Reliance, Inc. (NYSE:RS) SVP William A. Smith II Sells 6,500 Shares

Reliance, Inc. (NYSE:RS) SVP William A. Smith II sold 6,500 shares of Reliance stock in a transaction 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 completion of the transaction, the senior vice president now directly owns 16,849 shares in the company, valued at $5,420,491.79. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Reliance Stock Performance

Shares of RS stock opened at $321.05 on Friday. 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 52 week low of $261.77 and a 52 week high of $342.20. The stock has a market capitalization of $17.38 billion, a PE ratio of 17.63 and a beta of 0.85. The firm has a 50 day moving average of $286.67 and a two-hundred day moving average of $289.44.

Reliance (NYSE:RS) last issued 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). Reliance had a net margin of 7.42% and a return on equity of 13.68%. The business had revenue of $3.42 billion during the quarter, compared to analysts’ expectations of $3.38 billion. During the same period in the prior year, the business earned $5.00 EPS. The business’s quarterly revenue was down 5.6% on a year-over-year basis. On average, research analysts predict that Reliance, Inc. will post 16.96 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 paid a dividend of $1.10 per share. The ex-dividend date is Friday, November 22nd. This represents a $4.40 annualized dividend and a yield of 1.37%. Reliance’s dividend payout ratio is currently 24.16%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on RS shares. BMO Capital Markets lowered their price objective on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Wolfe Research lowered shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price on the stock. in a research note on Friday, July 26th. Finally, KeyCorp reduced their price target on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $326.40.

Institutional Investors Weigh In On Reliance

Several hedge funds and other institutional investors have recently bought and sold shares of RS. Sei Investments Co. increased its stake in Reliance by 13.1% in the first quarter. Sei Investments Co. now owns 51,053 shares of the industrial products company’s stock valued at $17,062,000 after purchasing an additional 5,902 shares during the period. Bessemer Group Inc. boosted its holdings in shares of Reliance by 2,870.9% in the first quarter. Bessemer Group Inc. now owns 3,981 shares of the industrial products company’s stock valued at $1,331,000 after acquiring an additional 3,847 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Reliance by 1.9% in the first quarter. Russell Investments Group Ltd. now owns 159,878 shares of the industrial products company’s stock valued at $53,644,000 after acquiring an additional 2,985 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Reliance by 24.2% in the first quarter. CANADA LIFE ASSURANCE Co now owns 107,735 shares of the industrial products company’s stock valued at $36,005,000 after acquiring an additional 20,981 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI purchased a new stake in shares of Reliance in the first quarter valued at about $1,637,000. 79.26% of the stock is currently owned by institutional investors and hedge funds.

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.