Edgestream Partners L.P. Has $1.71 Million Position in Reliance, Inc. (NYSE:RS)

Edgestream Partners L.P. lessened its holdings in shares of Reliance, Inc. (NYSE:RS) by 77.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,121 shares of the industrial products company’s stock after selling 17,115 shares during the quarter. Edgestream Partners L.P.’s holdings in Reliance were worth $1,711,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Astoria Portfolio Advisors LLC. raised its holdings in Reliance by 4.9% during the 1st quarter. Astoria Portfolio Advisors LLC. now owns 778 shares of the industrial products company’s stock worth $253,000 after purchasing an additional 36 shares during the last quarter. Lindbrook Capital LLC boosted its holdings in shares of Reliance by 8.4% in the 4th quarter. Lindbrook Capital LLC now owns 480 shares of the industrial products company’s stock valued at $134,000 after buying an additional 37 shares during the last quarter. Rational Advisors LLC boosted its holdings in shares of Reliance by 33.6% in the 1st quarter. Rational Advisors LLC now owns 159 shares of the industrial products company’s stock valued at $53,000 after buying an additional 40 shares during the last quarter. Avantax Advisory Services Inc. raised its stake in Reliance by 4.2% in the 4th quarter. Avantax Advisory Services Inc. now owns 1,023 shares of the industrial products company’s stock valued at $286,000 after acquiring an additional 41 shares during the period. Finally, Arizona State Retirement System raised its stake in Reliance by 0.3% in the 4th quarter. Arizona State Retirement System now owns 16,094 shares of the industrial products company’s stock valued at $4,501,000 after acquiring an additional 54 shares during the period. Institutional investors own 79.26% of the company’s stock.

Insider Buying and Selling at Reliance

In other Reliance news, Director James Donald Hoffman sold 5,000 shares of the stock in a transaction on 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 sale, the director now owns 44,042 shares of the company’s stock, valued at approximately $12,773,941.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 transaction of $6,031,954.98. Following the completion of the transaction, the chief operating officer now owns 7,552 shares in the company, valued at approximately $2,230,709.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 transaction, the director now 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 worth $11,866,855 over the last ninety days. Company insiders own 0.69% of the company’s stock.

Reliance Trading Down 0.5 %

RS traded down $1.42 on Monday, hitting $302.70. 348,210 shares of the company were exchanged, compared to its average volume of 306,005. The firm has a fifty day simple moving average of $290.96 and a two-hundred day simple moving average of $302.15. 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 stock has a market capitalization of $17.38 billion, a PE ratio of 14.14 and a beta of 0.86.

Reliance (NYSE:RS) last announced its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.51 by ($0.21). Reliance had a net margin of 8.67% and a return on equity of 16.26%. The company had revenue of $3.64 billion for the quarter, compared to analysts’ expectations of $3.76 billion. During the same quarter in the previous year, the firm posted $6.37 EPS. The firm’s quarterly revenue was down 8.1% compared to the same quarter last year. Sell-side analysts expect that Reliance, Inc. will post 18.63 earnings per share for the current year.

Reliance Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 24th were given a dividend of $1.10 per share. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $4.40 dividend on an annualized basis and a yield of 1.45%. Reliance’s dividend payout ratio (DPR) is presently 20.55%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on RS. BMO Capital Markets dropped their target price on Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a report on Friday, April 26th. StockNews.com cut Reliance from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th. KeyCorp dropped their price target on Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 3rd. Bank of America lowered their target price on Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. Finally, Citigroup lowered Reliance from a “buy” rating to a “neutral” rating and upped their target price for the stock from $280.00 to $380.00 in a research report on Thursday, April 11th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Reliance presently has an average rating of “Hold” and an average price target of $346.25.

About Reliance

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.