Oliver Luxxe Assets LLC Sells 3,960 Shares of Reliance, Inc. (NYSE:RS)

Oliver Luxxe Assets LLC reduced its stake in Reliance, Inc. (NYSE:RS) by 16.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,697 shares of the industrial products company’s stock after selling 3,960 shares during the quarter. Reliance comprises approximately 1.4% of Oliver Luxxe Assets LLC’s portfolio, making the stock its 18th biggest holding. Oliver Luxxe Assets LLC’s holdings in Reliance were worth $6,582,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Diversified Trust Co raised its stake in shares of Reliance by 18.2% during the first quarter. Diversified Trust Co now owns 6,121 shares of the industrial products company’s stock worth $2,046,000 after acquiring an additional 943 shares in the last quarter. Occidental Asset Management LLC raised its stake in shares of Reliance by 2.8% during the first quarter. Occidental Asset Management LLC now owns 14,927 shares of the industrial products company’s stock worth $4,988,000 after acquiring an additional 404 shares in the last quarter. Astoria Portfolio Advisors LLC. raised its stake in shares of Reliance by 4.9% during the first quarter. Astoria Portfolio Advisors LLC. now owns 778 shares of the industrial products company’s stock worth $253,000 after acquiring an additional 36 shares in the last quarter. Kathmere Capital Management LLC raised its stake in shares of Reliance by 15.8% during the first quarter. Kathmere Capital Management LLC now owns 995 shares of the industrial products company’s stock worth $333,000 after acquiring an additional 136 shares in the last quarter. Finally, Riverview Trust Co bought a new position in shares of Reliance in the first quarter worth approximately $25,000. 79.26% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Reliance

In other news, COO Stephen Paul Koch sold 20,421 shares of Reliance stock in a transaction on Friday, May 31st. The stock was sold at an average price of $295.38, for a total transaction of $6,031,954.98. Following the completion of the sale, the chief operating officer now directly owns 7,552 shares in the company, valued at $2,230,709.76. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Reliance news, COO Stephen Paul Koch sold 20,421 shares of Reliance 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 transaction, the chief operating officer now owns 7,552 shares in the company, valued at $2,230,709.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James Donald Hoffman sold 5,000 shares of Reliance stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $290.04, for a total value of $1,450,200.00. Following the completion of the transaction, the director now owns 44,042 shares in the company, valued at approximately $12,773,941.68. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 40,421 shares of company stock worth $11,866,855. 0.69% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on RS shares. BMO Capital Markets cut their target price on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a report on Friday, April 26th. StockNews.com lowered Reliance from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. Citigroup lowered Reliance from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $280.00 to $380.00 in a research report on Thursday, April 11th. Finally, Bank of America lowered their price target on Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $355.50.

Reliance Price Performance

RS traded down $5.19 during trading on Monday, reaching $280.41. 149,502 shares of the company traded hands, compared to its average volume of 298,012. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.21 and a current ratio of 5.74. Reliance, Inc. has a 12-month low of $237.14 and a 12-month high of $342.20. The firm has a fifty day simple moving average of $292.28 and a 200 day simple moving average of $300.60. The company has a market cap of $16.10 billion, a P/E ratio of 13.14 and a beta of 0.87.

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

Reliance Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 7th. Stockholders 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 dividend yield of 1.57%. Reliance’s dividend payout ratio (DPR) is 20.55%.

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.