Management Boosts Reliance Holdings
**New York, NY – September 20, 2024** – King Luther Capital Management Corp increased its stake in Reliance, Inc. (NYSE: RS) by 1.2% during the second quarter, according to a recent SEC filing. The investment firm now owns 127,818 shares of the industrial products company, representing a 0.22% stake worth approximately $36.5 million.
Reliance, a diversified metal solutions provider operating in North America and internationally, has seen significant investor activity. Several other large investors have adjusted their positions in the company during recent quarters, including Norges Bank, Acadian Asset Management LLC, HSBC Holdings PLC, First Trust Advisors LP, and Principal Financial Group Inc.
**Institutional Interest High**
The news comes as 79.26% of Reliance’s stock is currently owned by hedge funds and other institutional investors. This high level of institutional interest reflects the company’s potential for growth and profitability.
**Research Analyst Sentiment Mixed**
Analysts have expressed mixed sentiment towards Reliance in recent research reports. While KeyCorp and Bank of America have lowered their target prices, Wolfe Research downgraded the stock to “underperform.” Overall, the consensus rating on the stock remains “Hold,” with an average price target of $329.40.
**Dividend Announcement**
Reliance announced a quarterly dividend of $1.10 per share, payable on August 30th. This represents a $4.40 annualized dividend, offering a dividend yield of 1.54%.
**Company Overview**
Reliance provides a wide range of metal products and processing services to various industries, including manufacturing, construction, transportation, and energy. The company’s strong financial performance, coupled with its diversified operations, positions it as a key player in the metal solutions market.
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