Meeder Asset Management Inc. Sells 244 Shares of Reliance, Inc. (NYSE:RS)

Meeder Asset Management Inc. trimmed its stake in Reliance, Inc. (NYSE:RS) by 25.0% during the 1st quarter, HoldingsChannel reports. The fund owned 732 shares of the industrial products company’s stock after selling 244 shares during the quarter. Meeder Asset Management Inc.’s holdings in Reliance were worth $245,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Riverview Trust Co purchased a new position in shares of Reliance in the first quarter worth $25,000. Contravisory Investment Management Inc. purchased a new position in shares of Reliance in the first quarter worth $30,000. Partnership Wealth Management LLC purchased a new position in shares of Reliance in the fourth quarter worth $43,000. Rise Advisors LLC purchased a new position in shares of Reliance in the first quarter worth $49,000. Finally, Rational Advisors LLC raised its stake in shares of Reliance by 33.6% in the first quarter. Rational Advisors LLC now owns 159 shares of the industrial products company’s stock worth $53,000 after purchasing an additional 40 shares during the last quarter. 79.26% of the stock is owned by institutional investors.

Insider Transactions at Reliance

In other news, Director James Donald Hoffman sold 5,000 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $290.04, for a total value of $1,450,200.00. Following the completion of the transaction, the director now owns 44,042 shares of the company’s stock, valued at $12,773,941.68. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director James Donald Hoffman sold 5,000 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $290.04, for a total transaction of $1,450,200.00. Following the completion of the transaction, the director now directly owns 44,042 shares of the company’s stock, valued at $12,773,941.68. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Stephen Paul Koch sold 20,421 shares of the stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $295.38, for a total value of $6,031,954.98. Following the transaction, the chief operating officer now directly owns 7,552 shares of the company’s stock, valued at $2,230,709.76. The disclosure for this sale can be found here. Insiders sold a total of 40,421 shares of company stock valued at $11,866,855 over the last 90 days. Company insiders own 0.69% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. StockNews.com cut Reliance from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. Citigroup cut Reliance from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $280.00 to $380.00 in a research note on Thursday, April 11th. KeyCorp reduced their price objective on Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a research report on Wednesday, July 3rd. 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 report on Friday, April 26th. Finally, 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 report on Wednesday, June 26th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $346.25.

Reliance Stock Performance

RS traded up $3.62 during midday trading on Monday, reaching $300.44. The company had a trading volume of 354,084 shares, compared to its average volume of 305,610. The company has a quick ratio of 3.21, a current ratio of 5.74 and a debt-to-equity ratio of 0.14. The business has a 50-day moving average of $289.75 and a two-hundred day moving average of $301.20. The company has a market cap of $17.25 billion, a P/E ratio of 14.03 and a beta of 0.87. Reliance, Inc. has a 1 year low of $237.14 and a 1 year high of $342.20.

Reliance (NYSE:RS) last issued its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.30 EPS for the quarter, missing analysts’ consensus estimates of $5.51 by ($0.21). 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 16.26% and a net margin of 8.67%. The business’s quarterly revenue was down 8.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $6.37 EPS. As a group, equities research analysts predict that Reliance, Inc. will post 18.66 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The firm also recently disclosed 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 1.46%. The ex-dividend date was Thursday, May 23rd. Reliance’s dividend payout ratio (DPR) is 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.