Reliance, Inc. (NYSE:RS) Director Sells $1,463,850.00 in Stock

Reliance, Inc. (NYSE:RS) Director James Donald Hoffman sold 5,000 shares of Reliance stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $292.77, for a total transaction of $1,463,850.00. Following the completion of the sale, the director now directly owns 39,042 shares in the company, valued at approximately $11,430,326.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

James Donald Hoffman also recently made the following trade(s):

• On Friday, May 3rd, James Donald Hoffman sold 5,000 shares of Reliance stock. The shares were sold at an average price of $290.04, for a total value of $1,450,200.00.
• On Tuesday, April 30th, James Donald Hoffman sold 5,000 shares of Reliance stock. The stock was sold at an average price of $289.81, for a total value of $1,449,050.00.
• On Tuesday, February 27th, James Donald Hoffman sold 40,000 shares of Reliance stock. The shares were sold at an average price of $322.95, for a total value of $12,918,000.00.

Reliance Price Performance

Shares of RS stock traded up $3.20 during mid-day trading on Tuesday, reaching $295.36. The stock had a trading volume of 438,149 shares, compared to its average volume of 256,546. The company has a market cap of $16.96 billion, a P/E ratio of 13.65, a price-to-earnings-growth ratio of 5.08 and a beta of 0.92. The company has a current ratio of 5.74, a quick ratio of 3.21 and a debt-to-equity ratio of 0.14. Reliance, Inc. has a 12-month low of $229.12 and a 12-month high of $342.20. The business has a 50-day simple moving average of $320.32 and a 200 day simple moving average of $293.39.

Reliance (NYSE:RS) last posted its earnings results on Thursday, April 25th. The industrial products company reported $5.30 earnings per share for the quarter, missing the consensus estimate of $5.51 by ($0.21). Reliance had a net margin of 8.67% and a return on equity of 16.26%. The business had revenue of $3.64 billion for the quarter, compared to analysts’ expectations of $3.76 billion. During the same quarter last year, the business posted $6.37 earnings per share. The business’s revenue was down 8.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Reliance, Inc. will post 19.6 earnings per share for the current year.

Reliance Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 24th will be paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date of this dividend is Thursday, May 23rd. Reliance’s payout ratio is currently 20.55%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on RS. KeyCorp raised their target price on Reliance from $300.00 to $362.00 and gave the company an “overweight” rating in a report on Friday, February 16th. BMO Capital Markets reduced their price objective on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a research note on Friday, April 26th. Citigroup lowered shares of Reliance from a “buy” rating to a “neutral” rating and upped their target price for the stock from $280.00 to $380.00 in a research report on Thursday, April 11th. Finally, StockNews.com downgraded shares of Reliance from a “buy” rating to a “hold” rating in a research report on Friday, April 26th.

Institutional Investors Weigh In On Reliance

Large investors have recently bought and sold shares of the stock. Sei Investments Co. lifted its position in shares of Reliance by 13.1% in the first 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 in the last quarter. Atomi Financial Group Inc. raised its stake in Reliance by 14.8% in the 1st quarter. Atomi Financial Group Inc. now owns 901 shares of the industrial products company’s stock valued at $301,000 after purchasing an additional 116 shares during the last quarter. Highland Capital Management LLC purchased a new position in Reliance in the 1st quarter valued at about $222,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its stake in shares of Reliance by 108.9% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 28,562 shares of the industrial products company’s stock worth $9,545,000 after purchasing an additional 14,891 shares during the last quarter. Finally, SG Americas Securities LLC grew its holdings in shares of Reliance by 98.8% during the first quarter. SG Americas Securities LLC now owns 2,368 shares of the industrial products company’s stock worth $791,000 after buying an additional 1,177 shares in the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

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.