Reliance, Inc. (NYSE:RS) Shares Sold by Rehmann Capital Advisory Group

Rehmann Capital Advisory Group cut its holdings in Reliance, Inc. (NYSE:RS) by 32.5% in the third quarter, Holdings Channel reports. The institutional investor owned 833 shares of the industrial products company’s stock after selling 401 shares during the quarter. Rehmann Capital Advisory Group’s holdings in Reliance were worth $241,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Trust Point Inc. increased its holdings in Reliance by 3.6% in the 3rd quarter. Trust Point Inc. now owns 972 shares of the industrial products company’s stock worth $281,000 after acquiring an additional 34 shares in the last quarter. National Bank of Canada FI grew its position in shares of Reliance by 17.9% in the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after purchasing an additional 41 shares during the period. Fulton Bank N.A. increased its stake in shares of Reliance by 3.1% during the third quarter. Fulton Bank N.A. now owns 1,570 shares of the industrial products company’s stock worth $454,000 after purchasing an additional 47 shares in the last quarter. Consolidated Planning Corp raised its position 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 purchasing an additional 50 shares during the last quarter. Finally, UMB Bank n.a. raised its position in shares of Reliance by 27.0% during the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock worth $72,000 after purchasing an additional 53 shares during the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

Reliance Stock Down 3.1 %

Shares of NYSE:RS opened at $292.16 on Friday. Reliance, Inc. has a 52-week low of $264.99 and a 52-week high of $342.20. The stock has a market cap of $15.81 billion, a P/E ratio of 16.04 and a beta of 0.87. The business has a fifty day moving average of $303.64 and a two-hundred day moving average of $292.30. 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 (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. On average, research analysts expect that Reliance, Inc. will post 16.42 earnings per share for the current year.

Reliance Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were paid a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 1.51%. The ex-dividend date of this dividend was Friday, November 22nd. Reliance’s dividend payout ratio (DPR) is presently 24.16%.

Analyst Upgrades and Downgrades

Several research firms have commented on RS. BMO Capital Markets cut their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. KeyCorp dropped their price target on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research report on Monday, October 14th. Finally, The Goldman Sachs Group began coverage on Reliance in a research note on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price objective for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, Reliance has an average rating of “Hold” and a consensus target price of $328.83.

Insider Buying and Selling at Reliance

In other Reliance news, SVP William A. Smith II sold 6,500 shares of the firm’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 transaction, the senior vice president now owns 16,849 shares of the company’s stock, valued at $5,420,491.79. This trade represents a 27.84 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Arthur Ajemyan sold 6,332 shares of the business’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 transaction, the chief financial officer now directly 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 a total of 21,724 shares of company stock worth $6,856,500 over the last three months. Insiders own 0.69% of the company’s stock.

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.