Profit Investment Management LLC Sells 69 Shares of Reliance, Inc. (NYSE:RS)

Profit Investment Management LLC reduced its stake in shares of Reliance, Inc. (NYSE:RS) by 1.7% during the fourth quarter, Holdings Channel reports. The institutional investor owned 3,970 shares of the industrial products company’s stock after selling 69 shares during the quarter. Profit Investment Management LLC’s holdings in Reliance were worth $1,069,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of RS. Quarry LP purchased a new stake in Reliance during the 3rd quarter valued at about $41,000. Versant Capital Management Inc lifted its position 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 purchasing an additional 131 shares during the last quarter. UMB Bank n.a. boosted its stake in shares of Reliance by 27.0% during the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after purchasing an additional 53 shares during the period. Brooklyn Investment Group bought a new position in shares of Reliance in the third quarter worth approximately $78,000. Finally, Abound Wealth Management increased its stake in shares of Reliance by 35,700.0% in the fourth quarter. Abound Wealth Management now owns 358 shares of the industrial products company’s stock worth $96,000 after buying an additional 357 shares during the period. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Reliance Price Performance

RS opened at $284.41 on Friday. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12. The company has a market cap of $15.39 billion, a price-to-earnings ratio of 15.62 and a beta of 0.91. The stock has a fifty day simple moving average of $293.56 and a two-hundred day simple moving average of $289.88. Reliance, Inc. has a 12-month low of $256.98 and a 12-month high of $342.20.

Reliance (NYSE:RS) last issued its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The company had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.38 billion. During the same period in the prior year, the firm earned $5.00 earnings per share. The business’s revenue for the quarter was down 5.6% compared to the same quarter last year. Research analysts predict that Reliance, Inc. will post 16.42 earnings per share for the current fiscal year.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were issued a $1.10 dividend. The ex-dividend date was Friday, November 22nd. This represents a $4.40 annualized dividend and a yield of 1.55%. Reliance’s dividend payout ratio (DPR) is presently 24.16%.

Insider Transactions at Reliance

In related news, Director Mark V. Kaminski sold 5,000 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $298.01, for a total transaction of $1,490,050.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Arthur Ajemyan sold 6,332 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $318.18, for a total value of $2,014,715.76. Following the transaction, the chief financial officer now directly owns 9,245 shares in the company, valued at $2,941,574.10. The trade was a 40.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,724 shares of company stock worth $6,856,500. Corporate insiders own 0.69% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on RS. BMO Capital Markets dropped their price target on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. The Goldman Sachs Group began coverage on Reliance in a report on Monday, December 2nd. They set a “neutral” rating and a $341.00 price target on the stock. KeyCorp cut their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. Finally, Wolfe Research raised Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Reliance currently has a consensus rating of “Hold” and a consensus price target of $328.83.

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.