Oliver Luxxe Assets LLC Has $6.58 Million Position in Reliance, Inc. (NYSE:RS)

Oliver Luxxe Assets LLC cut its stake in Reliance, Inc. (NYSE:RS) by 16.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,697 shares of the industrial products company’s stock after selling 3,960 shares during the quarter. Reliance makes up 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 filing with the Securities and Exchange Commission.

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

Reliance Price Performance

NYSE RS traded down $5.19 during trading hours on Monday, reaching $280.41. 149,502 shares of the company’s stock were exchanged, compared to its average volume of 298,012. The stock has a market cap of $16.10 billion, a PE ratio of 13.14 and a beta of 0.87. Reliance, Inc. has a one year low of $237.14 and a one year high of $342.20. The firm has a fifty day moving average of $292.28 and a 200-day moving average of $300.60. 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 posted its quarterly earnings data 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). Reliance had a return on equity of 16.26% and a net margin of 8.67%. The firm had revenue of $3.64 billion for the quarter, compared to analyst estimates of $3.76 billion. During the same period in the prior year, the company posted $6.37 EPS. The firm’s quarterly revenue was down 8.1% compared to the same quarter last year. On average, 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 announced a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 24th were issued a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date of this dividend was Thursday, May 23rd. Reliance’s dividend payout ratio (DPR) is presently 20.55%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. 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 research report on Friday, April 26th. StockNews.com cut Reliance from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. Bank of America cut their price objective on Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. Finally, Citigroup cut Reliance from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $280.00 to $380.00 in a research report on Thursday, April 11th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Reliance presently has a consensus rating of “Hold” and a consensus price target of $355.50.

Insiders Place Their Bets

In other news, COO Stephen Paul Koch sold 20,421 shares of the firm’s 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 completion of the transaction, the chief operating officer now owns 7,552 shares in the company, valued at approximately $2,230,709.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director James Donald Hoffman sold 5,000 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $294.36, for a total value of $1,471,800.00. Following the completion of the sale, the director now directly owns 34,042 shares in the company, valued at approximately $10,020,603.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Stephen Paul Koch sold 20,421 shares of the firm’s 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 40,421 shares of company stock worth $11,866,855. Corporate insiders own 0.69% of the company’s stock.

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.