Hilton Capital Management LLC Has $1.65 Million Holdings in Reliance, Inc. (NYSE:RS)

Hilton Capital Management LLC cut its stake in shares of Reliance, Inc. (NYSE:RS) by 5.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,719 shares of the industrial products company’s stock after selling 352 shares during the period. Hilton Capital Management LLC’s holdings in Reliance were worth $1,654,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Innealta Capital LLC acquired a new stake in shares of Reliance during the second quarter worth $28,000. UMB Bank n.a. lifted 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 worth $72,000 after acquiring an additional 53 shares in the last quarter. National Bank of Canada FI lifted 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 worth $76,000 after acquiring an additional 41 shares in the last quarter. International Assets Investment Management LLC bought a new stake in shares of Reliance in the second quarter valued at about $117,000. Finally, Covestor Ltd lifted its holdings in shares of Reliance by 17.6% in the third quarter. Covestor Ltd now owns 462 shares of the industrial products company’s stock valued at $133,000 after purchasing an additional 69 shares in the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Reliance news, Director Mark V. Kaminski sold 5,000 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $298.01, for a total transaction of $1,490,050.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Arthur Ajemyan sold 6,332 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total value of $2,014,715.76. Following the sale, the chief financial officer now owns 9,245 shares of the company’s stock, valued at $2,941,574.10. The trade was a 40.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,832 shares of company stock worth $5,595,881 over the last three months. Insiders own 0.69% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. KeyCorp cut their price target on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. Wolfe Research lowered Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target on the stock. in a report on Friday, July 26th. Finally, BMO Capital Markets dropped their target price on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $326.40.

Reliance Trading Down 0.4 %

Shares of NYSE:RS opened at $309.02 on Wednesday. The company has a market capitalization of $16.72 billion, a P/E ratio of 16.97 and a beta of 0.85. 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 business’s 50 day simple moving average is $292.84 and its 200 day simple moving average is $290.29.

Reliance (NYSE:RS) last issued its quarterly earnings results 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 company had revenue of $3.42 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the prior year, the company earned $5.00 EPS. On average, research analysts anticipate that Reliance, Inc. will post 16.45 EPS for the current fiscal year.

Reliance Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid 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 payout ratio is presently 24.16%.

Reliance 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.