Vanguard Group Inc. Sells 120,126 Shares of Reliance, Inc. (NYSE:RS)

Vanguard Group Inc. lowered its holdings in shares of Reliance, Inc. (NYSE:RS) by 1.7% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 6,975,859 shares of the industrial products company’s stock after selling 120,126 shares during the period. Vanguard Group Inc. owned 12.15% of Reliance worth $1,951,008,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Partnership Wealth Management LLC bought a new position in Reliance during the fourth quarter worth about $43,000. Altshuler Shaham Ltd lifted its position in Reliance by 183.6% during the third quarter. Altshuler Shaham Ltd now owns 207 shares of the industrial products company’s stock worth $54,000 after acquiring an additional 134 shares during the last quarter. Blue Trust Inc. lifted its position in Reliance by 187.9% during the fourth quarter. Blue Trust Inc. now owns 285 shares of the industrial products company’s stock worth $75,000 after acquiring an additional 186 shares during the last quarter. Planned Solutions Inc. acquired a new stake in Reliance during the fourth quarter worth approximately $89,000. Finally, GAMMA Investing LLC acquired a new stake in Reliance during the fourth quarter worth approximately $114,000. Institutional investors own 79.26% of the company’s stock.

Analyst Upgrades and Downgrades

RS has been the subject of several research reports. Citigroup downgraded shares of Reliance from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $280.00 to $380.00 in a research report on Thursday, April 11th. BMO Capital Markets cut their price objective on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a research report on Friday, April 26th. Finally, StockNews.com downgraded shares of Reliance from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th.

Insider Activity at Reliance

In related news, COO Stephen Paul Koch sold 20,421 shares of Reliance stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $295.38, for a total value of $6,031,954.98. Following the transaction, the chief operating officer now directly owns 7,552 shares of the company’s stock, valued at $2,230,709.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, COO Stephen Paul Koch sold 20,421 shares of Reliance stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $295.38, for a total value of $6,031,954.98. Following the transaction, the chief operating officer now directly owns 7,552 shares of the company’s stock, valued at $2,230,709.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James Donald Hoffman sold 5,000 shares of Reliance stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $294.36, for a total transaction of $1,471,800.00. Following the completion of the transaction, the director now directly owns 34,042 shares in the company, valued at $10,020,603.12. The disclosure for this sale can be found here. Insiders have sold 40,421 shares of company stock valued at $11,866,855 over the last three months. 0.69% of the stock is owned by insiders.

Reliance Stock Down 0.5 %

NYSE RS opened at $283.32 on Wednesday. The company has a current ratio of 5.74, a quick ratio of 3.21 and a debt-to-equity ratio of 0.14. Reliance, Inc. has a 1-year low of $237.14 and a 1-year high of $342.20. The company has a 50 day moving average of $299.09 and a 200-day moving average of $299.86. The company has a market cap of $16.27 billion, a price-to-earnings ratio of 13.23 and a beta of 0.90.

Reliance (NYSE:RS) last released its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.30 earnings per share for the quarter, missing analysts’ consensus estimates of $5.51 by ($0.21). Reliance had a net margin of 8.67% and a return on equity of 16.26%. The business had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.76 billion. During the same quarter in the previous year, the firm posted $6.37 earnings per share. The firm’s quarterly revenue was down 8.1% on a year-over-year basis. On average, equities research analysts expect that Reliance, Inc. will post 18.77 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 24th were paid a $1.10 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $4.40 dividend on an annualized basis and a yield of 1.55%. Reliance’s dividend payout ratio (DPR) is 20.55%.

Reliance Company 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.