Masso Torrence Wealth Management Inc. Invests $318,000 in Reliance, Inc. (NYSE:RS)

Masso Torrence Wealth Management Inc. purchased a new position in shares of Reliance, Inc. (NYSE:RS) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 1,113 shares of the industrial products company’s stock, valued at approximately $318,000.

Other institutional investors also recently modified their holdings of the company. Riverview Trust Co acquired a new stake in shares of Reliance during the 1st quarter worth approximately $25,000. Contravisory Investment Management Inc. acquired a new position in Reliance during the first quarter valued at approximately $30,000. Partnership Wealth Management LLC acquired a new position in Reliance during the fourth quarter valued at approximately $43,000. Rise Advisors LLC acquired a new position in Reliance during the first quarter valued at approximately $49,000. Finally, Rational Advisors LLC grew its holdings in Reliance by 33.6% during the first quarter. Rational Advisors LLC now owns 159 shares of the industrial products company’s stock valued at $53,000 after purchasing an additional 40 shares during the period. Institutional investors and hedge funds own 79.26% of the company’s stock.

Insiders Place Their Bets

In other Reliance news, COO Stephen Paul Koch sold 20,421 shares of the company’s stock in a transaction 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 in the company, valued at $2,230,709.76. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.69% of the company’s stock.

Reliance Stock Down 0.4 %

RS traded down $1.04 during trading on Tuesday, reaching $279.15. The company had a trading volume of 237,951 shares, compared to its average volume of 314,652. The business’s fifty day moving average price is $288.45 and its 200 day moving average price is $303.29. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.02 and a quick ratio of 2.43. The company has a market cap of $16.03 billion, a P/E ratio of 13.04 and a beta of 0.86. Reliance, Inc. has a 12 month low of $237.14 and a 12 month high of $342.20.

Reliance (NYSE:RS) last announced its quarterly earnings data on Thursday, July 25th. The industrial products company reported $4.65 EPS for the quarter, missing analysts’ consensus estimates of $4.73 by ($0.08). The business had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.64 billion. Reliance had a return on equity of 14.73% and a net margin of 7.99%. The business’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $6.49 EPS. Equities analysts anticipate that Reliance, Inc. will post 17.21 EPS for the current year.

Reliance Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be given a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date is Friday, August 16th. Reliance’s dividend payout ratio is presently 20.55%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Wolfe Research cut shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective for the company. in a report on Friday, July 26th. BMO Capital Markets decreased their price objective on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a report on Friday, April 26th. StockNews.com cut shares of Reliance from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th. KeyCorp decreased their price objective on shares of Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a report on Wednesday, July 3rd. Finally, Bank of America cut their price target on shares of Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $329.40.

About Reliance

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.