Yousif Capital Management LLC Cuts Stock Position in Reliance, Inc. (NYSE:RS)

Yousif Capital Management LLC lowered its stake in Reliance, Inc. (NYSE:RS) by 2.3% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 28,234 shares of the industrial products company’s stock after selling 661 shares during the quarter. Yousif Capital Management LLC’s holdings in Reliance were worth $7,896,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vontobel Holding Ltd. increased its stake in Reliance by 16.9% in the 3rd quarter. Vontobel Holding Ltd. now owns 2,086 shares of the industrial products company’s stock worth $547,000 after buying an additional 302 shares in the last quarter. AE Wealth Management LLC purchased a new stake in Reliance in the 3rd quarter worth $388,000. SG Americas Securities LLC increased its stake in Reliance by 113.0% in the 3rd quarter. SG Americas Securities LLC now owns 1,706 shares of the industrial products company’s stock worth $447,000 after buying an additional 905 shares in the last quarter. Exchange Traded Concepts LLC increased its stake in Reliance by 57.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 3,072 shares of the industrial products company’s stock worth $806,000 after buying an additional 1,126 shares in the last quarter. Finally, Occidental Asset Management LLC increased its stake in Reliance by 3.8% in the 3rd quarter. Occidental Asset Management LLC now owns 14,496 shares of the industrial products company’s stock worth $3,801,000 after buying an additional 534 shares in the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Reliance Trading Down 0.1 %

Shares of Reliance stock opened at $313.56 on Thursday. The firm has a market cap of $18.01 billion, a price-to-earnings ratio of 13.87, a PEG ratio of 5.53 and a beta of 0.87. Reliance, Inc. has a twelve month low of $229.12 and a twelve month high of $342.20. The company has a quick ratio of 3.23, a current ratio of 5.66 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average price of $325.31 and a 200-day moving average price of $291.25.

Reliance (NYSE:RS) last released its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.30 EPS for the quarter, missing the consensus estimate of $5.48 by ($0.18). The company had revenue of $3.64 billion during the quarter, compared to analysts’ expectations of $3.76 billion. Reliance had a return on equity of 17.53% and a net margin of 9.02%. The company’s revenue was down 8.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $6.37 EPS. Equities research analysts anticipate that Reliance, Inc. will post 19.51 EPS for the current fiscal year.

Reliance Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Friday, March 8th were given a $1.10 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $4.40 annualized dividend and a yield of 1.40%. This is a positive change from Reliance’s previous quarterly dividend of $1.00. Reliance’s dividend payout ratio (DPR) is currently 19.46%.

Analyst Ratings Changes

A number of brokerages have issued reports on RS. BMO Capital Markets increased their price target on Reliance from $295.00 to $355.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 20th. KeyCorp raised their price objective on Reliance from $300.00 to $362.00 and gave the company an “overweight” rating in a research report on Friday, February 16th. Finally, Citigroup lowered Reliance from a “buy” rating to a “neutral” rating and raised their price objective for the company from $280.00 to $380.00 in a research report on Thursday, April 11th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $365.67.

Insider Buying and Selling

In other Reliance news, CFO Arthur Ajemyan sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $322.95, for a total value of $968,850.00. Following the completion of the sale, the chief financial officer now owns 15,577 shares of the company’s stock, valued at $5,030,592.15. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Reliance news, CFO Arthur Ajemyan sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $322.95, for a total value of $968,850.00. Following the completion of the sale, the chief financial officer now owns 15,577 shares of the company’s stock, valued at $5,030,592.15. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Karla R. Lewis sold 42,346 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $318.97, for a total transaction of $13,507,103.62. Following the completion of the sale, the chief executive officer now directly owns 84,534 shares of the company’s stock, valued at approximately $26,963,809.98. The disclosure for this sale can be found here. Over the last quarter, insiders sold 85,996 shares of company stock worth $27,603,878. 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.