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

QRG Capital Management Inc. lowered its stake in shares of Reliance, Inc. (NYSE:RS) by 1.2% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 26,302 shares of the industrial products company’s stock after selling 315 shares during the quarter. QRG Capital Management Inc.’s holdings in Reliance were worth $7,607,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Innealta Capital LLC bought a new position in Reliance in the second quarter valued at about $28,000. UMB Bank n.a. increased its holdings 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 worth $72,000 after acquiring an additional 53 shares during the last quarter. National Bank of Canada FI increased its holdings in shares of Reliance by 17.9% during the 2nd 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 during the last quarter. Headlands Technologies LLC acquired a new position in shares of Reliance during the 1st quarter worth approximately $86,000. Finally, International Assets Investment Management LLC acquired a new position in shares of Reliance during the 2nd quarter worth approximately $117,000. 79.26% of the stock is owned by institutional investors.

Insider Activity

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

Reliance Price Performance

Reliance stock opened at $291.64 on Wednesday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 3.31. Reliance, Inc. has a 52 week low of $261.77 and a 52 week high of $342.20. The stock has a market capitalization of $15.78 billion, a P/E ratio of 16.02 and a beta of 0.85. The stock has a fifty day moving average of $284.90 and a 200-day moving average of $288.96.

Reliance (NYSE:RS) last issued its earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (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 firm had revenue of $3.42 billion during the quarter, compared to analyst estimates of $3.38 billion. During the same period in the previous year, the company earned $5.00 EPS. Reliance’s revenue for the quarter was down 5.6% on a year-over-year basis. On average, sell-side analysts expect that Reliance, Inc. will post 16.96 earnings per share for the current fiscal 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 paid a $1.10 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $4.40 annualized dividend and a dividend yield of 1.51%. Reliance’s payout ratio is 24.16%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on RS. KeyCorp decreased their target price on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. Wolfe Research downgraded Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target for the company. in a research note on Friday, July 26th. Finally, BMO Capital Markets reduced 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. One equities research 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’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $326.40.

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.