Victory Capital Management Inc. Grows Position in Reliance, Inc. (NYSE:RS)

Victory Capital Management Inc. raised its position in Reliance, Inc. (NYSE:RS) by 0.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 203,156 shares of the industrial products company’s stock after purchasing an additional 528 shares during the quarter. Victory Capital Management Inc. owned 0.38% of Reliance worth $58,755,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Innealta Capital LLC purchased a new stake in shares of Reliance in the second quarter worth approximately $28,000. UMB Bank n.a. lifted 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 during the last quarter. National Bank of Canada FI lifted 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 during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Reliance during the first quarter valued at $86,000. Finally, International Assets Investment Management LLC bought a new position in shares of Reliance in the second quarter worth about $117,000. Institutional investors own 79.26% of the company’s stock.

Wall Street Analyst Weigh In

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

Reliance Stock Performance

Shares of RS stock opened at $310.04 on Friday. The firm has a market cap of $16.78 billion, a price-to-earnings ratio of 17.03 and a beta of 0.85. Reliance, Inc. has a 52-week low of $261.77 and a 52-week high of $342.20. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. The company’s 50 day moving average is $290.57 and its 200 day moving average is $289.83.

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

Reliance Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 1.42%. The ex-dividend date is Friday, November 22nd. Reliance’s payout ratio is 24.16%.

Insider Activity

In other Reliance news, CFO Arthur Ajemyan sold 6,332 shares of the 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 completion of the sale, the chief financial officer now directly 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 SEC, which can be accessed through the SEC website. Also, SVP William A. Smith II sold 6,500 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $321.71, for a total value of $2,091,115.00. Following the completion of the sale, the senior vice president now directly owns 16,849 shares of the company’s stock, 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. In the last ninety days, insiders have sold 17,832 shares of company stock worth $5,595,881. Corporate insiders own 0.69% 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.