Profit Investment Management LLC Has $1.07 Million Stock Holdings in Reliance, Inc. (NYSE:RS)

Profit Investment Management LLC reduced its position in shares of Reliance, Inc. (NYSE:RS) by 1.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,970 shares of the industrial products company’s stock after selling 69 shares during the quarter. Profit Investment Management LLC’s holdings in Reliance were worth $1,069,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Trust Point Inc. boosted its holdings in Reliance by 3.6% during the third quarter. Trust Point Inc. now owns 972 shares of the industrial products company’s stock worth $281,000 after purchasing an additional 34 shares during the last quarter. Fulton Bank N.A. boosted its stake in shares of Reliance by 3.1% in the 3rd quarter. Fulton Bank N.A. now owns 1,570 shares of the industrial products company’s stock worth $454,000 after buying an additional 47 shares during the last quarter. Harbor Capital Advisors Inc. increased its position in shares of Reliance by 0.6% during the fourth quarter. Harbor Capital Advisors Inc. now owns 7,715 shares of the industrial products company’s stock valued at $2,077,000 after acquiring an additional 49 shares during the last quarter. UMB Bank n.a. boosted its position in Reliance by 27.0% in the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock worth $72,000 after purchasing an additional 53 shares during the last quarter. Finally, Janney Montgomery Scott LLC grew its position in Reliance by 0.3% during the third quarter. Janney Montgomery Scott LLC now owns 19,578 shares of the industrial products company’s stock valued at $5,662,000 after buying an additional 58 shares during the period. 79.26% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. The Goldman Sachs Group initiated coverage on Reliance in a research report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 target price for the company. BMO Capital Markets cut their price target on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Finally, KeyCorp decreased their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a report on Monday, October 14th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $328.83.

Insiders Place Their Bets

In related news, SVP William A. Smith II sold 6,500 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $321.71, for a total value of $2,091,115.00. Following the completion of the transaction, the senior vice president now directly owns 16,849 shares in the company, valued at approximately $5,420,491.79. The trade was a 27.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mark V. Kaminski sold 5,000 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $298.01, for a total value of $1,490,050.00. The disclosure for this sale can be found here. Insiders have sold 21,724 shares of company stock worth $6,856,500 in the last ninety days. 0.69% of the stock is currently owned by insiders.

Reliance Stock Performance

Shares of RS opened at $284.41 on Friday. Reliance, Inc. has a 52-week low of $256.98 and a 52-week high of $342.20. The stock’s 50-day simple moving average is $293.56 and its 200 day simple moving average is $289.88. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 3.31. The stock has a market capitalization of $15.39 billion, a price-to-earnings ratio of 15.62 and a beta of 0.91.

Reliance (NYSE:RS) last released 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). The firm had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. Reliance’s revenue was down 5.6% compared to the same quarter last year. During the same quarter last year, the business posted $5.00 earnings per share. Research analysts forecast that Reliance, Inc. will post 16.42 EPS for the current fiscal year.

Reliance Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 1.55%. The ex-dividend date of this dividend was Friday, November 22nd. Reliance’s payout ratio is 24.16%.

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.