Empower Advisory Group LLC Acquires 83 Shares of Reliance, Inc. (NYSE:RS)

Empower Advisory Group LLC increased its holdings in shares of Reliance, Inc. (NYSE:RS) by 0.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,517 shares of the industrial products company’s stock after acquiring an additional 83 shares during the period. Empower Advisory Group LLC owned approximately 0.09% of Reliance worth $14,031,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Innealta Capital LLC purchased a new position in Reliance in the second quarter worth about $28,000. UMB Bank n.a. raised its holdings in 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 buying an additional 53 shares during the last quarter. Headlands Technologies LLC purchased a new position in Reliance in the first quarter worth about $86,000. National Bank of Canada FI raised its holdings in 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 buying an additional 41 shares during the last quarter. Finally, International Assets Investment Management LLC purchased a new position in Reliance in the second quarter worth about $117,000. Institutional investors own 79.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on RS shares. BMO Capital Markets decreased their target price on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a report on Friday, October 25th. 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 research report on Friday, July 26th. Finally, KeyCorp lowered their price objective on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, Reliance presently has a consensus rating of “Hold” and a consensus target price of $326.40.

Insiders Place Their Bets

In other Reliance news, SVP William A. Smith II sold 6,500 shares of the stock in a transaction that occurred 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, SVP William A. Smith II sold 6,500 shares of the 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 sale, the senior vice president now directly owns 16,849 shares of the company’s stock, valued at $5,420,491.79. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Arthur Ajemyan sold 6,332 shares of the stock in a transaction on 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 completion of the sale, the chief financial officer now directly owns 9,245 shares of the company’s stock, valued at approximately $2,941,574.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,832 shares of company stock worth $5,595,881. Company insiders own 0.69% of the company’s stock.

Reliance Stock Down 2.2 %

RS opened at $312.85 on Thursday. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12. Reliance, Inc. has a 1-year low of $261.77 and a 1-year high of $342.20. The company has a market capitalization of $16.93 billion, a PE ratio of 17.18 and a beta of 0.85. The firm’s 50 day simple moving average is $289.81 and its two-hundred day simple moving average is $289.69.

Reliance (NYSE:RS) last released 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 quarter in the previous year, the business posted $5.00 earnings per share. The firm’s revenue was down 5.6% on a year-over-year basis. As a group, equities analysts forecast that Reliance, Inc. will post 16.45 EPS for the current year.

Reliance Announces Dividend

The firm 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 $1.10 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $4.40 annualized dividend and a yield of 1.41%. Reliance’s payout ratio is presently 24.16%.

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.