MQS Management LLC Has $323,000 Stake in Reliance, Inc. (NYSE:RS)

MQS Management LLC decreased its holdings in Reliance, Inc. (NYSE:RS) by 29.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 967 shares of the industrial products company’s stock after selling 410 shares during the period. MQS Management LLC’s holdings in Reliance were worth $323,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Riverview Trust Co acquired a new position in Reliance in the first quarter worth approximately $25,000. Contravisory Investment Management Inc. acquired a new position in Reliance in the first quarter worth approximately $30,000. Rise Advisors LLC acquired a new position in Reliance in the first quarter worth approximately $49,000. Partnership Wealth Management LLC acquired a new position in Reliance in the fourth quarter worth approximately $43,000. Finally, Rational Advisors LLC increased its holdings in 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 buying an additional 40 shares during the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on RS shares. KeyCorp dropped their price objective on Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a report on Wednesday, July 3rd. StockNews.com downgraded Reliance from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th. Wolfe Research cut Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective for the company. in a research report on Friday. 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. Finally, 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. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $329.40.

Insider Buying and Selling

In other Reliance 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 transaction of $1,450,200.00. Following the transaction, the director now owns 44,042 shares in the company, valued at $12,773,941.68. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Reliance news, Director James Donald Hoffman sold 5,000 shares of the business’s stock in a transaction that occurred on 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 sale, the director now owns 44,042 shares in the company, valued at approximately $12,773,941.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Stephen Paul Koch sold 20,421 shares of the business’s 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 completion of the sale, the chief operating officer now owns 7,552 shares in the company, valued at approximately $2,230,709.76. The disclosure for this sale can be found here. Insiders sold a total of 40,421 shares of company stock worth $11,866,855 over the last three months. 0.69% of the stock is currently owned by company insiders.

Reliance Price Performance

Shares of NYSE:RS traded down $2.15 during midday trading on Friday, reaching $306.00. The company’s stock had a trading volume of 44,933 shares, compared to its average volume of 309,234. Reliance, Inc. has a fifty-two week low of $237.14 and a fifty-two week high of $342.20. The company has a market capitalization of $17.57 billion, a P/E ratio of 14.10 and a beta of 0.86. The company has a debt-to-equity ratio of 0.14, a current ratio of 5.74 and a quick ratio of 3.21. The business’s fifty day simple moving average is $291.32 and its 200-day simple moving average is $302.30.

Reliance (NYSE:RS) last announced its earnings results on Thursday, July 25th. The industrial products company reported $4.65 earnings per share 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 analyst estimates of $3.64 billion. Reliance had a net margin of 8.67% and a return on equity of 16.26%. The business’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same quarter last year, the business posted $6.49 earnings per share. As a group, equities research analysts expect that Reliance, Inc. will post 18.63 EPS for the current fiscal year.

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.