Wealth Enhancement Advisory Services LLC Has $3.43 Million Stock Position in Reliance, Inc. (NYSE:RS)

Wealth Enhancement Advisory Services LLC lessened its holdings in shares of Reliance, Inc. (NYSE:RS) by 6.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 10,252 shares of the industrial products company’s stock after selling 755 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Reliance were worth $3,426,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Riverview Trust Co acquired a new stake in shares of Reliance during the first quarter worth about $25,000. Orser Capital Management LLC increased its stake in Reliance by 1.0% during the 1st quarter. Orser Capital Management LLC now owns 6,361 shares of the industrial products company’s stock worth $2,126,000 after purchasing an additional 62 shares in the last quarter. Contravisory Investment Management Inc. acquired a new stake in Reliance during the 1st quarter worth approximately $30,000. Park Avenue Securities LLC lifted its stake in Reliance by 3.8% in the first quarter. Park Avenue Securities LLC now owns 2,441 shares of the industrial products company’s stock valued at $816,000 after buying an additional 90 shares in the last quarter. Finally, Rise Advisors LLC acquired a new position in shares of Reliance in the first quarter valued at approximately $49,000. 79.26% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

RS has been the topic of a number of research analyst reports. StockNews.com lowered shares of Reliance from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th. 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. Citigroup cut Reliance from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $280.00 to $380.00 in a research report on Thursday, April 11th. Finally, Bank of America dropped 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. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $355.50.

Insider Buying and Selling

In other news, Director James Donald Hoffman sold 5,000 shares of Reliance stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $289.81, for a total value of $1,449,050.00. Following the completion of the transaction, the director now owns 49,042 shares of the company’s stock, valued at approximately $14,212,862.02. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Reliance news, Director James Donald Hoffman sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $289.81, for a total value of $1,449,050.00. Following the sale, the director now owns 49,042 shares in the company, valued at $14,212,862.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Stephen Paul Koch sold 20,421 shares of Reliance 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 owns 7,552 shares of the company’s stock, valued at $2,230,709.76. The disclosure for this sale can be found here. Over the last three months, insiders have sold 40,421 shares of company stock worth $11,866,855. Insiders own 0.69% of the company’s stock.

Reliance Trading Up 1.0 %

Shares of NYSE:RS opened at $282.84 on Wednesday. The company’s 50-day moving average price is $290.86 and its two-hundred day moving average price is $300.76. Reliance, Inc. has a one year low of $237.14 and a one year high of $342.20. The company has a debt-to-equity ratio of 0.14, a current ratio of 5.74 and a quick ratio of 3.21. The stock has a market capitalization of $16.24 billion, a PE ratio of 13.21 and a beta of 0.87.

Reliance (NYSE:RS) last released its earnings results on Thursday, April 25th. The industrial products company reported $5.30 earnings per share (EPS) 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 company had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.76 billion. During the same period in the prior year, the firm posted $6.37 EPS. Reliance’s revenue was down 8.1% compared to the same quarter last year. On average, equities analysts forecast that Reliance, Inc. will post 18.66 EPS for the current fiscal year.

Reliance Announces Dividend

The company also recently announced 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 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 presently 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.