Rehmann Capital Advisory Group Sells 401 Shares of Reliance, Inc. (NYSE:RS)

Rehmann Capital Advisory Group cut its position in Reliance, Inc. (NYSE:RS) by 32.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 833 shares of the industrial products company’s stock after selling 401 shares during the quarter. Rehmann Capital Advisory Group’s holdings in Reliance were worth $241,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of RS. Innealta Capital LLC bought a new position in shares of Reliance during the 2nd quarter worth approximately $28,000. Quarry LP purchased a new position in Reliance in the third quarter worth $41,000. UMB Bank n.a. increased its position in shares of Reliance by 27.0% during the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock worth $72,000 after purchasing an additional 53 shares in the last quarter. National Bank of Canada FI increased its position in shares of Reliance by 17.9% during the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock worth $76,000 after purchasing an additional 41 shares in the last quarter. Finally, Brooklyn Investment Group purchased a new stake in shares of Reliance during the 3rd quarter valued at $78,000. 79.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RS has been the topic of several recent analyst reports. BMO Capital Markets reduced their target price on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. KeyCorp dropped 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 began coverage on shares of Reliance in a research report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Reliance currently has a consensus rating of “Hold” and a consensus price target of $328.83.

Insider Buying and Selling 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 shares were sold at an average price of $298.01, for a total transaction of $1,490,050.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP William A. Smith II sold 6,500 shares of the stock in a transaction on Wednesday, November 6th. The stock was 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 directly owns 16,849 shares in the company, valued at $5,420,491.79. This trade represents a 27.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,724 shares of company stock valued at $6,856,500. 0.69% of the stock is owned by insiders.

Reliance Stock Down 3.1 %

Reliance stock opened at $292.16 on Friday. The business’s 50-day simple moving average is $303.64 and its two-hundred day simple moving average is $292.30. 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 company has a market cap of $15.81 billion, a PE ratio of 16.04 and a beta of 0.87. Reliance, Inc. has a fifty-two week low of $264.99 and a fifty-two week high of $342.20.

Reliance (NYSE:RS) last issued 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). 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 analysts’ expectations 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. Equities analysts anticipate that Reliance, Inc. will post 16.42 EPS for the current year.

Reliance Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were given a dividend of $1.10 per share. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $4.40 dividend on an annualized basis and a yield of 1.51%. Reliance’s dividend payout ratio is presently 24.16%.

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.