Monument Capital Management Decreases Position in Reliance, Inc. (NYSE:RS)

Monument Capital Management decreased its stake in Reliance, Inc. (NYSE:RS) by 5.8% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 9,341 shares of the industrial products company’s stock after selling 578 shares during the quarter. Monument Capital Management’s holdings in Reliance were worth $3,122,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Norges Bank purchased a new position in Reliance in the fourth quarter valued at about $186,693,000. Principal Financial Group Inc. boosted its holdings in Reliance by 29.7% in the fourth quarter. Principal Financial Group Inc. now owns 286,847 shares of the industrial products company’s stock valued at $80,226,000 after purchasing an additional 65,691 shares during the last quarter. First Trust Advisors LP boosted its holdings in Reliance by 7.9% in the fourth quarter. First Trust Advisors LP now owns 885,818 shares of the industrial products company’s stock valued at $247,746,000 after purchasing an additional 64,895 shares during the last quarter. Schroder Investment Management Group boosted its holdings in Reliance by 51.2% in the fourth quarter. Schroder Investment Management Group now owns 177,771 shares of the industrial products company’s stock valued at $49,719,000 after purchasing an additional 60,229 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its holdings in Reliance by 7.1% in the fourth quarter. Pacer Advisors Inc. now owns 536,462 shares of the industrial products company’s stock valued at $150,038,000 after purchasing an additional 35,627 shares during the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Insider Buying and Selling

In other news, COO Stephen Paul Koch sold 20,421 shares of Reliance stock in a transaction that occurred 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 sale, the chief operating officer now owns 7,552 shares of the company’s stock, valued at $2,230,709.76. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, COO Stephen Paul Koch sold 20,421 shares of the firm’s 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 transaction, the chief operating officer now directly owns 7,552 shares of the company’s stock, valued at $2,230,709.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James Donald Hoffman sold 5,000 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $290.04, for a total transaction of $1,450,200.00. Following the completion of the sale, the director now directly owns 44,042 shares of the company’s stock, valued at approximately $12,773,941.68. The disclosure for this sale can be found here. Insiders have sold a total of 40,421 shares of company stock valued at $11,866,855 in the last quarter. Company insiders own 0.69% of the company’s stock.

Reliance Stock Performance

NYSE RS traded up $0.92 during trading hours on Wednesday, reaching $283.76. The company’s stock had a trading volume of 80,415 shares, compared to its average volume of 299,615. The stock has a market cap of $16.30 billion, a PE ratio of 13.21 and a beta of 0.87. The business has a 50-day simple moving average of $290.86 and a 200 day simple moving average of $300.76. Reliance, Inc. has a 52 week low of $237.14 and a 52 week high of $342.20. The company has a current ratio of 5.74, a quick ratio of 3.21 and a debt-to-equity ratio of 0.14.

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

Reliance Announces Dividend

The company also recently declared 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 1.55%. Reliance’s dividend payout ratio is currently 20.55%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on RS. BMO Capital Markets reduced their price target on Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a report on Friday, April 26th. Bank of America reduced their price target on Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. StockNews.com downgraded Reliance from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th. KeyCorp lowered their price target on Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, Citigroup cut Reliance from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $280.00 to $380.00 in a research note on Thursday, April 11th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $346.25.

Reliance Company 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.