Reliance, Inc. (NYSE:RS) CEO Sells $1,260,618.80 in Stock

Reliance, Inc. (NYSE:RS) CEO Karla R. Lewis sold 3,892 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $323.90, for a total value of $1,260,618.80. Following the transaction, 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Reliance Price Performance

RS opened at $317.45 on Wednesday. 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 12 month low of $261.77 and a 12 month high of $342.20. The company has a fifty day simple moving average of $300.19 and a 200 day simple moving average of $291.92. The stock has a market cap of $17.18 billion, a P/E ratio of 17.43 and a beta of 0.87.

Reliance (NYSE:RS) last released its quarterly earnings data 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). Reliance had a net margin of 7.42% and a return on equity of 13.68%. The firm had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.38 billion. During the same quarter in the prior year, the company earned $5.00 EPS. Reliance’s quarterly revenue was down 5.6% on a year-over-year basis. On average, research analysts expect that Reliance, Inc. will post 16.42 EPS for the current year.

Reliance Dividend Announcement

The company also recently announced 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 dividend on an annualized basis and a yield of 1.39%. The ex-dividend date is Friday, November 22nd. Reliance’s dividend payout ratio (DPR) is presently 24.16%.

Wall Street Analyst Weigh In

Several research firms have issued reports on RS. BMO Capital Markets reduced their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. KeyCorp cut their price target 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, The Goldman Sachs Group assumed coverage on Reliance in a research note on Monday. They issued a “neutral” rating and a $341.00 price target on the stock. One analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Reliance currently has a consensus rating of “Hold” and a consensus price target of $328.83.

Hedge Funds Weigh In On Reliance

A number of large investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its holdings in Reliance by 4.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,168,880 shares of the industrial products company’s stock worth $333,809,000 after purchasing an additional 53,747 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Reliance by 19.7% during the 3rd quarter. Principal Financial Group Inc. now owns 472,730 shares of the industrial products company’s stock worth $136,718,000 after purchasing an additional 77,937 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its holdings in Reliance by 7.3% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 296,033 shares of the industrial products company’s stock worth $85,616,000 after purchasing an additional 20,056 shares in the last quarter. Hsbc Holdings PLC increased its holdings in Reliance by 78.5% during the 2nd quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock worth $82,816,000 after purchasing an additional 127,422 shares in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in Reliance by 0.3% during the 3rd quarter. Victory Capital Management Inc. now owns 203,156 shares of the industrial products company’s stock worth $58,755,000 after purchasing an additional 528 shares in the last quarter. Institutional investors own 79.26% 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.