FORA Capital LLC Sells 347 Shares of Reliance, Inc. (NYSE:RS)

FORA Capital LLC cut its holdings in shares of Reliance, Inc. (NYSE:RS) by 3.5% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 9,594 shares of the industrial products company’s stock after selling 347 shares during the period. FORA Capital LLC’s holdings in Reliance were worth $2,775,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Trust Point Inc. boosted its position in Reliance by 3.6% during the third quarter. Trust Point Inc. now owns 972 shares of the industrial products company’s stock valued at $281,000 after purchasing an additional 34 shares in the last quarter. National Bank of Canada FI boosted its holdings in shares of Reliance by 17.9% in the 2nd quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after buying an additional 41 shares in the last quarter. Fulton Bank N.A. grew its position in shares of Reliance by 3.1% in the 3rd quarter. Fulton Bank N.A. now owns 1,570 shares of the industrial products company’s stock worth $454,000 after buying an additional 47 shares during the last quarter. Consolidated Planning Corp raised its stake in shares of Reliance by 7.1% during the 2nd quarter. Consolidated Planning Corp now owns 752 shares of the industrial products company’s stock worth $215,000 after acquiring an additional 50 shares in the last quarter. Finally, 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 acquiring an additional 53 shares during the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.

Reliance Price Performance

RS stock remained flat at $321.91 during trading on Wednesday. The company had a trading volume of 19,939 shares, compared to its average volume of 320,306. Reliance, Inc. has a 12 month low of $261.77 and a 12 month high of $342.20. The business’s fifty day moving average price is $296.20 and its 200-day moving average price is $290.96. 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 has a market cap of $17.42 billion, a PE ratio of 17.69 and a beta of 0.85.

Reliance (NYSE:RS) last announced its earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.66 by ($0.02). The business 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 revenue for the quarter was down 5.6% compared to the same quarter last year. During the same period last year, the firm earned $5.00 EPS. As a group, sell-side analysts expect that Reliance, Inc. will post 16.42 EPS for the current fiscal year.

Reliance Dividend Announcement

The business also recently declared 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. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $4.40 annualized dividend and a dividend yield of 1.37%. Reliance’s dividend payout ratio is presently 24.16%.

Wall Street Analyst Weigh In

RS has been the topic of several recent analyst reports. BMO Capital Markets reduced their target price on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. KeyCorp dropped their price target on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research note on Monday, October 14th. One equities 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 stock. According to data from MarketBeat, Reliance currently has an average rating of “Hold” and an average target price of $326.40.

Insider Buying and Selling

In related news, CFO Arthur Ajemyan sold 6,332 shares of the company’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 9,245 shares in the company, valued at approximately $2,941,574.10. This represents a 40.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP William A. Smith II sold 6,500 shares of the stock in a transaction dated 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. This trade represents a 27.84 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,832 shares of company stock worth $5,595,881. 0.69% of the stock is owned by corporate insiders.

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.