Atomi Financial Group Inc. Sells 37 Shares of Reliance, Inc. (NYSE:RS)

Atomi Financial Group Inc. lessened its position in shares of Reliance, Inc. (NYSE:RS) by 3.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 983 shares of the industrial products company’s stock after selling 37 shares during the period. Atomi Financial Group Inc.’s holdings in Reliance were worth $284,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Integrated Advisors Network LLC bought a new stake in shares of Reliance during the 4th quarter valued at about $230,000. Goldman Sachs Group Inc. grew its stake in Reliance by 8.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 225,332 shares of the industrial products company’s stock worth $63,021,000 after buying an additional 17,494 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Reliance by 2.3% in the 4th quarter. Wellington Management Group LLP now owns 1,224,274 shares of the industrial products company’s stock worth $342,405,000 after buying an additional 27,074 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Reliance during the 4th quarter valued at $3,356,000. Finally, HighPoint Advisor Group LLC bought a new stake in shares of Reliance during the 4th quarter worth $625,000. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on RS shares. Wolfe Research cut Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price on the stock. in a research note on Friday, July 26th. Bank of America reduced their price objective on Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. Finally, KeyCorp dropped their target price on Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a research report on Wednesday, July 3rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $329.40.

Reliance Stock Up 1.6 %

Shares of NYSE:RS opened at $290.95 on Friday. The stock has a market capitalization of $16.71 billion, a P/E ratio of 13.59 and a beta of 0.85. The stock’s 50-day moving average price is $281.94 and its 200-day moving average price is $293.99. 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.

Reliance (NYSE:RS) last posted its quarterly earnings results 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). Reliance had a return on equity of 14.73% and a net margin of 7.99%. The company had revenue of $3.64 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter in the previous year, the business earned $6.49 earnings per share. Reliance’s revenue was down 6.1% compared to the same quarter last year. On average, equities analysts anticipate that Reliance, Inc. will post 17.16 earnings per share for the current year.

Reliance Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were paid a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 1.51%. The ex-dividend date of this dividend was Friday, August 16th. Reliance’s dividend payout ratio (DPR) is 20.55%.

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.