RELIANCE, INC.
In the published model solve dated 2026-Q2, anchored at $420.90, RELIANCE, INC. (RS) is priced for +16.4% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed June 28, 2026 from SEC EDGAR filings.
• Reliance is a metals service center, not a steel mill, and that distinction is the whole business: it buys, processes, and resells metal in small orders with quick turnaround, earning a thin 7.5% operating margin but a fortress balance sheet. • The share count has fallen about 4.6% a year, among the most aggressive buyback programs in this peer set, on top of interest covered nearly 19 times. • The watch item is volume and pricing: Q1 2026 set a record on tons sold and beat guidance with dilut
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618 institutional managers reported holding RS in 13F filings for the quarter ended 2026-03-31. Together they hold about 79% of the company; the top 10 hold 45%. 73 opened new positions that quarter. Held by Vanguard Group, BlackRock, State Street, among others. On the short side, 1.0M shares were sold short as of the 2026-06-15 count, about 2% of shares outstanding (3.6 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
RS has cut its share count 18.9% over the past five years, spending $3.33B on repurchases. It stopped paying its dividend within the past year. Cash returned over the past three years: $2.29B in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
No open-market insider buys on file at RS over the trailing three years. Absence is a fact about the company, not a signal. 12 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
RS's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2022-08-05 | +1.9% | -5.5% |
| 2022-11-04 | +2.8% | +2.7% |
| 2023-03-01 | +6.2% | -2.6% |
| 2023-05-05 | +3.1% | +13.2% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
RS's latest 8-K filings: 2026-07-22 (items 2.02, 9.01); 2026-05-21 (items 5.07); 2026-04-22 (items 2.02, 9.01); 2026-02-18 (items 2.02, 9.01); 2025-10-22 (items 2.02, 5.02, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 28, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.