Gallacher Capital Management LLC Lowers Position in Reliance, Inc. (NYSE:RS)

Gallacher Capital Management LLC lowered its holdings in Reliance, Inc. (NYSE:RS) by 37.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 841 shares of the industrial products company’s stock after selling 506 shares during the period. Gallacher Capital Management LLC’s holdings in Reliance were worth $281,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wellington Management Group LLP increased its position in shares of Reliance by 2.3% during the 4th quarter. Wellington Management Group LLP now owns 1,224,274 shares of the industrial products company’s stock valued at $342,405,000 after purchasing an additional 27,074 shares during the last quarter. First Trust Advisors LP increased its position in shares of Reliance by 7.9% during the 4th 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. Norges Bank bought a new position in shares of Reliance during the 4th quarter valued at about $186,693,000. Pacer Advisors Inc. increased its position in shares of Reliance by 7.1% during the 4th 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. Finally, Principal Financial Group Inc. increased its position in shares of Reliance by 21.5% during the 1st quarter. Principal Financial Group Inc. now owns 348,534 shares of the industrial products company’s stock valued at $116,473,000 after purchasing an additional 61,687 shares during the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Insider Activity

In other Reliance news, COO Stephen Paul Koch sold 20,421 shares of Reliance 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 completion of the transaction, the chief operating officer now owns 7,552 shares in the company, valued at $2,230,709.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, COO Stephen Paul Koch sold 20,421 shares of Reliance stock in a transaction on 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 sale, the chief operating officer now 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 accessible through this hyperlink. Also, Director James Donald Hoffman sold 5,000 shares of Reliance stock in a transaction on Friday, May 10th. The stock was 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 of the company’s stock, valued at approximately $10,020,603.12. The disclosure for this sale can be found here. Insiders sold a total of 40,421 shares of company stock worth $11,866,855 in the last quarter. 0.69% of the stock is owned by company insiders.

Reliance Trading Up 2.1 %

Shares of RS stock traded up $6.12 during trading hours on Friday, reaching $298.54. The company’s stock had a trading volume of 99,283 shares, compared to its average volume of 302,971. The stock has a market capitalization of $17.15 billion, a P/E ratio of 13.66 and a beta of 0.86. Reliance, Inc. has a one year low of $237.14 and a one year high of $342.20. The firm’s fifty day simple moving average is $289.44 and its 200 day simple moving average is $300.71. 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 issued its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.30 earnings per share for the quarter, missing analysts’ consensus estimates of $5.51 by ($0.21). The business 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%. Reliance’s quarterly revenue was down 8.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $6.37 earnings per share. Equities research analysts expect that Reliance, Inc. will post 18.66 EPS for the current year.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 7th. Stockholders 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 1.47%. The ex-dividend date of this dividend was Thursday, May 23rd. Reliance’s payout ratio is presently 20.55%.

Wall Street Analyst Weigh In

RS has been the topic of several recent research reports. Citigroup lowered Reliance from a “buy” rating to a “neutral” rating and raised their price target for the stock 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. BMO Capital Markets reduced their price target on Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a research report on Friday, April 26th. KeyCorp reduced their price target on Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 3rd. Finally, Bank of America reduced their price target on Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average 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.