Reliance, Inc. (NYSE:RS) Shares Sold by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp decreased its holdings in Reliance, Inc. (NYSE:RS) by 12.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 9,580 shares of the industrial products company’s stock after selling 1,418 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Reliance were worth $2,771,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of RS. Assetmark Inc. grew its position in shares of Reliance by 24.2% in the third quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company’s stock valued at $8,074,000 after purchasing an additional 5,431 shares during the period. AXA S.A. boosted its holdings in Reliance by 5.4% in the 2nd quarter. AXA S.A. now owns 79,334 shares of the industrial products company’s stock worth $22,658,000 after buying an additional 4,032 shares during the last quarter. Cetera Investment Advisers increased its stake in Reliance by 79.3% during the 1st quarter. Cetera Investment Advisers now owns 10,162 shares of the industrial products company’s stock worth $3,396,000 after buying an additional 4,494 shares in the last quarter. Dearborn Partners LLC lifted its position in shares of Reliance by 4.1% in the third quarter. Dearborn Partners LLC now owns 86,406 shares of the industrial products company’s stock valued at $24,989,000 after acquiring an additional 3,419 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in shares of Reliance by 38.9% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 14,244 shares of the industrial products company’s stock worth $4,068,000 after acquiring an additional 3,992 shares during the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on RS shares. KeyCorp reduced their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research note on Monday, October 14th. BMO Capital Markets decreased their price target on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Finally, The Goldman Sachs Group initiated coverage on shares of Reliance in a research note on Monday. They set a “neutral” rating and a $341.00 price objective for the company. One analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Reliance currently has a consensus rating of “Hold” and a consensus target price of $328.83.

Reliance Price Performance

Reliance stock opened at $310.82 on Thursday. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12. The stock has a market cap of $16.82 billion, a P/E ratio of 17.07 and a beta of 0.87. The company has a 50-day moving average price of $300.75 and a 200 day moving average price of $292.05. Reliance, Inc. has a 12-month low of $261.77 and a 12-month high of $342.20.

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 net margin of 7.42% and a return on equity of 13.68%. The firm’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $5.00 EPS. Sell-side analysts anticipate that Reliance, Inc. will post 16.42 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 issued a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.42%. The ex-dividend date of this dividend is Friday, November 22nd. Reliance’s dividend payout ratio is presently 24.16%.

Insider Buying and Selling

In related news, CEO Karla R. Lewis sold 3,892 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $323.90, for a total transaction of $1,260,618.80. Following the completion of the transaction, the chief executive officer now owns 85,117 shares of the company’s stock, valued at approximately $27,569,396.30. This trade represents a 4.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP William A. Smith II sold 6,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $321.71, for a total value of $2,091,115.00. Following the completion of the sale, the senior vice president now directly owns 16,849 shares in the company, valued at approximately $5,420,491.79. The trade was a 27.84 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 21,724 shares of company stock valued at $6,856,500. 0.69% of the stock is currently owned by insiders.

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.