Reliance, Inc. (NYSE:RS) SVP Sells $2,091,115.00 in Stock

Reliance, Inc. (NYSE:RS) SVP William A. Smith II sold 6,500 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the completion of the sale, the senior vice president now owns 16,849 shares of the company’s stock, valued at approximately $5,420,491.79. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Reliance Stock Performance

Shares of RS opened at $320.62 on Friday. Reliance, Inc. has a 1 year low of $261.77 and a 1 year high of $342.20. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. The stock’s fifty day moving average price is $287.35 and its two-hundred day moving average price is $289.27. The firm has a market cap of $17.35 billion, a PE ratio of 17.61 and a beta of 0.85.

Reliance (NYSE:RS) last announced its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). The firm had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. The company’s revenue was down 5.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $5.00 earnings per share. On average, equities research analysts forecast that Reliance, Inc. will post 16.96 EPS for the current year.

Reliance Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 1.37%. The ex-dividend date of this dividend is Friday, November 22nd. Reliance’s dividend payout ratio (DPR) is presently 24.16%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of RS. Dimensional Fund Advisors LP increased its position in shares of Reliance by 4.8% during the second quarter. Dimensional Fund Advisors LP now owns 1,168,880 shares of the industrial products company’s stock valued at $333,809,000 after buying an additional 53,747 shares during the period. Acadian Asset Management LLC lifted its stake in Reliance by 20.8% in the 1st quarter. Acadian Asset Management LLC now owns 1,072,200 shares of the industrial products company’s stock worth $358,270,000 after purchasing an additional 184,509 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Reliance by 19.7% in the 3rd quarter. Principal Financial Group Inc. now owns 472,730 shares of the industrial products company’s stock valued at $136,718,000 after purchasing an additional 77,937 shares during the period. Hsbc Holdings PLC grew its position in shares of Reliance by 78.5% during the 2nd quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock valued at $82,816,000 after purchasing an additional 127,422 shares in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of Reliance by 0.3% in the third quarter. Victory Capital Management Inc. now owns 203,156 shares of the industrial products company’s stock worth $58,755,000 after purchasing an additional 528 shares during the period. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on RS. BMO Capital Markets reduced their target price on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a report on Friday, October 25th. KeyCorp lowered their target price on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research note on Monday, October 14th. Finally, Wolfe Research lowered shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target for the company. in a research report on Friday, July 26th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $326.40.

About Reliance

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.