Stonegate Investment Group LLC Reduces Position in Reliance, Inc. (NYSE:RS)

Stonegate Investment Group LLC lessened its holdings in shares of Reliance, Inc. (NYSE:RS) by 5.6% in the third quarter, Holdings Channel.com reports. The firm owned 806 shares of the industrial products company’s stock after selling 48 shares during the period. Stonegate Investment Group LLC’s holdings in Reliance were worth $233,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the business. nVerses Capital LLC bought a new stake in shares of Reliance in the 3rd quarter worth about $376,000. Kapitalo Investimentos Ltda increased its holdings in Reliance by 131.1% in the third quarter. Kapitalo Investimentos Ltda now owns 2,034 shares of the industrial products company’s stock valued at $588,000 after buying an additional 1,154 shares during the last quarter. Swedbank AB raised its stake in Reliance by 38.4% during the third quarter. Swedbank AB now owns 42,881 shares of the industrial products company’s stock valued at $12,402,000 after buying an additional 11,887 shares in the last quarter. Occidental Asset Management LLC raised its stake in Reliance by 1.8% during the third quarter. Occidental Asset Management LLC now owns 15,596 shares of the industrial products company’s stock valued at $4,511,000 after buying an additional 283 shares in the last quarter. Finally, Creative Planning lifted its holdings in Reliance by 1.0% during the 3rd quarter. Creative Planning now owns 66,617 shares of the industrial products company’s stock worth $19,266,000 after buying an additional 661 shares during the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on RS. Bank of America dropped their price target on Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. KeyCorp reduced their price target on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. Finally, Wolfe Research downgraded shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective for the company. in a research report on Friday, July 26th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $329.40.

Reliance Price Performance

Shares of NYSE RS opened at $296.92 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.02 and a quick ratio of 2.43. The firm has a market capitalization of $16.34 billion, a PE ratio of 15.16 and a beta of 0.85. Reliance, Inc. has a 1-year low of $237.14 and a 1-year high of $342.20. The business’s fifty day moving average price is $282.91 and its two-hundred day moving average price is $292.86.

Reliance (NYSE:RS) last released its quarterly earnings results on Thursday, July 25th. The industrial products company reported $4.65 EPS for the quarter, missing the consensus estimate of $4.73 by ($0.08). The firm had revenue of $3.64 billion for the quarter, compared to the consensus estimate of $3.64 billion. Reliance had a return on equity of 14.73% and a net margin of 7.99%. The firm’s revenue was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $6.49 EPS. On average, research analysts expect that Reliance, Inc. will post 17.16 EPS for the current year.

Reliance Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were issued a dividend of $1.10 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.48%. Reliance’s dividend payout ratio (DPR) is presently 22.46%.

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.