Mutual of America Capital Management LLC Sells 3,146 Shares of Reliance, Inc. (NYSE:RS)

Mutual of America Capital Management LLC cut its holdings in shares of Reliance, Inc. (NYSE:RS) by 9.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 29,735 shares of the industrial products company’s stock after selling 3,146 shares during the period. Mutual of America Capital Management LLC’s holdings in Reliance were worth $8,600,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Innealta Capital LLC bought a new position in shares of Reliance during the second quarter valued at approximately $28,000. UMB Bank n.a. lifted its position in Reliance by 27.0% during the third 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 last quarter. National Bank of Canada FI lifted its position in Reliance by 17.9% during the second 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. International Assets Investment Management LLC purchased a new stake in Reliance during the second quarter valued at approximately $117,000. Finally, Covestor Ltd lifted its position in Reliance by 17.6% during the third quarter. Covestor Ltd now owns 462 shares of the industrial products company’s stock valued at $133,000 after acquiring an additional 69 shares during the last quarter. 79.26% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Wolfe Research cut shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price for the company. in a research report on Friday, July 26th. KeyCorp decreased their target price 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. Finally, BMO Capital Markets decreased their price target on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a report on Friday, October 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $326.40.

Reliance Trading Down 0.0 %

NYSE RS opened at $310.33 on Tuesday. The company has a fifty day simple moving average of $292.08 and a two-hundred day simple moving average of $290.15. The stock has a market cap of $16.80 billion, a P/E ratio of 17.04 and a beta of 0.85. Reliance, Inc. has a 12-month low of $261.77 and a 12-month high of $342.20. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12.

Reliance (NYSE:RS) last released its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 earnings per share for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). The business had revenue of $3.42 billion during the quarter, compared to analyst estimates of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. The firm’s revenue was down 5.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $5.00 EPS. On average, analysts forecast that Reliance, Inc. will post 16.45 earnings per share for the current year.

Reliance Announces Dividend

The firm also recently disclosed 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 1.42%. Reliance’s payout ratio is currently 24.16%.

Insider Transactions at Reliance

In related news, CFO Arthur Ajemyan sold 6,332 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $318.18, for a total transaction of $2,014,715.76. Following the sale, the chief financial officer now owns 9,245 shares in the company, valued at approximately $2,941,574.10. This trade represents a 40.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP William A. Smith II sold 6,500 shares of the firm’s 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 sale, the senior vice president now owns 16,849 shares in the company, valued at approximately $5,420,491.79. This represents a 27.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,832 shares of company stock worth $5,595,881 over the last 90 days. 0.69% of the stock is currently owned by company 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.