Reliance, Inc. (NYSE:RS) Shares Sold by MorganRosel Wealth Management LLC

MorganRosel Wealth Management LLC reduced its position in shares of Reliance, Inc. (NYSE:RS) by 42.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,697 shares of the industrial products company’s stock after selling 1,233 shares during the period. MorganRosel Wealth Management LLC’s holdings in Reliance were worth $491,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sei Investments Co. grew its holdings in shares of Reliance by 13.1% during the 1st quarter. Sei Investments Co. now owns 51,053 shares of the industrial products company’s stock valued at $17,062,000 after acquiring an additional 5,902 shares in the last quarter. Bessemer Group Inc. increased its stake in shares of Reliance by 2,870.9% in the first quarter. Bessemer Group Inc. now owns 3,981 shares of the industrial products company’s stock worth $1,331,000 after purchasing an additional 3,847 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of Reliance by 1.9% during the first quarter. Russell Investments Group Ltd. now owns 159,878 shares of the industrial products company’s stock worth $53,644,000 after buying an additional 2,985 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in Reliance by 24.2% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 107,735 shares of the industrial products company’s stock valued at $36,005,000 after purchasing an additional 20,981 shares during the period. Finally, Mediolanum International Funds Ltd acquired a new position in shares of Reliance during the first quarter valued at about $2,407,000. 79.26% of the stock is currently owned by institutional investors.

Reliance Price Performance

Shares of Reliance stock opened at $290.95 on Friday. The stock has a market capitalization of $16.71 billion, a price-to-earnings ratio of 13.59 and a beta of 0.85. The firm’s 50-day moving average price is $281.94 and its two-hundred day moving average price is $293.99. The company has a current ratio of 5.02, a quick ratio of 2.43 and a debt-to-equity ratio of 0.15. Reliance, Inc. has a 1-year low of $237.14 and a 1-year high of $342.20.

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

Reliance Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were given a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 1.51%. The ex-dividend date of this dividend was Friday, August 16th. Reliance’s payout ratio is presently 20.55%.

Analyst Ratings Changes

Several brokerages recently commented on RS. Wolfe Research cut Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price for the company. in a research report on Friday, July 26th. Bank of America cut their price target on shares of Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. Finally, KeyCorp lowered their price objective on Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 3rd. One research 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. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $329.40.

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.