Foster & Motley Inc. Sells 65 Shares of Reliance, Inc. (NYSE:RS)

Foster & Motley Inc. decreased its holdings in Reliance, Inc. (NYSE:RS) by 0.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,911 shares of the industrial products company’s stock after selling 65 shares during the period. Foster & Motley Inc.’s holdings in Reliance were worth $3,445,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Dimensional Fund Advisors LP grew its position in shares of 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 worth $333,809,000 after purchasing an additional 53,747 shares in the last quarter. Acadian Asset Management LLC boosted its position in shares of Reliance by 20.8% during the first quarter. Acadian Asset Management LLC now owns 1,072,200 shares of the industrial products company’s stock valued at $358,270,000 after buying an additional 184,509 shares during the period. Principal Financial Group Inc. boosted its position in Reliance by 13.3% in the 2nd quarter. Principal Financial Group Inc. now owns 394,793 shares of the industrial products company’s stock valued at $112,753,000 after buying an additional 46,259 shares during the period. Hsbc Holdings PLC grew its stake in Reliance by 78.5% in the second quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock worth $82,816,000 after purchasing an additional 127,422 shares in the last quarter. Finally, Victory Capital Management Inc. increased its stake in shares of Reliance by 21.1% during the second quarter. Victory Capital Management Inc. now owns 202,628 shares of the industrial products company’s stock valued at $57,871,000 after buying an additional 35,336 shares during the period. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Wall Street Analyst Weigh In

RS has been the topic of a number of recent research reports. KeyCorp dropped their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. BMO Capital Markets reduced their price target on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Finally, Wolfe Research cut shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price for the company. in a research note on Friday, July 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Reliance currently has a consensus rating of “Hold” and a consensus target price of $326.40.

Insider Buying and Selling

In related news, Director Mark V. Kaminski sold 5,000 shares of the firm’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 transaction of $1,490,050.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.69% of the company’s stock.

Reliance Price Performance

Shares of NYSE RS opened at $326.32 on Thursday. The firm has a market capitalization of $17.66 billion, a P/E ratio of 17.92 and a beta of 0.85. 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’s fifty day moving average is $285.86 and its two-hundred day moving average is $289.22. 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 data on Thursday, October 24th. The industrial products company reported $3.64 earnings per share 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 analyst estimates of $3.38 billion. During the same period in the prior year, the firm earned $5.00 EPS. The business’s quarterly revenue was down 5.6% on a year-over-year basis. Analysts forecast that Reliance, Inc. will post 16.96 EPS for the current fiscal year.

Reliance Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be issued a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 1.35%. The ex-dividend date of this dividend is Friday, November 22nd. 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.