MorganRosel Wealth Management LLC Lowers Position in Reliance, Inc. (NYSE:RS)

MorganRosel Wealth Management LLC lessened its stake in shares of Reliance, Inc. (NYSE:RS) by 3.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,633 shares of the industrial products company’s stock after selling 64 shares during the quarter. MorganRosel Wealth Management LLC’s holdings in Reliance were worth $440,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of RS. Quarry LP purchased a new stake in shares of Reliance during the third quarter valued at approximately $41,000. Versant Capital Management Inc raised its holdings in Reliance by 157.8% in the fourth quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock valued at $58,000 after acquiring an additional 131 shares in the last quarter. Brooklyn Investment Group bought a new position in Reliance during the 3rd quarter valued at $78,000. UMB Bank n.a. grew its holdings in Reliance by 41.8% during the 4th quarter. UMB Bank n.a. now owns 353 shares of the industrial products company’s stock worth $95,000 after acquiring an additional 104 shares in the last quarter. Finally, Abound Wealth Management increased its position in shares of Reliance by 35,700.0% in the 4th quarter. Abound Wealth Management now owns 358 shares of the industrial products company’s stock worth $96,000 after purchasing an additional 357 shares during the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Insider Activity

In related news, CEO Karla R. Lewis sold 3,892 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $323.90, for a total transaction of $1,260,618.80. Following the sale, the chief executive officer now owns 85,117 shares of the company’s stock, valued at $27,569,396.30. The trade was a 4.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. The Goldman Sachs Group initiated coverage on shares of Reliance in a research report on Monday, December 2nd. They set a “neutral” rating and a $341.00 price target on the stock. KeyCorp lifted their target price on Reliance from $321.00 to $327.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, Wolfe Research upgraded Reliance from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 8th. Five 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 data from MarketBeat.com, Reliance currently has a consensus rating of “Hold” and an average target price of $329.17.

Reliance Price Performance

Shares of NYSE RS opened at $299.55 on Tuesday. The business’s fifty day moving average price is $282.16 and its two-hundred day moving average price is $289.46. The firm has a market capitalization of $16.21 billion, a PE ratio of 19.40 and a beta of 0.90. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.21 and a quick ratio of 1.58. Reliance, Inc. has a 1-year low of $256.98 and a 1-year high of $342.20.

Reliance (NYSE:RS) last announced its quarterly earnings results on Wednesday, February 19th. The industrial products company reported $2.22 EPS for the quarter, missing the consensus estimate of $2.74 by ($0.52). The firm had revenue of $3.13 billion during the quarter, compared to analyst estimates of $3.04 billion. Reliance had a net margin of 6.33% and a return on equity of 11.87%. On average, research analysts expect that Reliance, Inc. will post 16.98 EPS for the current year.

Reliance Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be paid a $1.20 dividend. This is a boost from Reliance’s previous quarterly dividend of $1.10. The ex-dividend date is Friday, March 7th. This represents a $4.80 annualized dividend and a dividend yield of 1.60%. Reliance’s dividend payout ratio is presently 31.09%.

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.