Allspring Global Investments Holdings LLC Cuts Stake in Reliance, Inc. (NYSE:RS)

Allspring Global Investments Holdings LLC cut its holdings in shares of Reliance, Inc. (NYSE:RS) by 19.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 125,925 shares of the industrial products company’s stock after selling 31,355 shares during the period. Allspring Global Investments Holdings LLC owned 0.22% of Reliance worth $42,081,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Riverview Trust Co purchased a new stake in shares of Reliance during the first quarter worth about $25,000. Contravisory Investment Management Inc. purchased a new stake in shares of Reliance during the first quarter valued at $30,000. Partnership Wealth Management LLC acquired a new position in shares of Reliance in the 4th quarter valued at $43,000. Rise Advisors LLC purchased a new position in Reliance in the 1st quarter worth $49,000. Finally, Blue Trust Inc. grew its stake in Reliance by 187.9% during the 4th quarter. Blue Trust Inc. now owns 285 shares of the industrial products company’s stock valued at $75,000 after purchasing an additional 186 shares during the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Reliance Stock Performance

NYSE RS opened at $282.24 on Thursday. The stock has a fifty day simple moving average of $290.23 and a 200-day simple moving average of $300.63. The company has a current ratio of 5.74, a quick ratio of 3.21 and a debt-to-equity ratio of 0.14. The stock has a market cap of $16.21 billion, a PE ratio of 13.18 and a beta of 0.86. Reliance, Inc. has a twelve month low of $237.14 and a twelve month high of $342.20.

Reliance (NYSE:RS) last announced its earnings results on Thursday, April 25th. The industrial products company reported $5.30 earnings per share for the quarter, missing the consensus estimate of $5.51 by ($0.21). Reliance had a return on equity of 16.26% and a net margin of 8.67%. The company had revenue of $3.64 billion for the quarter, compared to analysts’ expectations of $3.76 billion. During the same period last year, the business earned $6.37 EPS. The company’s quarterly revenue was down 8.1% compared to the same quarter last year. Equities analysts anticipate that Reliance, Inc. will post 18.66 earnings per share for the current 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 issued a $1.10 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $4.40 annualized dividend and a dividend yield of 1.56%. Reliance’s dividend payout ratio is presently 20.55%.

Insider Buying and Selling

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 completion of the transaction, the chief operating officer now owns 7,552 shares in the company, valued at $2,230,709.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Reliance news, Director James Donald Hoffman sold 5,000 shares of the company’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $289.81, for a total transaction of $1,449,050.00. Following the sale, the director now owns 49,042 shares in the company, valued at approximately $14,212,862.02. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Stephen Paul Koch sold 20,421 shares of Reliance stock in a transaction dated 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 of the company’s stock, valued at approximately $2,230,709.76. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 40,421 shares of company stock valued at $11,866,855. Corporate insiders own 0.69% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. KeyCorp decreased their target price on Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a report on Wednesday. Bank of America decreased their target price on Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. BMO Capital Markets reduced their price objective on Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a research report on Friday, April 26th. Citigroup cut shares of Reliance from a “buy” rating to a “neutral” rating and boosted their price target for the company from $280.00 to $380.00 in a research report on Thursday, April 11th. Finally, StockNews.com cut shares of Reliance from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Reliance has an average rating of “Hold” and an average target price of $346.25.

About Reliance

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.