Monument Capital Management Reduces Stake in Reliance, Inc. (NYSE:RS)

Monument Capital Management lessened its stake in Reliance, Inc. (NYSE:RS) by 5.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,341 shares of the industrial products company’s stock after selling 578 shares during the period. Monument Capital Management’s holdings in Reliance were worth $3,122,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Riverview Trust Co purchased a new stake in Reliance in the 1st quarter worth approximately $25,000. Contravisory Investment Management Inc. purchased a new position in shares of Reliance during the 1st quarter valued at approximately $30,000. Rise Advisors LLC purchased a new position in shares of Reliance during the 1st quarter valued at approximately $49,000. Partnership Wealth Management LLC purchased a new position in shares of Reliance during the 4th quarter valued at approximately $43,000. Finally, Blue Trust Inc. lifted its position in shares of Reliance by 187.9% during the 4th quarter. Blue Trust Inc. now owns 285 shares of the industrial products company’s stock valued at $75,000 after buying an additional 186 shares in the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Insiders Place Their Bets

In related news, Director James Donald Hoffman sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $289.81, for a total transaction of $1,449,050.00. Following the completion of the sale, the director now directly owns 49,042 shares of the company’s stock, valued at approximately $14,212,862.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related 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 transaction of $6,031,954.98. Following the completion of the sale, the chief operating officer now directly owns 7,552 shares of the company’s stock, valued at approximately $2,230,709.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James Donald Hoffman sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $289.81, for a total value of $1,449,050.00. Following the sale, the director now directly owns 49,042 shares of the company’s stock, valued at $14,212,862.02. The disclosure for this sale can be found here. Insiders sold 40,421 shares of company stock valued at $11,866,855 in the last three months. 0.69% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

RS has been the topic of a number of recent analyst reports. Citigroup lowered Reliance from a “buy” rating to a “neutral” rating and increased their target price for the company from $280.00 to $380.00 in a research report on Thursday, April 11th. StockNews.com lowered Reliance from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. KeyCorp reduced their price objective on Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a research note on Wednesday. Bank of America reduced their price objective on Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. Finally, BMO Capital Markets reduced their price objective on Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a research note on Friday, April 26th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $346.25.

Reliance Trading Up 0.3 %

Shares of RS traded up $0.92 during midday trading on Wednesday, reaching $283.76. The company had a trading volume of 80,415 shares, compared to its average volume of 299,615. Reliance, Inc. has a 1-year low of $237.14 and a 1-year high of $342.20. The stock has a market cap of $16.30 billion, a PE ratio of 13.21 and a beta of 0.87. The firm has a 50 day simple moving average of $290.86 and a 200-day simple moving average of $300.76. The company has a quick ratio of 3.21, a current ratio of 5.74 and a debt-to-equity ratio of 0.14.

Reliance (NYSE:RS) last issued its earnings results 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 return on equity of 16.26% and a net margin of 8.67%. The company had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.76 billion. During the same period last year, the business earned $6.37 earnings per share. The firm’s revenue was down 8.1% compared to the same quarter last year. Research analysts forecast that Reliance, Inc. will post 18.66 EPS for the current fiscal year.

Reliance Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 24th were paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date of this dividend was Thursday, May 23rd. Reliance’s dividend payout ratio (DPR) is presently 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.