Astoria Portfolio Advisors LLC. Reduces Stock Holdings in Reliance, Inc. (NYSE:RS)

Astoria Portfolio Advisors LLC. lessened its stake in Reliance, Inc. (NYSE:RS) by 5.1% in the second quarter, Holdings Channel reports. The fund owned 738 shares of the industrial products company’s stock after selling 40 shares during the quarter. Astoria Portfolio Advisors LLC.’s holdings in Reliance were worth $211,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Riverview Trust Co acquired a new stake in Reliance during the 1st quarter valued at approximately $25,000. Contravisory Investment Management Inc. acquired a new stake in shares of Reliance during the first quarter worth approximately $30,000. Rise Advisors LLC bought a new stake in shares of Reliance in the first quarter worth $49,000. Partnership Wealth Management LLC bought a new stake in shares of Reliance in the fourth quarter worth $43,000. Finally, Rational Advisors LLC raised its holdings in Reliance by 33.6% in the first 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 in the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Reliance Stock Performance

RS traded down $4.70 on Wednesday, hitting $282.41. 415,857 shares of the company’s stock were exchanged, compared to its average volume of 317,367. The company has a current ratio of 5.02, a quick ratio of 2.43 and a debt-to-equity ratio of 0.15. The stock has a fifty day moving average of $290.29 and a two-hundred day moving average of $303.52. Reliance, Inc. has a twelve month low of $237.14 and a twelve month high of $342.20. The firm has a market cap of $16.22 billion, a PE ratio of 13.41 and a beta of 0.86.

Reliance (NYSE:RS) last announced its quarterly earnings results on Thursday, July 25th. The industrial products company reported $4.65 earnings per share for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $3.64 billion. During the same quarter in the previous year, the company posted $6.49 earnings per share. The firm’s revenue for the quarter was down 6.1% compared to the same quarter last year. On average, research analysts anticipate that Reliance, Inc. will post 18.06 earnings per share for the current fiscal year.

Reliance Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be issued a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 1.56%. The ex-dividend date is Friday, August 16th. Reliance’s dividend payout ratio (DPR) is 20.55%.

Analyst Ratings Changes

RS has been the subject of several research analyst reports. Bank of America dropped 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. 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 report on Friday, July 26th. Citigroup cut Reliance from a “buy” rating to a “neutral” rating and upped their price objective for the company from $280.00 to $380.00 in a research note on Thursday, April 11th. StockNews.com lowered Reliance from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. Finally, KeyCorp lowered their price target on Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a report on Wednesday, July 3rd. One 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $329.40.

Insider Transactions at Reliance

In other Reliance news, COO Stephen Paul Koch sold 20,421 shares of the company’s stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $295.38, for a total value of $6,031,954.98. Following the completion of the transaction, the chief operating officer now owns 7,552 shares in the company, valued at approximately $2,230,709.76. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director James Donald Hoffman sold 5,000 shares of the company’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $294.36, for a total value of $1,471,800.00. Following the completion of the sale, the director now owns 34,042 shares of the company’s stock, valued at $10,020,603.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Stephen Paul Koch sold 20,421 shares of the firm’s stock in a transaction dated 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 transaction, the chief operating officer now directly owns 7,552 shares in the company, valued at approximately $2,230,709.76. The disclosure for this sale can be found here. Insiders own 0.69% of the company’s stock.

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.