William A. Smith II Sells 6,500 Shares of Reliance, Inc. (NYSE:RS) Stock

Reliance, Inc. (NYSE:RS) SVP William A. Smith II sold 6,500 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $321.71, for a total value of $2,091,115.00. Following the completion of the transaction, the senior vice president now directly owns 16,849 shares in the company, valued at approximately $5,420,491.79. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Reliance Stock Down 1.6 %

Shares of NYSE:RS traded down $5.27 during trading hours on Thursday, reaching $321.05. The stock had a trading volume of 564,973 shares, compared to its average volume of 320,430. Reliance, Inc. has a 1 year low of $261.77 and a 1 year high of $342.20. The firm’s 50 day moving average is $285.86 and its 200-day moving average is $289.22. The stock has a market capitalization of $17.38 billion, a price-to-earnings 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.

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). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The business had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.38 billion. During the same period last year, the firm earned $5.00 earnings per share. The firm’s quarterly revenue was down 5.6% on a year-over-year basis. Research analysts predict that Reliance, Inc. will post 16.96 earnings per share for the current fiscal year.

Reliance Announces Dividend

The business 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. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $4.40 annualized dividend and a yield of 1.37%. Reliance’s dividend payout ratio is currently 24.16%.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Reliance

Large investors have recently bought and sold shares of the stock. Innealta Capital LLC purchased a new position in shares of Reliance during the second quarter worth approximately $28,000. UMB Bank n.a. increased its stake in Reliance by 27.0% in the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after purchasing an additional 53 shares during the period. National Bank of Canada FI raised its holdings 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 valued at $76,000 after buying an additional 41 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Reliance during the first quarter worth about $86,000. Finally, International Assets Investment Management LLC purchased a new position in shares of Reliance during the second quarter worth about $117,000. Institutional investors and hedge funds own 79.26% 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.