Seven Eight Capital LP Sells 5,239 Shares of Reliance, Inc. (NYSE:RS)

Seven Eight Capital LP trimmed its position in Reliance, Inc. (NYSE:RS) by 66.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 2,636 shares of the industrial products company’s stock after selling 5,239 shares during the period. Seven Eight Capital LP’s holdings in Reliance were worth $881,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Sequoia Financial Advisors LLC lifted its stake in shares of Reliance by 378.5% in the 4th quarter. Sequoia Financial Advisors LLC now owns 5,919 shares of the industrial products company’s stock valued at $1,655,000 after acquiring an additional 4,682 shares during the last quarter. Sei Investments Co. lifted its stake in shares of Reliance by 13.1% in the 1st quarter. Sei Investments Co. now owns 51,053 shares of the industrial products company’s stock valued at $17,062,000 after acquiring an additional 5,902 shares during the last quarter. UBS Group AG lifted its stake in shares of Reliance by 262.0% in the 4th quarter. UBS Group AG now owns 45,016 shares of the industrial products company’s stock valued at $12,590,000 after acquiring an additional 32,580 shares during the last quarter. MMCAP International Inc. SPC bought a new position in shares of Reliance in the 4th quarter valued at $845,000. Finally, Russell Investments Group Ltd. raised its position in Reliance by 1.9% during the 1st quarter. Russell Investments Group Ltd. now owns 159,878 shares of the industrial products company’s stock worth $53,644,000 after purchasing an additional 2,985 shares during the last quarter. 79.26% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on RS shares. Citigroup lowered Reliance from a “buy” rating to a “neutral” rating and raised their target price for the stock from $280.00 to $380.00 in a research report on Thursday, April 11th. StockNews.com lowered Reliance from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. Bank of America lowered their target price on Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. KeyCorp lowered 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. Finally, BMO Capital Markets lowered their target price on Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a research report on Friday, April 26th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $346.25.

Reliance Trading Down 0.5 %

Reliance stock traded down $1.54 during trading hours on Tuesday, reaching $301.16. 330,154 shares of the company’s stock were exchanged, compared to its average volume of 306,212. The company has a quick ratio of 3.21, a current ratio of 5.74 and a debt-to-equity ratio of 0.14. The firm’s 50 day simple moving average is $291.16 and its 200 day simple moving average is $302.32. Reliance, Inc. has a twelve month low of $237.14 and a twelve month high of $342.20. The firm has a market capitalization of $17.29 billion, a PE ratio of 14.07 and a beta of 0.87.

Reliance (NYSE:RS) last issued its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.30 earnings per share for the quarter, missing analysts’ consensus estimates of $5.51 by ($0.21). Reliance had a return on equity of 16.26% and a net margin of 8.67%. The business had revenue of $3.64 billion for the quarter, compared to analyst estimates of $3.76 billion. During the same quarter in the previous year, the business posted $6.37 earnings per share. The business’s revenue was down 8.1% on a year-over-year basis. Research analysts predict that Reliance, Inc. will post 18.63 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director James Donald Hoffman sold 5,000 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $290.04, for a total value of $1,450,200.00. Following the completion of the sale, the director now directly owns 44,042 shares in the company, valued at approximately $12,773,941.68. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Director James Donald Hoffman sold 5,000 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $290.04, for a total value of $1,450,200.00. Following the completion of the sale, the director now directly owns 44,042 shares in the company, valued at approximately $12,773,941.68. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 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 value of $6,031,954.98. Following the completion of the sale, the chief operating officer now owns 7,552 shares of the company’s stock, valued at $2,230,709.76. The disclosure for this sale can be found here. In the last ninety days, insiders sold 40,421 shares of company stock worth $11,866,855. Company 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.