Reliance (NYSE:RS) Trading Down 2.9% - Time to Sell?

Shares of Reliance, Inc. (NYSE:RS - Get Free Report) were down 2.9% on Wednesday . The company traded as low as $303.39 and last traded at $302.43. Approximately 62,333 shares changed hands during trading, a decline of 84% from the average daily volume of 395,013 shares. The stock had previously closed at $311.59.

Wall Street Analyst Weigh In

Separately, KeyCorp upped their target price on shares of Reliance from $321.00 to $327.00 and gave the company an "overweight" rating in a report on Monday, February 24th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $319.00.

Reliance Stock Up 0.8%

The stock has a market cap of $16.31 billion, a PE ratio of 20.09 and a beta of 0.88. The business has a 50 day moving average of $291.23 and a 200-day moving average of $289.14. The company has a current ratio of 3.21, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10.

Reliance (NYSE:RS - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The industrial products company reported $3.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.66 by $0.11. Reliance had a net margin of 6.33% and a return on equity of 11.87%. The business had revenue of $3.48 billion for the quarter, compared to analyst estimates of $3.44 billion. During the same period last year, the firm posted $5.30 earnings per share. The company's revenue for the quarter was down 4.4% compared to the same quarter last year. Equities research analysts predict that Reliance, Inc. will post 16.98 EPS for the current fiscal year.

Reliance Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 23rd were paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 1.55%. The ex-dividend date of this dividend was Friday, May 23rd. Reliance's dividend payout ratio is presently 34.41%.

Hedge Funds Weigh In On Reliance

A number of hedge funds and other institutional investors have recently bought and sold shares of RS. Inspire Investing LLC boosted its stake in shares of Reliance by 14.0% in the first quarter. Inspire Investing LLC now owns 1,089 shares of the industrial products company's stock valued at $314,000 after buying an additional 134 shares in the last quarter. Invst LLC acquired a new stake in shares of Reliance during the 1st quarter worth about $657,000. Strs Ohio purchased a new stake in Reliance in the 1st quarter worth approximately $1,458,000. Geneos Wealth Management Inc. grew its position in shares of Reliance by 99.2% in the first quarter. Geneos Wealth Management Inc. now owns 263 shares of the industrial products company's stock valued at $76,000 after purchasing an additional 131 shares during the period. Finally, IFM Investors Pty Ltd increased its stake in shares of Reliance by 0.4% during the 1st quarter. IFM Investors Pty Ltd now owns 15,872 shares of the industrial products company's stock valued at $4,583,000 after acquiring an additional 68 shares during the last quarter. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

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.