Insider Selling: Reliance, Inc. (NYSE:RS) SVP Sells 6,500 Shares of Stock

Reliance, Inc. (NYSE:RS) SVP William A. Smith II sold 6,500 shares of Reliance stock in a transaction on Wednesday, November 6th. The shares were 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 owns 16,849 shares in the company, valued at approximately $5,420,491.79. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Reliance Price Performance

Reliance stock traded down $5.27 during trading hours on Thursday, hitting $321.05. The stock had a trading volume of 564,973 shares, compared to its average volume of 320,430. Reliance, Inc. has a 1-year low of $261.77 and a 1-year high of $342.20. The stock has a market capitalization of $17.38 billion, a price-to-earnings ratio of 17.92 and a beta of 0.85. The stock’s fifty day moving average is $285.86 and its two-hundred day moving average is $289.22. 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 (NYSE:RS) last posted its earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share 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 for the quarter, compared to analysts’ expectations of $3.38 billion. During the same quarter last year, the business posted $5.00 earnings per share. The business’s revenue was down 5.6% compared to the same quarter last year. As a group, analysts predict that Reliance, Inc. will post 16.96 earnings per share for the current fiscal year.

Reliance Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders 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 yield of 1.37%. The ex-dividend date of this dividend is Friday, November 22nd. Reliance’s dividend payout ratio (DPR) is presently 24.16%.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Reliance

A number of institutional investors have recently made changes to their positions in the stock. Sei Investments Co. raised its position in shares of 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 buying an additional 5,902 shares during the last quarter. Bessemer Group Inc. lifted its stake in shares of Reliance by 2,870.9% during the 1st quarter. Bessemer Group Inc. now owns 3,981 shares of the industrial products company’s stock worth $1,331,000 after purchasing an additional 3,847 shares during the period. Russell Investments Group Ltd. lifted its stake in shares of Reliance by 1.9% during the 1st quarter. Russell Investments Group Ltd. now owns 159,878 shares of the industrial products company’s stock worth $53,644,000 after purchasing an additional 2,985 shares during the period. CANADA LIFE ASSURANCE Co grew its position 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 purchasing an additional 20,981 shares during the period. Finally, Zurich Insurance Group Ltd FI purchased a new stake in shares of Reliance in the first quarter valued at $1,637,000. 79.26% of the stock is 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.