Foster & Motley Inc. Sells 65 Shares of Reliance, Inc. (NYSE:RS)

Foster & Motley Inc. trimmed its position in shares of Reliance, Inc. (NYSE:RS) by 0.5% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 11,911 shares of the industrial products company’s stock after selling 65 shares during the quarter. Foster & Motley Inc.’s holdings in Reliance were worth $3,445,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Sei Investments Co. raised its holdings 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 purchasing an additional 5,902 shares during the last quarter. Bessemer Group Inc. lifted its stake in Reliance by 2,870.9% in the 1st quarter. Bessemer Group Inc. now owns 3,981 shares of the industrial products company’s stock valued at $1,331,000 after purchasing an additional 3,847 shares during the last quarter. Russell Investments Group Ltd. boosted its position in Reliance by 1.9% in the first quarter. Russell Investments Group Ltd. now owns 159,878 shares of the industrial products company’s stock valued at $53,644,000 after buying an additional 2,985 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its stake in shares of Reliance by 24.2% during the first quarter. CANADA LIFE ASSURANCE Co now owns 107,735 shares of the industrial products company’s stock worth $36,005,000 after buying an additional 20,981 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new position in shares of Reliance during the first quarter worth $1,637,000. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Reliance Trading Up 11.9 %

Shares of RS opened at $326.32 on Thursday. 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, Inc. has a twelve month low of $261.77 and a twelve month high of $342.20. The stock has a market capitalization of $17.66 billion, a P/E ratio of 17.92 and a beta of 0.85. The firm has a fifty day simple moving average of $285.86 and a two-hundred day simple moving average of $289.22.

Reliance (NYSE:RS) last released its earnings results on Thursday, October 24th. The industrial products company reported $3.64 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 analysts’ expectations of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. The company’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $5.00 EPS. On average, research analysts anticipate that Reliance, Inc. will post 16.96 EPS for the current year.

Reliance Announces Dividend

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 $1.10 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.35%. Reliance’s dividend payout ratio is currently 24.16%.

Analysts Set New Price Targets

A number of research firms have commented on RS. KeyCorp reduced their price target on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. Wolfe Research lowered shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective on the stock. in a research report on Friday, July 26th. Finally, BMO Capital Markets decreased their target price 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. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Reliance presently has an average rating of “Hold” and an average price target of $326.40.

Insider Buying and Selling

In other news, 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.69% of the stock is owned by corporate insiders.

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.