Smithfield Trust Co Sells 85 Shares of Reliance, Inc. (NYSE:RS)

Smithfield Trust Co lessened its position in Reliance, Inc. (NYSE:RS) by 11.6% in the third quarter, HoldingsChannel.com reports. The fund owned 645 shares of the industrial products company’s stock after selling 85 shares during the period. Smithfield Trust Co’s holdings in Reliance were worth $187,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Innealta Capital LLC acquired a new stake in Reliance during the 2nd quarter valued at $28,000. UMB Bank n.a. lifted its stake 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 buying an additional 53 shares during the last quarter. National Bank of Canada FI grew its stake in 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 buying an additional 41 shares during the last quarter. International Assets Investment Management LLC bought a new position in Reliance in the 2nd quarter valued at about $117,000. Finally, Covestor Ltd boosted its holdings in shares of Reliance by 17.6% during the third quarter. Covestor Ltd now owns 462 shares of the industrial products company’s stock worth $133,000 after acquiring an additional 69 shares during the period. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Reliance Stock Performance

RS opened at $316.35 on Friday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 3.31. Reliance, Inc. has a 52-week low of $261.77 and a 52-week high of $342.20. The firm has a market cap of $17.12 billion, a P/E ratio of 17.37 and a beta of 0.85. The business’s fifty day moving average is $294.51 and its 200-day moving average is $290.63.

Reliance (NYSE:RS) last announced its quarterly earnings data 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). The firm had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. The business’s revenue was down 5.6% compared to the same quarter last year. During the same period last year, the business earned $5.00 earnings per share. Sell-side analysts expect that Reliance, Inc. will post 16.45 EPS for the current fiscal year.

Reliance Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 1.39%. The ex-dividend date is Friday, November 22nd. Reliance’s dividend payout ratio (DPR) is 24.16%.

Analyst Ratings Changes

Several analysts recently weighed in on the company. KeyCorp dropped their price target on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a report on Monday, October 14th. BMO Capital Markets dropped their price objective on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Finally, Wolfe Research downgraded shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective for the company. in a report on Friday, July 26th. One equities research 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.com, the stock has an average rating of “Hold” and a consensus target price of $326.40.

Insider Buying and Selling

In other news, SVP William A. Smith II sold 6,500 shares of the company’s stock in a transaction 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 sale, the senior vice president now directly owns 16,849 shares of the company’s stock, valued at approximately $5,420,491.79. This represents a 27.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Mark V. Kaminski sold 5,000 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $298.01, for a total transaction of $1,490,050.00. The disclosure for this sale can be found here. Insiders have sold 17,832 shares of company stock worth $5,595,881 in the last 90 days. Insiders own 0.69% of the company’s stock.

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.