QRG Capital Management Inc. Has $9.46 Million Stake in Reliance, Inc. (NYSE:RS)

QRG Capital Management Inc. grew its holdings in shares of Reliance, Inc. (NYSE:RS) by 1.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 28,316 shares of the industrial products company’s stock after acquiring an additional 354 shares during the quarter. QRG Capital Management Inc.’s holdings in Reliance were worth $9,463,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Reliance in the fourth quarter valued at approximately $186,693,000. Principal Financial Group Inc. increased its stake in shares of Reliance by 29.7% in the fourth quarter. Principal Financial Group Inc. now owns 286,847 shares of the industrial products company’s stock valued at $80,226,000 after buying an additional 65,691 shares during the period. First Trust Advisors LP increased its stake in shares of Reliance by 7.9% in the fourth quarter. First Trust Advisors LP now owns 885,818 shares of the industrial products company’s stock valued at $247,746,000 after buying an additional 64,895 shares during the period. Schroder Investment Management Group increased its stake in shares of Reliance by 51.2% in the fourth quarter. Schroder Investment Management Group now owns 177,771 shares of the industrial products company’s stock valued at $49,719,000 after buying an additional 60,229 shares during the period. Finally, Pacer Advisors Inc. increased its stake in shares of Reliance by 7.1% in the fourth quarter. Pacer Advisors Inc. now owns 536,462 shares of the industrial products company’s stock valued at $150,038,000 after buying an additional 35,627 shares during the period. Institutional investors and hedge funds own 79.26% of the company’s stock.

Wall Street Analysts Forecast Growth

RS has been the subject of a number of recent analyst reports. StockNews.com downgraded shares of Reliance from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. Bank of America cut their price target on Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. BMO Capital Markets cut their price target on Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a report on Friday, April 26th. KeyCorp cut their price target on Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a report on Wednesday, July 3rd. Finally, Citigroup cut Reliance from a “buy” rating to a “neutral” rating and increased their price target for the stock from $280.00 to $380.00 in a report on Thursday, April 11th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $346.25.

Insider Activity at Reliance

In other news, COO Stephen Paul Koch sold 20,421 shares of the 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 sale, the chief operating officer now directly owns 7,552 shares of the company’s stock, valued at $2,230,709.76. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director James Donald Hoffman sold 5,000 shares of the firm’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 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 Securities & Exchange Commission, which can be accessed through this link. Also, 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 value of $6,031,954.98. Following the completion of the transaction, the chief operating officer now directly owns 7,552 shares in the company, valued at approximately $2,230,709.76. The disclosure for this sale can be found here. Insiders have sold 40,421 shares of company stock worth $11,866,855 over the last ninety days. 0.69% of the stock is owned by corporate insiders.

Reliance Price Performance

NYSE:RS traded up $7.32 during mid-day trading on Tuesday, reaching $307.76. The stock had a trading volume of 198,671 shares, compared to its average volume of 304,818. The firm has a 50 day moving average price of $289.75 and a two-hundred day moving average price of $301.20. The stock has a market capitalization of $17.67 billion, a P/E ratio of 14.03 and a beta of 0.87. Reliance, Inc. has a one year low of $237.14 and a one year high of $342.20. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.21 and a current ratio of 5.74.

Reliance (NYSE:RS) last posted its earnings results on Thursday, April 25th. The industrial products company reported $5.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.51 by ($0.21). Reliance had a net margin of 8.67% and a return on equity of 16.26%. The business had revenue of $3.64 billion for the quarter, compared to analysts’ expectations of $3.76 billion. During the same period last year, the firm posted $6.37 earnings per share. Reliance’s quarterly revenue was down 8.1% on a year-over-year basis. As a group, analysts expect that Reliance, Inc. will post 18.66 earnings per share for the current year.

Reliance Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 24th were given a dividend of $1.10 per share. The ex-dividend date was Thursday, May 23rd. This represents a $4.40 annualized dividend and a dividend yield of 1.43%. Reliance’s dividend payout ratio is presently 20.55%.

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.