Masso Torrence Wealth Management Inc. Has $298,000 Stock Holdings in Reliance, Inc. (NYSE:RS)

Masso Torrence Wealth Management Inc. lowered its stake in Reliance, Inc. (NYSE:RS) by 7.5% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,030 shares of the industrial products company’s stock after selling 83 shares during the period. Masso Torrence Wealth Management Inc.’s holdings in Reliance were worth $298,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sei Investments Co. raised its stake in shares of Reliance by 13.1% during the first quarter. Sei Investments Co. now owns 51,053 shares of the industrial products company’s stock valued at $17,062,000 after acquiring an additional 5,902 shares during the last quarter. Bessemer Group Inc. raised its position in shares of Reliance by 2,870.9% during the first quarter. Bessemer Group Inc. now owns 3,981 shares of the industrial products company’s stock worth $1,331,000 after acquiring an additional 3,847 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Reliance by 1.9% in the first quarter. Russell Investments Group Ltd. now owns 159,878 shares of the industrial products company’s stock worth $53,644,000 after acquiring an additional 2,985 shares during the period. CANADA LIFE ASSURANCE Co increased its position in Reliance by 24.2% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 107,735 shares of the industrial products company’s stock valued at $36,005,000 after purchasing an additional 20,981 shares during the period. Finally, Mediolanum International Funds Ltd bought a new position in Reliance during the 1st quarter worth approximately $2,407,000. Institutional investors own 79.26% of the company’s stock.

Reliance Stock Down 3.5 %

Shares of NYSE RS traded down $10.26 during trading on Friday, hitting $283.54. 368,712 shares of the company traded hands, compared to its average volume of 319,721. The firm has a market capitalization of $15.60 billion, a price-to-earnings ratio of 14.47 and a beta of 0.85. The business’s fifty day moving average is $283.64 and its 200 day moving average is $291.18. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.43 and a current ratio of 5.02. Reliance, Inc. has a fifty-two week low of $237.14 and a fifty-two week high of $342.20.

Reliance (NYSE:RS) last announced its quarterly earnings data 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 net margin of 7.99% and a return on equity of 14.73%. The firm had revenue of $3.42 billion during the quarter, compared to analyst estimates of $3.38 billion. During the same period last year, the business posted $5.00 EPS. The company’s revenue was down 5.6% on a year-over-year basis. Equities research analysts predict that Reliance, Inc. will post 17.16 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a dividend of $1.10 per share. The ex-dividend date is Friday, November 22nd. This represents a $4.40 annualized dividend and a yield of 1.55%. Reliance’s dividend payout ratio (DPR) is currently 22.46%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on RS shares. BMO Capital Markets reduced their price objective on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research note on Friday. KeyCorp cut their price target on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research 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 objective for the company. in a research report on Friday, July 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. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $326.40.

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.