James Donald Hoffman Sells 5,000 Shares of Reliance, Inc. (NYSE:RS) Stock

Reliance, Inc. (NYSE:RS) Director James Donald Hoffman sold 5,000 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $290.04, for a total value of $1,450,200.00. Following the transaction, the director now directly owns 44,042 shares of the company’s stock, valued at $12,773,941.68. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

James Donald Hoffman also recently made the following trade(s):

• On Tuesday, May 7th, James Donald Hoffman sold 5,000 shares of Reliance stock. The shares were sold at an average price of $292.77, for a total value of $1,463,850.00.
• On Tuesday, April 30th, James Donald Hoffman sold 5,000 shares of Reliance stock. The stock was sold at an average price of $289.81, for a total transaction of $1,449,050.00.
• On Tuesday, February 27th, James Donald Hoffman sold 40,000 shares of Reliance stock. The stock was sold at an average price of $322.95, for a total transaction of $12,918,000.00.

Reliance Stock Performance

Shares of RS stock traded up $3.20 during trading hours on Tuesday, hitting $295.36. The stock had a trading volume of 438,149 shares, compared to its average volume of 256,546. The stock’s 50 day moving average is $320.32 and its 200 day moving average is $293.39. The firm has a market capitalization of $16.96 billion, a PE ratio of 13.65, a PEG ratio of 5.08 and a beta of 0.92. Reliance, Inc. has a twelve month low of $229.12 and a twelve month high of $342.20. The company has a debt-to-equity ratio of 0.14, a current ratio of 5.74 and a quick ratio of 3.21.

Reliance (NYSE:RS) last issued its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.30 earnings per share for the quarter, missing analysts’ consensus estimates of $5.51 by ($0.21). Reliance had a return on equity of 16.26% and a net margin of 8.67%. The business had revenue of $3.64 billion for the quarter, compared to analyst estimates of $3.76 billion. During the same quarter in the prior year, the company earned $6.37 EPS. The firm’s revenue for the quarter was down 8.1% on a year-over-year basis. As a group, research analysts forecast that Reliance, Inc. will post 19.6 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 24th will be given a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 1.49%. The ex-dividend date is Thursday, May 23rd. Reliance’s payout ratio is 20.55%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on RS shares. KeyCorp lifted their price objective on shares of Reliance from $300.00 to $362.00 and gave the stock an “overweight” rating in a research report on Friday, February 16th. BMO Capital Markets reduced their price objective on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a research report on Friday, April 26th. StockNews.com lowered shares of Reliance from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. Finally, Citigroup downgraded shares of Reliance from a “buy” rating to a “neutral” rating and upped their price objective for the company from $280.00 to $380.00 in a research note on Thursday, April 11th.

Hedge Funds Weigh In On Reliance

A number of large investors have recently made changes to their positions in the stock. Riverview Trust Co acquired a new position in Reliance during the first quarter worth about $25,000. Contravisory Investment Management Inc. acquired a new stake in shares of Reliance in the 1st quarter worth approximately $30,000. Millburn Ridgefield Corp purchased a new position in Reliance in the 3rd quarter valued at approximately $33,000. Catalyst Capital Advisors LLC acquired a new position in Reliance during the third quarter worth $33,000. Finally, Partnership Wealth Management LLC purchased a new stake in Reliance during the fourth quarter worth $43,000. Hedge funds and other 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.