GAMMA Investing LLC Has $167,000 Position in Reliance, Inc. (NYSE:RS)

GAMMA Investing LLC grew its holdings in Reliance, Inc. (NYSE:RS) by 24.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 499 shares of the industrial products company’s stock after purchasing an additional 98 shares during the quarter. GAMMA Investing LLC’s holdings in Reliance were worth $167,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Lindbrook Capital LLC lifted its stake in shares of Reliance by 8.4% in the 4th quarter. Lindbrook Capital LLC now owns 480 shares of the industrial products company’s stock valued at $134,000 after purchasing an additional 37 shares during the period. Avantax Advisory Services Inc. raised its stake in Reliance by 4.2% during the 4th quarter. Avantax Advisory Services Inc. now owns 1,023 shares of the industrial products company’s stock worth $286,000 after buying an additional 41 shares during the period. Arizona State Retirement System raised its stake in Reliance by 0.3% during the 4th quarter. Arizona State Retirement System now owns 16,094 shares of the industrial products company’s stock worth $4,501,000 after buying an additional 54 shares during the period. Envestnet Portfolio Solutions Inc. raised its stake in Reliance by 6.3% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 907 shares of the industrial products company’s stock worth $254,000 after buying an additional 54 shares during the period. Finally, Daiwa Securities Group Inc. raised its stake in Reliance by 0.5% during the 4th quarter. Daiwa Securities Group Inc. now owns 13,010 shares of the industrial products company’s stock worth $3,639,000 after buying an additional 60 shares during the period. 79.26% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, COO Stephen Paul Koch sold 20,421 shares of the company’s stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $295.38, for a total value of $6,031,954.98. Following the completion of the transaction, the chief operating officer now directly owns 7,552 shares of the company’s stock, valued at $2,230,709.76. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director James Donald Hoffman sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $290.04, for a total value of $1,450,200.00. Following the completion of the transaction, the director now directly owns 44,042 shares of the company’s stock, valued at $12,773,941.68. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Stephen Paul Koch sold 20,421 shares of the company’s 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 completion of the transaction, the chief operating officer now owns 7,552 shares in the company, valued at approximately $2,230,709.76. The disclosure for this sale can be found here. Insiders sold a total of 40,421 shares of company stock valued at $11,866,855 over the last three months. Corporate insiders own 0.69% of the company’s stock.

Reliance Stock Performance

Shares of RS opened at $282.07 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.21 and a current ratio of 5.74. The stock has a 50 day moving average price of $296.25 and a two-hundred day moving average price of $299.64. The firm has a market capitalization of $16.20 billion, a P/E ratio of 13.17 and a beta of 0.90. Reliance, Inc. has a 52 week low of $237.14 and a 52 week high of $342.20.

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

Reliance Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 24th were issued a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 1.56%. The ex-dividend date of this dividend was Thursday, May 23rd. Reliance’s dividend payout ratio is presently 20.55%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on RS shares. StockNews.com downgraded Reliance from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. Citigroup downgraded Reliance from a “buy” rating to a “neutral” rating and upped their price target for the stock from $280.00 to $380.00 in a research note on Thursday, April 11th. Finally, BMO Capital Markets dropped their price target on Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a research note on Friday, April 26th.

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.