Reliance, Inc. (NYSE:RS) Shares Sold by Investment Management Corp of Ontario

Investment Management Corp of Ontario decreased its stake in shares of Reliance, Inc. (NYSE:RS) by 12.8% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 12,457 shares of the industrial products company’s stock after selling 1,825 shares during the quarter. Investment Management Corp of Ontario’s holdings in Reliance were worth $3,603,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Assetmark Inc. lifted its stake in shares of Reliance by 24.2% in the 3rd 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 in the last quarter. Harbor Capital Advisors Inc. raised its holdings in Reliance by 292.7% in the second quarter. Harbor Capital Advisors Inc. now owns 3,593 shares of the industrial products company’s stock valued at $1,026,000 after buying an additional 2,678 shares during the period. Janus Henderson Group PLC lifted its position in Reliance by 96.6% during the first quarter. Janus Henderson Group PLC now owns 4,981 shares of the industrial products company’s stock valued at $1,664,000 after buying an additional 2,447 shares in the last quarter. AXA S.A. grew its stake in Reliance by 5.4% during the second 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 period. Finally, Cetera Investment Advisers increased its position in shares of Reliance by 79.3% in the first quarter. Cetera Investment Advisers now owns 10,162 shares of the industrial products company’s stock worth $3,396,000 after acquiring an additional 4,494 shares in the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Reliance Trading Down 0.8 %

NYSE:RS opened at $317.45 on Wednesday. The stock has a market cap of $17.18 billion, a price-to-earnings ratio of 17.43 and a beta of 0.87. Reliance, Inc. has a one year low of $261.77 and a one year high of $342.20. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 3.31. The business’s 50-day simple moving average is $300.19 and its 200 day simple moving average is $291.92.

Reliance (NYSE:RS) last announced its 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 net margin of 7.42% and a return on equity of 13.68%. The business had revenue of $3.42 billion during the quarter, compared to analyst estimates of $3.38 billion. During the same period in the previous year, the company earned $5.00 earnings per share. The business’s revenue for the quarter was down 5.6% on a year-over-year basis. As a group, sell-side analysts predict that Reliance, Inc. will post 16.42 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The business also recently disclosed 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 annualized dividend and a yield of 1.39%. The ex-dividend date is Friday, November 22nd. Reliance’s dividend payout ratio is currently 24.16%.

Insider Transactions at Reliance

In other news, Director Mark V. Kaminski sold 5,000 shares of Reliance stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $298.01, for a total value of $1,490,050.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Karla R. Lewis sold 3,892 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $323.90, for a total value of $1,260,618.80. Following the sale, the chief executive officer now directly owns 85,117 shares in the company, valued at approximately $27,569,396.30. This represents a 4.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,724 shares of company stock valued at $6,856,500. Insiders own 0.69% of the company’s stock.

Analyst Upgrades and Downgrades

RS has been the subject of a number of research reports. KeyCorp decreased their price target on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research report on Monday, October 14th. BMO Capital Markets lowered their target price on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Finally, The Goldman Sachs Group initiated coverage on Reliance in a research report on Monday. They set a “neutral” rating and a $341.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $328.83.

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.