Park Avenue Securities LLC Has $816,000 Holdings in Reliance, Inc. (NYSE:RS)

Park Avenue Securities LLC grew its stake in Reliance, Inc. (NYSE:RS) by 3.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,441 shares of the industrial products company’s stock after buying an additional 90 shares during the period. Park Avenue Securities LLC’s holdings in Reliance were worth $816,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Partnership Wealth Management LLC bought a new position in shares of Reliance in the fourth quarter worth about $43,000. Rise Advisors LLC bought a new position in shares of Reliance in the first quarter worth about $49,000. Blue Trust Inc. increased its stake in shares of Reliance by 187.9% in the fourth quarter. Blue Trust Inc. now owns 285 shares of the industrial products company’s stock worth $75,000 after purchasing an additional 186 shares during the period. Planned Solutions Inc. bought a new position in shares of Reliance in the fourth quarter worth about $89,000. Finally, GAMMA Investing LLC bought a new position in shares of Reliance in the fourth quarter worth about $114,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

Insider Activity

In other news, COO Stephen Paul Koch sold 20,421 shares of the business’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 transaction, the chief operating officer now directly owns 7,552 shares of the company’s stock, valued at approximately $2,230,709.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, COO Stephen Paul Koch sold 20,421 shares of the business’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 transaction, the chief operating officer now directly owns 7,552 shares of the company’s stock, valued at approximately $2,230,709.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James Donald Hoffman sold 5,000 shares of the business’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 in the company, valued at $12,773,941.68. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 40,421 shares of company stock worth $11,866,855. Company insiders own 0.69% of the company’s stock.

Reliance Trading Up 1.0 %

RS stock opened at $282.74 on Thursday. Reliance, Inc. has a 1-year low of $237.14 and a 1-year high of $342.20. The firm has a market cap of $16.24 billion, a P/E ratio of 13.21 and a beta of 0.90. The business’s 50 day moving average is $293.74 and its 200-day moving average is $300.17. 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 (NYSE:RS) last released its quarterly earnings data 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 net margin of 8.67% and a return on equity of 16.26%. The company had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.76 billion. During the same quarter in the prior year, the company posted $6.37 earnings per share. The company’s revenue for the quarter was down 8.1% on a year-over-year basis. Equities analysts anticipate that Reliance, Inc. will post 18.77 earnings per share for the current fiscal year.

Reliance Announces Dividend

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

Analyst Upgrades and Downgrades

RS has been the topic of a number of recent analyst reports. Citigroup lowered Reliance from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $280.00 to $380.00 in a research note on Thursday, April 11th. BMO Capital Markets lowered 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. Bank of America lowered their price target on Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a research note on Wednesday. Finally, StockNews.com lowered Reliance from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $355.50.

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.