MorganRosel Wealth Management LLC Sells 399 Shares of Reliance, Inc. (NYSE:RS)

MorganRosel Wealth Management LLC cut its stake in shares of Reliance, Inc. (NYSE:RS) by 12.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,863 shares of the industrial products company’s stock after selling 399 shares during the period. MorganRosel Wealth Management LLC’s holdings in Reliance were worth $957,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Occidental Asset Management LLC boosted its stake in Reliance by 2.8% in the first quarter. Occidental Asset Management LLC now owns 14,927 shares of the industrial products company’s stock worth $4,988,000 after buying an additional 404 shares in the last quarter. Astoria Portfolio Advisors LLC. boosted its stake in Reliance by 4.9% in the first quarter. Astoria Portfolio Advisors LLC. now owns 778 shares of the industrial products company’s stock worth $253,000 after buying an additional 36 shares in the last quarter. Kathmere Capital Management LLC boosted its stake in Reliance by 15.8% in the first quarter. Kathmere Capital Management LLC now owns 995 shares of the industrial products company’s stock worth $333,000 after buying an additional 136 shares in the last quarter. Riverview Trust Co purchased a new stake in Reliance in the first quarter worth approximately $25,000. Finally, Orser Capital Management LLC boosted its stake in Reliance by 1.0% in the first quarter. Orser Capital Management LLC now owns 6,361 shares of the industrial products company’s stock worth $2,126,000 after buying an additional 62 shares in the last quarter. 79.26% of the stock is currently owned by institutional investors.

Reliance Price Performance

Shares of Reliance stock opened at $285.60 on Monday. The company has a quick ratio of 3.21, a current ratio of 5.74 and a debt-to-equity ratio of 0.14. The company has a market cap of $16.40 billion, a PE ratio of 13.34 and a beta of 0.87. The business has a 50 day moving average of $292.28 and a 200 day moving average of $300.60. Reliance, Inc. has a 52 week low of $237.14 and a 52 week high of $342.20.

Reliance (NYSE:RS) last announced its earnings results 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 business had revenue of $3.64 billion for the quarter, compared to the consensus estimate of $3.76 billion. Reliance had a net margin of 8.67% and a return on equity of 16.26%. Reliance’s revenue was down 8.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $6.37 EPS. As a group, equities research analysts forecast that Reliance, Inc. will post 18.66 earnings per share for the current year.

Reliance Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 24th were issued a dividend of $1.10 per share. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.54%. Reliance’s dividend payout ratio is presently 20.55%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on RS. StockNews.com downgraded Reliance from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. BMO Capital Markets lowered their price objective on Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a research report on Friday, April 26th. Bank of America lowered their price objective on Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. Finally, Citigroup downgraded Reliance from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $280.00 to $380.00 in a research report on Thursday, April 11th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $355.50.

Insiders Place Their Bets

In other Reliance news, Director James Donald Hoffman sold 5,000 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $290.04, for a total transaction of $1,450,200.00. Following the completion of the transaction, the director now owns 44,042 shares of the company’s stock, valued at $12,773,941.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Reliance news, COO Stephen Paul Koch sold 20,421 shares of the firm’s stock in a transaction on Friday, May 31st. The stock was sold at an average price of $295.38, for a total transaction 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 $2,230,709.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director James Donald Hoffman sold 5,000 shares of Reliance stock in a transaction dated 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 approximately $12,773,941.68. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 40,421 shares of company stock worth $11,866,855. 0.69% of the stock is owned by corporate insiders.

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.