Profit Investment Management LLC Has $1.17 Million Stock Position in Reliance, Inc. (NYSE:RS)

Profit Investment Management LLC lowered its position in shares of Reliance, Inc. (NYSE:RS - Free Report) by 65.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,039 shares of the industrial products company's stock after selling 7,676 shares during the quarter. Profit Investment Management LLC's holdings in Reliance were worth $1,168,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in RS. Acadian Asset Management LLC increased its stake in Reliance by 20.8% in the 1st quarter. Acadian Asset Management LLC now owns 1,072,200 shares of the industrial products company's stock valued at $358,270,000 after buying an additional 184,509 shares during the period. Hsbc Holdings PLC increased its stake in Reliance by 78.5% in the 2nd quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company's stock valued at $82,816,000 after buying an additional 127,422 shares during the period. Principal Financial Group Inc. increased its stake in Reliance by 21.5% in the 1st quarter. Principal Financial Group Inc. now owns 348,534 shares of the industrial products company's stock valued at $116,473,000 after buying an additional 61,687 shares during the period. Dimensional Fund Advisors LP increased its stake in Reliance by 4.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,168,880 shares of the industrial products company's stock valued at $333,809,000 after buying an additional 53,747 shares during the period. Finally, Victory Capital Management Inc. grew its position in Reliance by 21.1% in the second quarter. Victory Capital Management Inc. now owns 202,628 shares of the industrial products company's stock worth $57,871,000 after acquiring an additional 35,336 shares in the last quarter. Institutional investors and hedge funds own 79.26% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. KeyCorp decreased their target price on shares of Reliance from $341.00 to $325.00 and set an "overweight" rating for the company in a research report on Wednesday, July 3rd. Wolfe Research downgraded shares of Reliance from a "peer perform" rating to an "underperform" rating and set a $262.00 target price for the company. in a research report on Friday, July 26th. Finally, Bank of America decreased their target price on shares of Reliance from $340.00 to $335.00 and set a "neutral" rating for the company in a research report on Wednesday, June 26th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $329.40.

Reliance Stock Performance

RS traded up $4.50 during trading on Friday, hitting $290.92. The stock had a trading volume of 274,650 shares, compared to its average volume of 320,739. The firm has a market cap of $16.01 billion, a PE ratio of 14.85 and a beta of 0.85. 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, Inc. has a 12 month low of $237.14 and a 12 month high of $342.20. The company has a 50 day simple moving average of $281.94 and a 200-day simple moving average of $294.24.

Reliance (NYSE:RS - Get Free Report) last posted its quarterly earnings data on Thursday, July 25th. The industrial products company reported $4.65 earnings per share for the quarter, missing the consensus estimate of $4.73 by ($0.08). The business had revenue of $3.64 billion for the quarter, compared to analyst estimates 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 in the prior year, the firm posted $6.49 EPS. Analysts expect that Reliance, Inc. will post 17.16 EPS for the current year.

Reliance Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were paid a $1.10 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $4.40 annualized dividend and a dividend yield of 1.51%. Reliance's payout ratio is 22.46%.

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.