Reliance, Inc. (NYSE:RS) Shares Sold by Ritholtz Wealth Management

Ritholtz Wealth Management lowered its holdings in shares of Reliance, Inc. (NYSE:RS) by 5.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,119 shares of the industrial products company’s stock after selling 242 shares during the period. Ritholtz Wealth Management’s holdings in Reliance were worth $1,189,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Asset Management One Co. Ltd. grew its holdings in shares of Reliance by 3.2% during the fourth quarter. Asset Management One Co. Ltd. now owns 22,237 shares of the industrial products company’s stock worth $5,998,000 after buying an additional 685 shares in the last quarter. Rhumbline Advisers grew its holdings in shares of Reliance by 1.3% during the fourth quarter. Rhumbline Advisers now owns 181,125 shares of the industrial products company’s stock worth $48,770,000 after buying an additional 2,389 shares in the last quarter. Principal Securities Inc. grew its holdings in shares of Reliance by 26.6% during the fourth quarter. Principal Securities Inc. now owns 800 shares of the industrial products company’s stock worth $215,000 after buying an additional 168 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Reliance by 53.5% during the fourth quarter. Principal Financial Group Inc. now owns 725,685 shares of the industrial products company’s stock worth $195,402,000 after buying an additional 252,955 shares in the last quarter. Finally, CIBC Asset Management Inc grew its holdings in Reliance by 2.3% in the fourth quarter. CIBC Asset Management Inc now owns 2,694 shares of the industrial products company’s stock valued at $725,000 after purchasing an additional 60 shares during the period. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Price Performance

Reliance stock opened at $309.52 on Wednesday. Reliance, Inc. has a 1 year low of $250.07 and a 1 year high of $326.87. The firm has a 50 day moving average price of $294.60 and a 200 day moving average price of $288.54. The company has a market cap of $16.28 billion, a price-to-earnings ratio of 22.19, a PEG ratio of 1.36 and a beta of 0.88. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.58 and a current ratio of 3.17.

Reliance (NYSE:RS) last released its earnings results on Wednesday, April 23rd. The industrial products company reported $3.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.66 by $0.11. Reliance had a net margin of 5.65% and a return on equity of 10.77%. The firm had revenue of $3.48 billion during the quarter, compared to the consensus estimate of $3.44 billion. During the same period in the previous year, the firm earned $5.30 earnings per share. Reliance’s revenue was down 4.4% compared to the same quarter last year. Sell-side analysts predict that Reliance, Inc. will post 16.98 earnings per share for the current year.

Reliance Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 23rd were paid a dividend of $1.20 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $4.80 annualized dividend and a yield of 1.55%. Reliance’s dividend payout ratio is currently 34.41%.

Analyst Ratings Changes

Separately, KeyCorp boosted their target price on shares of Reliance from $321.00 to $327.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $319.00.

Reliance Profile

Reliance, Inc operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.