Smithfield Trust Co Has $187,000 Stake in Reliance, Inc. (NYSE:RS)

Smithfield Trust Co lowered its stake in Reliance, Inc. (NYSE:RS) by 11.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 645 shares of the industrial products company’s stock after selling 85 shares during the period. Smithfield Trust Co’s holdings in Reliance were worth $187,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Innealta Capital LLC acquired a new position in Reliance in the 2nd quarter valued at $28,000. UMB Bank n.a. increased its stake in shares of Reliance by 27.0% in 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 period. National Bank of Canada FI increased its stake in shares of Reliance by 17.9% in 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 period. International Assets Investment Management LLC bought a new stake in Reliance during the 2nd quarter valued at approximately $117,000. Finally, Covestor Ltd grew its holdings in Reliance by 17.6% in the 3rd quarter. Covestor Ltd now owns 462 shares of the industrial products company’s stock valued at $133,000 after buying an additional 69 shares during the last quarter. Institutional investors own 79.26% of the company’s stock.

Insider Activity at Reliance

In other news, CFO Arthur Ajemyan sold 6,332 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total transaction of $2,014,715.76. Following the sale, the chief financial officer now owns 9,245 shares of the company’s stock, valued at $2,941,574.10. This trade represents a 40.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Mark V. Kaminski sold 5,000 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was 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. Insiders have sold 17,832 shares of company stock worth $5,595,881 over the last ninety days. Company insiders own 0.69% of the company’s stock.

Reliance Stock Up 0.9 %

NYSE RS opened at $316.35 on Friday. The stock’s 50 day simple moving average is $294.51 and its 200 day simple moving average is $290.63. Reliance, Inc. has a one year low of $261.77 and a one year high of $342.20. The firm has a market cap of $17.12 billion, a PE ratio of 17.37 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 (NYSE:RS) last issued 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 return on equity of 13.68% and a net margin of 7.42%. The company had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.38 billion. During the same period in the prior year, the company earned $5.00 EPS. The firm’s revenue was down 5.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Reliance, Inc. will post 16.45 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be paid a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date of this dividend is Friday, November 22nd. Reliance’s dividend payout ratio (DPR) is 24.16%.

Wall Street Analyst Weigh In

RS has been the topic of several research reports. Wolfe Research downgraded shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective on the stock. in a report on Friday, July 26th. KeyCorp cut their price target on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a report on Monday, October 14th. Finally, BMO Capital Markets lowered their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. One investment 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 data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $326.40.

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.