Private Advisor Group LLC Trims Stock Position in Reliance, Inc. (NYSE:RS)

Private Advisor Group LLC lowered its stake in shares of Reliance, Inc. (NYSE:RS) by 1.9% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 3,828 shares of the industrial products company’s stock after selling 73 shares during the period. Private Advisor Group LLC’s holdings in Reliance were worth $1,107,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of RS. Innealta Capital LLC purchased a new stake in Reliance during the 2nd quarter worth approximately $28,000. UMB Bank n.a. lifted 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 valued at $72,000 after acquiring an additional 53 shares during the last quarter. National Bank of Canada FI lifted 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 valued at $76,000 after acquiring an additional 41 shares during the last quarter. Headlands Technologies LLC purchased a new stake in Reliance in the first quarter valued at approximately $86,000. Finally, International Assets Investment Management LLC purchased a new stake in Reliance in the second quarter valued at approximately $117,000. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Reliance Price Performance

Shares of NYSE:RS opened at $287.09 on Friday. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. The company has a market cap of $15.79 billion, a P/E ratio of 15.77 and a beta of 0.85. Reliance, Inc. has a 52 week low of $261.77 and a 52 week high of $342.20. The company has a 50-day moving average price of $284.57 and a 200 day moving average price of $290.10.

Reliance (NYSE:RS) last issued its 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 company had revenue of $3.42 billion during the quarter, compared to analysts’ expectations of $3.38 billion. During the same period last year, the business posted $5.00 earnings per share. The company’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 year.

Reliance Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued 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 dividend yield of 1.53%. Reliance’s payout ratio is 24.16%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on RS shares. Wolfe Research lowered 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. BMO Capital Markets decreased their price objective on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Finally, KeyCorp decreased their price objective 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. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $326.40.

Insider Activity at Reliance

In other news, Director Mark V. Kaminski sold 5,000 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $298.01, for a total value of $1,490,050.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.69% of the company’s stock.

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.