Karla R. Lewis Sells 3,892 Shares of Reliance, Inc. (NYSE:RS) Stock

Reliance, Inc. (NYSE:RS) CEO Karla R. Lewis sold 3,892 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $323.90, for a total transaction of $1,260,618.80. Following the transaction, the chief executive officer now directly owns 85,117 shares of the company’s stock, valued at $27,569,396.30. This represents a 4.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Reliance Stock Down 0.8 %

RS stock traded down $2.50 during mid-day trading on Tuesday, reaching $317.45. The company had a trading volume of 210,834 shares, compared to its average volume of 320,625. Reliance, Inc. has a fifty-two week low of $261.77 and a fifty-two week high of $342.20. The firm has a fifty day simple moving average of $300.19 and a 200 day simple moving average of $291.92. The company has a market capitalization of $17.18 billion, a price-to-earnings ratio of 17.43 and a beta of 0.87. 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 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 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 company posted $5.00 earnings per share. The business’s quarterly revenue was down 5.6% on a year-over-year basis. Analysts forecast that Reliance, Inc. will post 16.42 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a $1.10 dividend. The ex-dividend date is Friday, November 22nd. This represents a $4.40 dividend on an annualized basis and a yield of 1.39%. Reliance’s dividend payout ratio is currently 24.16%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RS. BMO Capital Markets reduced their price objective 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. The Goldman Sachs Group began coverage on Reliance in a research note on Monday. They set a “neutral” rating and a $341.00 price objective for the company. Finally, KeyCorp lowered their target price on 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, four have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $328.83.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Innealta Capital LLC bought a new position in Reliance during the 2nd quarter worth $28,000. Quarry LP bought a new stake in Reliance in the third quarter worth about $41,000. UMB Bank n.a. raised its stake in shares of Reliance by 27.0% during the 3rd 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 increased its stake 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. Finally, Brooklyn Investment Group purchased a new position in shares of Reliance in the third quarter worth $78,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Company 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.