Reliance, Inc. (NYSE:RS) Shares Sold by Yacktman Asset Management LP

Yacktman Asset Management LP trimmed its holdings in Reliance, Inc. (NYSE:RS) by 9.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 897,949 shares of the industrial products company’s stock after selling 91,736 shares during the quarter. Reliance comprises approximately 2.7% of Yacktman Asset Management LP’s portfolio, making the stock its 13th largest holding. Yacktman Asset Management LP owned approximately 1.63% of Reliance worth $259,696,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Innealta Capital LLC purchased a new position in Reliance during the second quarter worth approximately $28,000. UMB Bank n.a. boosted its position in shares of Reliance by 27.0% during the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after acquiring an additional 53 shares during the last quarter. National Bank of Canada FI grew its holdings in shares of Reliance by 17.9% in 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 stake in Reliance during the first quarter worth about $86,000. Finally, International Assets Investment Management LLC purchased a new position in Reliance during the second quarter worth about $117,000. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Reliance Stock Up 0.7 %

Reliance stock opened at $289.04 on Tuesday. The company has a market capitalization of $15.64 billion, a PE ratio of 15.87 and a beta of 0.85. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 3.31. Reliance, Inc. has a fifty-two week low of $261.77 and a fifty-two week high of $342.20. The firm has a 50 day moving average price of $284.66 and a 200 day moving average price of $289.37.

Reliance (NYSE:RS) last released its quarterly 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). The firm had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. The company’s quarterly revenue was down 5.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.00 earnings per share. Research analysts expect that Reliance, Inc. will post 16.96 earnings per share for the current year.

Reliance Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be given a dividend of $1.10 per share. The ex-dividend date is Friday, November 22nd. This represents a $4.40 annualized dividend and a dividend yield of 1.52%. Reliance’s dividend payout ratio is presently 24.16%.

Wall Street Analyst Weigh In

RS has been the subject of a number of recent analyst reports. Wolfe Research downgraded shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target for the company. in a report on Friday, July 26th. KeyCorp cut their target price on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research note on Monday, October 14th. Finally, BMO Capital Markets decreased their price target on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $326.40.

Insider Activity

In related news, Director Mark V. Kaminski sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $298.01, for a total transaction of $1,490,050.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.69% 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.