Reliance, Inc. (NYSE:RS) CEO Sells $1,260,618.80 in Stock

Reliance, Inc. (NYSE:RS) CEO Karla R. Lewis sold 3,892 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $323.90, for a total value of $1,260,618.80. Following the completion of the sale, the chief executive officer now directly owns 85,117 shares in the company, valued at $27,569,396.30. This represents a 4.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Reliance Trading Down 1.1 %

Reliance stock opened at $307.52 on Friday. Reliance, Inc. has a 12-month low of $261.77 and a 12-month high of $342.20. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. The stock has a market capitalization of $16.64 billion, a PE ratio of 16.89 and a beta of 0.87. The firm has a 50 day simple moving average of $301.57 and a 200-day simple moving average of $292.29.

Reliance (NYSE:RS) last issued 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 net margin of 7.42% and a return on equity of 13.68%. The firm had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.38 billion. During the same period in the previous year, the business posted $5.00 earnings per share. The business’s revenue for the quarter was down 5.6% compared to the same quarter last year. As a group, equities research analysts expect that Reliance, Inc. will post 16.42 EPS for the current fiscal year.

Reliance Dividend Announcement

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. This represents a $4.40 annualized dividend and a yield of 1.43%. The ex-dividend date is Friday, November 22nd. Reliance’s dividend payout ratio (DPR) is presently 24.16%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on RS. KeyCorp reduced their target price on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research note on Monday, October 14th. The Goldman Sachs Group assumed coverage on Reliance in a research report on Monday. They set a “neutral” rating and a $341.00 price objective for the company. Finally, BMO Capital Markets lowered their target price 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 research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $328.83.

Hedge Funds Weigh In On Reliance

Large investors have recently made changes to their positions in the business. Franklin Resources Inc. lifted its stake in Reliance by 4.5% during the third quarter. Franklin Resources Inc. now owns 112,065 shares of the industrial products company’s stock valued at $32,909,000 after purchasing an additional 4,821 shares during the last quarter. Tidal Investments LLC increased its holdings in shares of Reliance by 10.3% in the third quarter. Tidal Investments LLC now owns 7,396 shares of the industrial products company’s stock valued at $2,139,000 after buying an additional 691 shares in the last quarter. World Investment Advisors LLC acquired a new stake in shares of Reliance during the 3rd quarter valued at $4,600,000. Sanctuary Advisors LLC boosted its stake in shares of Reliance by 7.8% during the 3rd quarter. Sanctuary Advisors LLC now owns 11,401 shares of the industrial products company’s stock worth $3,640,000 after acquiring an additional 827 shares in the last quarter. Finally, TD Private Client Wealth LLC grew its holdings in shares of Reliance by 15.4% in the 3rd quarter. TD Private Client Wealth LLC now owns 2,819 shares of the industrial products company’s stock worth $815,000 after acquiring an additional 376 shares during the last quarter. Institutional investors 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.