Reliance, Inc. (NYSE:RS) Shares Sold by Hancock Whitney Corp

Hancock Whitney Corp lowered its holdings in shares of Reliance, Inc. (NYSE:RS) by 0.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,479 shares of the industrial products company’s stock after selling 88 shares during the period. Hancock Whitney Corp’s holdings in Reliance were worth $5,344,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. UniSuper Management Pty Ltd raised its holdings in shares of Reliance by 100.0% in the first quarter. UniSuper Management Pty Ltd now owns 800 shares of the industrial products company’s stock valued at $267,000 after buying an additional 400 shares during the last quarter. Zurich Insurance Group Ltd FI acquired a new position in Reliance in the 1st quarter valued at about $1,637,000. Janus Henderson Group PLC raised its stake in Reliance by 96.6% during the 1st quarter. Janus Henderson Group PLC now owns 4,981 shares of the industrial products company’s stock valued at $1,664,000 after acquiring an additional 2,447 shares during the last quarter. California State Teachers Retirement System lifted its position in Reliance by 6.1% during the 1st quarter. California State Teachers Retirement System now owns 122,254 shares of the industrial products company’s stock worth $40,855,000 after acquiring an additional 7,058 shares during the period. Finally, Tidal Investments LLC grew its stake in shares of Reliance by 25.5% in the 1st quarter. Tidal Investments LLC now owns 7,236 shares of the industrial products company’s stock valued at $2,425,000 after purchasing an additional 1,469 shares during the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CFO Arthur Ajemyan sold 6,332 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 9,245 shares of the company’s stock, 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, Director Mark V. Kaminski sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $298.01, for a total value of $1,490,050.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 17,832 shares of company stock valued at $5,595,881. 0.69% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

RS has been the subject of several analyst reports. BMO Capital Markets cut their price target on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. KeyCorp cut their price objective 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. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Reliance has an average rating of “Hold” and an average price target of $326.40.

Reliance Stock Performance

Shares of RS opened at $323.01 on Monday. Reliance, Inc. has a 12-month low of $261.77 and a 12-month high of $342.20. The stock has a market cap of $17.48 billion, a P/E ratio of 17.53 and a beta of 0.85. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12. The company has a 50-day moving average of $295.33 and a two-hundred day moving average of $290.77.

Reliance (NYSE:RS) last issued its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.66 by ($0.02). The company had revenue of $3.42 billion for 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 company’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $5.00 earnings per share. As a group, research analysts predict that Reliance, Inc. will post 16.45 EPS for the current fiscal year.

Reliance Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a dividend of $1.10 per share. The ex-dividend date is Friday, November 22nd. This represents a $4.40 annualized dividend and a yield of 1.36%. Reliance’s dividend payout ratio (DPR) is presently 24.16%.

Reliance 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.