Insider Selling: Reliance, Inc. (NYSE:RS) CFO Sells $2,014,715.76 in Stock

Reliance, Inc. (NYSE:RS) CFO Arthur Ajemyan sold 6,332 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $318.18, for a total value of $2,014,715.76. Following the completion of the transaction, the chief financial officer now directly owns 9,245 shares of the company’s stock, valued at $2,941,574.10. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Reliance Stock Performance

Shares of Reliance stock opened at $320.62 on Friday. The stock has a market capitalization of $17.35 billion, a price-to-earnings ratio of 17.61 and a beta of 0.85. The firm’s fifty day simple moving average is $287.35 and its 200-day simple moving average is $289.27. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. Reliance, Inc. has a 12 month low of $261.77 and a 12 month high of $342.20.

Reliance (NYSE:RS) last posted its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 EPS 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 business had revenue of $3.42 billion during the quarter, compared to analyst estimates of $3.38 billion. During the same quarter in the prior year, the firm posted $5.00 earnings per share. The company’s revenue for the quarter was down 5.6% compared to the same quarter last year. As a group, equities analysts forecast that Reliance, Inc. will post 16.96 earnings per share for the current year.

Reliance Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders 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 dividend on an annualized basis and a yield of 1.37%. Reliance’s payout ratio is 24.16%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Norden Group LLC acquired a new stake in shares of Reliance during the first quarter worth $355,000. Nordea Investment Management AB raised its position in Reliance by 2.2% during the 1st quarter. Nordea Investment Management AB now owns 4,953 shares of the industrial products company’s stock worth $1,668,000 after buying an additional 107 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in shares of Reliance by 8.9% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 988 shares of the industrial products company’s stock worth $330,000 after acquiring an additional 81 shares during the period. Empowered Funds LLC purchased a new stake in shares of Reliance in the first quarter valued at about $421,000. Finally, SG Americas Securities LLC boosted its holdings in shares of Reliance by 98.8% in the first quarter. SG Americas Securities LLC now owns 2,368 shares of the industrial products company’s stock valued at $791,000 after acquiring an additional 1,177 shares in the last quarter. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently weighed in on RS. KeyCorp reduced their price objective 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. Wolfe Research cut shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target for the company. in a research report on Friday, July 26th. Finally, BMO Capital Markets dropped their price objective 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 company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $326.40.

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.