Securian Asset Management Inc. Lowers Stake in Reliance, Inc. (NYSE:RS)

Securian Asset Management Inc. decreased its stake in shares of Reliance, Inc. (NYSE:RS) by 3.6% in the second quarter, HoldingsChannel reports. The institutional investor owned 4,580 shares of the industrial products company’s stock after selling 170 shares during the period. Securian Asset Management Inc.’s holdings in Reliance were worth $1,308,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Riverview Trust Co purchased a new position in Reliance in the first quarter valued at about $25,000. Contravisory Investment Management Inc. purchased a new position in Reliance in the first quarter worth $30,000. Partnership Wealth Management LLC acquired a new position in shares of Reliance during the fourth quarter worth $43,000. Rise Advisors LLC acquired a new position in shares of Reliance during the first quarter worth $49,000. Finally, Rational Advisors LLC boosted its holdings in shares of Reliance by 33.6% in the 1st quarter. Rational Advisors LLC now owns 159 shares of the industrial products company’s stock valued at $53,000 after acquiring an additional 40 shares during the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

RS has been the topic of several analyst reports. BMO Capital Markets cut their price target on Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a research report on Friday, April 26th. KeyCorp dropped their target price on Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a report on Wednesday, July 3rd. 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 report on Friday, July 26th. Bank of America dropped their price objective on shares of Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. Finally, StockNews.com lowered shares of Reliance from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. 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’s stock. According to MarketBeat, Reliance currently has an average rating of “Hold” and an average price target of $329.40.

Reliance Trading Down 1.2 %

RS traded down $3.31 on Monday, hitting $279.51. The company had a trading volume of 129,038 shares, compared to its average volume of 316,140. Reliance, Inc. has a 1 year low of $237.14 and a 1 year high of $342.20. The company’s fifty day moving average price is $289.46 and its 200 day moving average price is $303.55. The firm has a market cap of $16.05 billion, a P/E ratio of 13.21 and a beta of 0.86. The company has a current ratio of 5.02, a quick ratio of 2.43 and a debt-to-equity ratio of 0.15.

Reliance (NYSE:RS) last released its quarterly earnings data on Thursday, July 25th. The industrial products company reported $4.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.73 by ($0.08). The firm had revenue of $3.64 billion for the quarter, compared to analysts’ expectations of $3.64 billion. Reliance had a return on equity of 14.73% and a net margin of 7.99%. Reliance’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same period last year, the firm posted $6.49 earnings per share. As a group, equities analysts expect that Reliance, Inc. will post 18.06 earnings per share for the current year.

Reliance Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be paid a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 1.57%. The ex-dividend date of this dividend is Friday, August 16th. Reliance’s payout ratio is 20.55%.

Insider Activity at Reliance

In other Reliance news, COO Stephen Paul Koch sold 20,421 shares of the firm’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 transaction of $6,031,954.98. Following the sale, the chief operating officer now owns 7,552 shares of the company’s stock, valued at $2,230,709.76. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.69% of the stock is currently owned by corporate insiders.

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.