Victory Capital Management Inc. Raises Stock Holdings in Reliance, Inc. (NYSE:RS)

Victory Capital Management Inc. raised its position in shares of Reliance, Inc. (NYSE:RS) by 0.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 203,156 shares of the industrial products company’s stock after purchasing an additional 528 shares during the quarter. Victory Capital Management Inc.’s holdings in Reliance were worth $58,755,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of RS. Innealta Capital LLC purchased a new stake in Reliance in the second quarter valued at approximately $28,000. UMB Bank n.a. lifted its stake in Reliance by 27.0% during the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after acquiring an additional 53 shares during the period. National Bank of Canada FI boosted its holdings in shares of Reliance by 17.9% in the 2nd quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after acquiring an additional 41 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Reliance in the first quarter worth $86,000. Finally, International Assets Investment Management LLC purchased a new position in shares of Reliance during the second quarter worth $117,000. 79.26% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

RS has been the topic of several recent research reports. BMO Capital Markets lowered their price target on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. KeyCorp lowered their target price on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research note on Monday, October 14th. Finally, Wolfe Research cut 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. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Reliance has a consensus rating of “Hold” and a consensus price target of $326.40.

Reliance Trading Down 0.9 %

RS stock opened at $310.04 on Friday. Reliance, Inc. has a 52-week low of $261.77 and a 52-week high of $342.20. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. The firm has a market cap of $16.78 billion, a P/E ratio of 17.03 and a beta of 0.85. The company’s 50-day simple moving average is $290.57 and its 200-day simple moving average is $289.83.

Reliance (NYSE:RS) last issued its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The business had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.38 billion. During the same quarter in the prior year, the company posted $5.00 EPS. The business’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 16.45 EPS for the current fiscal year.

Reliance Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.42%. Reliance’s dividend payout ratio is currently 24.16%.

Insider Buying and Selling

In other news, Director Mark V. Kaminski sold 5,000 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $298.01, for a total transaction of $1,490,050.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP William A. Smith II sold 6,500 shares of the stock in a transaction dated 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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,832 shares of company stock worth $5,595,881 in the last 90 days. Insiders own 0.69% of the company’s stock.

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.