Cable Hill Partners LLC Sells 111 Shares of Reliance, Inc. (NYSE:RS)

Cable Hill Partners LLC trimmed its holdings in shares of Reliance, Inc. (NYSE:RS) by 12.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 814 shares of the industrial products company’s stock after selling 111 shares during the period. Cable Hill Partners LLC’s holdings in Reliance were worth $235,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Innealta Capital LLC bought a new stake in shares of Reliance during the second quarter worth approximately $28,000. UMB Bank n.a. grew its holdings in Reliance by 27.0% during the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after purchasing an additional 53 shares during the period. National Bank of Canada FI grew its holdings in Reliance by 17.9% during the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after purchasing an additional 41 shares during the period. Headlands Technologies LLC acquired a new position in Reliance during the first quarter valued at approximately $86,000. Finally, International Assets Investment Management LLC acquired a new position in Reliance during the second quarter valued at approximately $117,000. 79.26% of the stock is owned by institutional investors.

Reliance Stock Down 0.9 %

Reliance stock opened at $310.04 on Friday. The stock has a market capitalization of $16.78 billion, a PE ratio of 17.03 and a beta of 0.85. Reliance, Inc. has a twelve month low of $261.77 and a twelve month high of $342.20. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. The company has a 50 day moving average of $290.57 and a 200-day moving average of $289.83.

Reliance (NYSE:RS) last announced its earnings results on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing the consensus estimate of $3.66 by ($0.02). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The business had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. During the same quarter in the previous year, the company posted $5.00 EPS. The business’s revenue for the quarter was down 5.6% compared to the same quarter last year. On average, equities research analysts anticipate that Reliance, Inc. will post 16.45 EPS for the current fiscal year.

Reliance Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 1.42%. The ex-dividend date is Friday, November 22nd. Reliance’s dividend payout ratio (DPR) is currently 24.16%.

Insiders Place Their Bets

In related news, Director Mark V. Kaminski sold 5,000 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $298.01, for a total value of $1,490,050.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP William A. Smith II sold 6,500 shares of the company’s 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 transaction, the senior vice president now owns 16,849 shares in the company, valued at $5,420,491.79. This trade represents a 27.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,832 shares of company stock valued at $5,595,881. 0.69% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on RS shares. KeyCorp decreased their price objective on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a report on Monday, October 14th. BMO Capital Markets decreased their price objective on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Finally, Wolfe Research cut shares of 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. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $326.40.

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.