Handelsinvest Investeringsforvaltning Has $428,000 Position in Reliance, Inc. (NYSE:RS)

Handelsinvest Investeringsforvaltning reduced its stake in shares of Reliance, Inc. (NYSE:RS) by 34.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,282 shares of the industrial products company’s stock after selling 666 shares during the quarter. Handelsinvest Investeringsforvaltning’s holdings in Reliance were worth $428,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in the stock. Riverview Trust Co acquired a new stake in Reliance in the first quarter valued at approximately $25,000. Contravisory Investment Management Inc. bought a new position in shares of Reliance in the first quarter valued at approximately $30,000. Rise Advisors LLC bought a new position in shares of Reliance in the first quarter valued at approximately $49,000. Partnership Wealth Management LLC bought a new position in shares of Reliance in the fourth quarter valued at approximately $43,000. Finally, Blue Trust Inc. raised its position 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 valued at $75,000 after purchasing an additional 186 shares during the period. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Reliance Stock Down 0.2 %

Shares of NYSE:RS opened at $282.24 on Thursday. Reliance, Inc. has a 52 week low of $237.14 and a 52 week high of $342.20. 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 company’s fifty day moving average is $290.23 and its 200-day moving average is $300.63. The company has a market capitalization of $16.21 billion, a PE ratio of 13.18 and a beta of 0.86.

Reliance (NYSE:RS) last issued its earnings results on Thursday, April 25th. The industrial products company reported $5.30 EPS for the quarter, missing the consensus estimate of $5.51 by ($0.21). The firm had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.76 billion. Reliance had a net margin of 8.67% and a return on equity of 16.26%. The firm’s revenue for the quarter was down 8.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $6.37 EPS. Equities research analysts predict that Reliance, Inc. will post 18.66 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 24th were given a dividend of $1.10 per share. The ex-dividend date was Thursday, May 23rd. This represents a $4.40 annualized dividend and a yield of 1.56%. Reliance’s dividend payout ratio (DPR) is 20.55%.

Analysts Set New Price Targets

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

Insider Buying and Selling

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 shares were sold at an average price of $289.81, for a total transaction of $1,449,050.00. Following the transaction, the director now directly owns 49,042 shares in the company, valued at approximately $14,212,862.02. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, COO Stephen Paul Koch sold 20,421 shares of the company’s stock in a transaction dated 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 sale, 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 SEC, which is accessible through this hyperlink. Also, Director James Donald Hoffman sold 5,000 shares of the company’s 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 sale, the director now directly owns 49,042 shares of the company’s stock, valued at $14,212,862.02. The disclosure for this sale can be found here. Insiders have sold a total of 40,421 shares of company stock worth $11,866,855 in the last 90 days. Corporate insiders own 0.69% of the company’s stock.

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.