Plato Investment Management Ltd Sells 6,110 Shares of Reliance, Inc. (NYSE:RS)

Plato Investment Management Ltd trimmed its position in Reliance, Inc. (NYSE:RS - Free Report) by 60.4% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 4,012 shares of the industrial products company's stock after selling 6,110 shares during the period. Plato Investment Management Ltd's holdings in Reliance were worth $1,146,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RS. Riverview Trust Co purchased a new position in Reliance during the 1st quarter valued at $25,000. Contravisory Investment Management Inc. purchased a new stake in Reliance in the 1st quarter worth approximately $30,000. Innealta Capital LLC bought a new position in shares of Reliance in the second quarter worth about $28,000. Rise Advisors LLC purchased a new position in Reliance during the first quarter valued at $49,000. Finally, Headlands Technologies LLC bought a new stake in Reliance in the 1st quarter worth approximately $86,000. 79.26% of the stock is owned by hedge funds and other institutional investors.

Reliance Trading Up 0.6 %

Shares of NYSE RS traded up $1.65 during mid-day trading on Monday, hitting $279.55. 263,086 shares of the company traded hands, compared to its average volume of 318,026. The business has a 50 day moving average of $287.13 and a two-hundred day moving average of $299.17. The company has a quick ratio of 2.43, a current ratio of 5.02 and a debt-to-equity ratio of 0.15. Reliance, Inc. has a 1 year low of $237.14 and a 1 year high of $342.20. The stock has a market capitalization of $15.38 billion, a price-to-earnings ratio of 13.01 and a beta of 0.85.

Reliance (NYSE:RS - Get Free Report) last released its earnings results on Thursday, July 25th. The industrial products company reported $4.65 EPS for the quarter, missing the consensus estimate of $4.73 by ($0.08). Reliance had a net margin of 7.99% and a return on equity of 14.73%. The firm had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same period last year, the business posted $6.49 earnings per share. The firm's quarterly revenue was down 6.1% on a year-over-year basis. On average, sell-side analysts anticipate that Reliance, Inc. will post 17.21 earnings per share for the current fiscal year.

Reliance Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were given a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 1.57%. The ex-dividend date was Friday, August 16th. Reliance's dividend payout ratio (DPR) is presently 20.55%.

Analyst Upgrades and Downgrades

RS has been the topic of a number of research analyst reports. Bank of America cut their price target on shares of Reliance from $340.00 to $335.00 and set a "neutral" rating on the stock in a report on Wednesday, June 26th. KeyCorp dropped their price target on Reliance from $341.00 to $325.00 and set an "overweight" rating for the company in a research report on Wednesday, July 3rd. 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 research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $329.40.

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.