M&T Bank Corp decreased its holdings in Reliance, Inc. (NYSE:RS – Free Report) by 4.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 3,008 shares of the industrial products company’s stock after selling 143 shares during the period. M&T Bank Corp’s holdings in Reliance were worth $870,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of RS. Assetmark Inc. lifted its stake in shares of Reliance by 24.2% during the third quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company’s stock worth $8,074,000 after purchasing an additional 5,431 shares in the last quarter. AXA S.A. lifted its position in Reliance by 5.4% during the 2nd quarter. AXA S.A. now owns 79,334 shares of the industrial products company’s stock worth $22,658,000 after acquiring an additional 4,032 shares in the last quarter. Dearborn Partners LLC lifted its position in Reliance by 4.1% during the 3rd quarter. Dearborn Partners LLC now owns 86,406 shares of the industrial products company’s stock worth $24,989,000 after acquiring an additional 3,419 shares in the last quarter. Prudential PLC boosted its holdings in Reliance by 439.6% in the 2nd quarter. Prudential PLC now owns 14,225 shares of the industrial products company’s stock worth $4,063,000 after acquiring an additional 11,589 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in Reliance by 1.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 127,806 shares of the industrial products company’s stock valued at $36,963,000 after acquiring an additional 1,696 shares in the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on the stock. KeyCorp reduced their target price 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. The Goldman Sachs Group began coverage on shares of Reliance in a report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price objective on the stock. Finally, BMO Capital Markets lowered their target price on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Reliance has a consensus rating of “Hold” and a consensus target price of $328.83.
Reliance Stock Performance
Shares of RS stock opened at $288.00 on Tuesday. The stock has a market capitalization of $15.59 billion, a price-to-earnings ratio of 15.82 and a beta of 0.87. Reliance, Inc. has a one year low of $264.99 and a one year high of $342.20. The company’s 50-day simple moving average is $303.70 and its 200-day simple moving average is $292.15. 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 – Get Free Report) last released its earnings results on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). The firm had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. The company’s quarterly revenue was down 5.6% on a year-over-year basis. During the same period in the prior year, the business earned $5.00 EPS. Equities analysts anticipate that Reliance, Inc. will post 16.42 earnings per share for the current fiscal year.
Reliance Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were paid a dividend of $1.10 per share. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $4.40 annualized dividend and a yield of 1.53%. Reliance’s payout ratio is 24.16%.
Insider Buying and Selling at Reliance
In related news, CFO Arthur Ajemyan sold 6,332 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 9,245 shares in the company, valued at $2,941,574.10. The trade was a 40.65 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 disclosure for this sale can be found here. Insiders sold a total of 21,724 shares of company stock worth $6,856,500 over the last 90 days. Insiders own 0.69% 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.
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