Burney Co. Sells 23,783 Shares of Reliance, Inc. (NYSE:RS)

Burney Co. trimmed its position in Reliance, Inc. (NYSE:RS) by 34.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,047 shares of the industrial products company’s stock after selling 23,783 shares during the quarter. Burney Co.’s holdings in Reliance were worth $12,129,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of RS. Trust Point Inc. raised its holdings in shares of Reliance by 3.6% in the 3rd quarter. Trust Point Inc. now owns 972 shares of the industrial products company’s stock valued at $281,000 after acquiring an additional 34 shares in the last quarter. Fulton Bank N.A. increased its position in shares of Reliance by 3.1% in the third quarter. Fulton Bank N.A. now owns 1,570 shares of the industrial products company’s stock worth $454,000 after purchasing an additional 47 shares during the last quarter. Harbor Capital Advisors Inc. raised its stake in Reliance by 0.6% in the fourth quarter. Harbor Capital Advisors Inc. now owns 7,715 shares of the industrial products company’s stock valued at $2,077,000 after purchasing an additional 49 shares in the last quarter. UMB Bank n.a. lifted its position 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 last quarter. Finally, Janney Montgomery Scott LLC lifted its position in Reliance by 0.3% during the third quarter. Janney Montgomery Scott LLC now owns 19,578 shares of the industrial products company’s stock valued at $5,662,000 after purchasing an additional 58 shares during the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Insider Buying and Selling

In other news, SVP William A. Smith II sold 6,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the transaction, the senior vice president now directly owns 16,849 shares of the company’s stock, valued at approximately $5,420,491.79. The trade was a 27.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mark V. Kaminski sold 5,000 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $298.01, for a total value of $1,490,050.00. The disclosure for this sale can be found here. Insiders have sold a total of 21,724 shares of company stock valued at $6,856,500 over the last three months. 0.69% of the stock is owned by company insiders.

Reliance Stock Performance

Reliance stock opened at $278.93 on Wednesday. The firm has a fifty day simple moving average of $295.17 and a two-hundred day simple moving average of $289.97. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. Reliance, Inc. has a twelve month low of $256.98 and a twelve month high of $342.20. The company has a market capitalization of $15.10 billion, a PE ratio of 15.32 and a beta of 0.91.

Reliance (NYSE:RS) last released its earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). Reliance had a net margin of 7.42% and a return on equity of 13.68%. The company had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.38 billion. During the same period last year, the firm posted $5.00 EPS. The company’s revenue was down 5.6% on a year-over-year basis. Research analysts expect that Reliance, Inc. will post 16.42 EPS for the current year.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were issued a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 1.58%. The ex-dividend date was Friday, November 22nd. Reliance’s dividend payout ratio is 24.16%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RS. The Goldman Sachs Group assumed coverage on shares of Reliance in a research report on Monday, December 2nd. They set a “neutral” rating and a $341.00 price objective on the stock. KeyCorp lowered their price target on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. Wolfe Research upgraded Reliance from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 8th. Finally, BMO Capital Markets reduced their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $328.83.

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.