QRG Capital Management Inc. Sells 315 Shares of Reliance, Inc. (NYSE:RS)

QRG Capital Management Inc. decreased its holdings in shares of Reliance, Inc. (NYSE:RS) by 1.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,302 shares of the industrial products company’s stock after selling 315 shares during the period. QRG Capital Management Inc.’s holdings in Reliance were worth $7,607,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in RS. Innealta Capital LLC bought a new stake in shares of Reliance during the 2nd quarter valued at about $28,000. UMB Bank n.a. boosted its position in shares of Reliance by 27.0% during the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after purchasing an additional 53 shares in the last quarter. National Bank of Canada FI boosted its holdings in Reliance by 17.9% in the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock worth $76,000 after acquiring an additional 41 shares in the last quarter. Headlands Technologies LLC bought a new position in Reliance in the first quarter worth approximately $86,000. Finally, International Assets Investment Management LLC bought a new position in Reliance in the second quarter worth approximately $117,000. Institutional investors own 79.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. BMO Capital Markets cut their price target on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. KeyCorp cut their price target on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. Finally, Wolfe Research lowered Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target on the stock. in a report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $326.40.

Insider Transactions at Reliance

In other news, Director Mark V. Kaminski sold 5,000 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $298.01, for a total value of $1,490,050.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.69% of the company’s stock.

Reliance Stock Performance

NYSE:RS opened at $291.64 on Wednesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. The business has a fifty day simple moving average of $284.90 and a two-hundred day simple moving average of $288.96. Reliance, Inc. has a 1 year low of $261.77 and a 1 year high of $342.20. The company has a market capitalization of $15.78 billion, a P/E ratio of 16.02 and a beta of 0.85.

Reliance (NYSE:RS) last posted its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The company had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.38 billion. During the same period in the previous year, the business earned $5.00 earnings per share. Reliance’s revenue was down 5.6% on a year-over-year basis. On average, analysts expect that Reliance, Inc. will post 16.96 earnings per share for the current year.

Reliance Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be issued a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date of this dividend is Friday, November 22nd. Reliance’s payout ratio is currently 24.16%.

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.