Apollon Wealth Management LLC Sells 101 Shares of Reliance, Inc. (NYSE:RS)

Apollon Wealth Management LLC decreased its holdings in Reliance, Inc. (NYSE:RS) by 11.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 769 shares of the industrial products company’s stock after selling 101 shares during the period. Apollon Wealth Management LLC’s holdings in Reliance were worth $222,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. United Capital Management of KS Inc. raised its holdings in shares of Reliance by 3.2% during the third quarter. United Capital Management of KS Inc. now owns 30,737 shares of the industrial products company’s stock valued at $8,890,000 after purchasing an additional 943 shares during the last quarter. Crossmark Global Holdings Inc. raised its stake in Reliance by 21.6% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 4,437 shares of the industrial products company’s stock valued at $1,284,000 after buying an additional 788 shares during the last quarter. Covestor Ltd raised its stake in Reliance by 17.6% during the 3rd quarter. Covestor Ltd now owns 462 shares of the industrial products company’s stock valued at $133,000 after buying an additional 69 shares during the last quarter. Assetmark Inc. lifted its holdings in shares of Reliance by 24.2% during the 3rd quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company’s stock valued at $8,074,000 after buying an additional 5,431 shares during the period. Finally, Verdence Capital Advisors LLC purchased a new position in shares of Reliance in the 3rd quarter worth $203,000. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Insiders Place Their Bets

In other Reliance news, SVP William A. Smith II sold 6,500 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the completion of the transaction, the senior vice president now owns 16,849 shares of the company’s stock, valued at $5,420,491.79. This represents a 27.84 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Arthur Ajemyan sold 6,332 shares of Reliance stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total value of $2,014,715.76. Following the completion of the sale, the chief financial officer now directly owns 9,245 shares in the company, valued at $2,941,574.10. This trade represents a 40.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,832 shares of company stock worth $5,595,881 in the last three months. 0.69% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on RS shares. Wolfe Research downgraded Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price on the stock. in a report on Friday, July 26th. BMO Capital Markets dropped their price objective on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Finally, KeyCorp reduced their target price on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Reliance presently has a consensus rating of “Hold” and an average target price of $326.40.

Reliance Trading Down 0.0 %

Reliance stock opened at $310.33 on Tuesday. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12. Reliance, Inc. has a 12-month low of $261.77 and a 12-month high of $342.20. The firm has a market capitalization of $16.80 billion, a price-to-earnings ratio of 17.04 and a beta of 0.85. The firm has a 50 day moving average of $292.08 and a 200 day moving average of $290.15.

Reliance (NYSE:RS) last issued its earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share for the quarter, missing the consensus estimate of $3.66 by ($0.02). The firm had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. The company’s quarterly revenue was down 5.6% on a year-over-year basis. During the same period in the prior year, the company posted $5.00 EPS. As a group, research analysts predict that Reliance, Inc. will post 16.45 earnings per share for the current year.

Reliance Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a $1.10 dividend. The ex-dividend date is Friday, November 22nd. This represents a $4.40 dividend on an annualized basis and a yield of 1.42%. Reliance’s dividend payout ratio is presently 24.16%.

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.