Insider Selling: Reliance, Inc. (NYSE:RS) CFO Sells 6,332 Shares of Stock

Reliance, Inc. (NYSE:RS) CFO Arthur Ajemyan sold 6,332 shares of Reliance stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total value of $2,014,715.76. Following the transaction, the chief financial officer now owns 9,245 shares in the company, valued at approximately $2,941,574.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Reliance Stock Down 1.6 %

RS opened at $321.05 on Friday. The company has a fifty day moving average price of $286.67 and a 200-day moving average price of $289.44. The firm has a market capitalization of $17.38 billion, a P/E ratio of 17.63 and a beta of 0.85. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. Reliance, Inc. has a one year low of $261.77 and a one year high of $342.20.

Reliance (NYSE:RS) last posted its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share for the quarter, missing the consensus estimate of $3.66 by ($0.02). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The business had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.38 billion. During the same period in the prior year, the firm earned $5.00 earnings per share. The business’s revenue for the quarter was down 5.6% on a year-over-year basis. Equities research analysts expect that Reliance, Inc. will post 16.96 earnings per share for the current fiscal year.

Reliance Announces Dividend

The company 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 annualized dividend and a dividend yield of 1.37%. Reliance’s dividend payout ratio is presently 24.16%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its position in Reliance by 4.8% during the second quarter. Dimensional Fund Advisors LP now owns 1,168,880 shares of the industrial products company’s stock valued at $333,809,000 after purchasing an additional 53,747 shares during the period. Acadian Asset Management LLC increased its stake in shares of Reliance by 20.8% in the first quarter. Acadian Asset Management LLC now owns 1,072,200 shares of the industrial products company’s stock worth $358,270,000 after purchasing an additional 184,509 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Reliance by 19.7% in the third 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. Hsbc Holdings PLC grew its stake in Reliance by 78.5% during the second quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock valued at $82,816,000 after acquiring an additional 127,422 shares in the last quarter. Finally, Victory Capital Management Inc. grew its stake in Reliance by 0.3% during the third quarter. Victory Capital Management Inc. now owns 203,156 shares of the industrial products company’s stock valued at $58,755,000 after acquiring an additional 528 shares in the last quarter. Institutional investors own 79.26% of the company’s stock.

Wall Street Analyst Weigh In

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

Reliance Company 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.