Archer Investment Corp Boosts Stock Holdings in Reliance, Inc. (NYSE:RS)

Archer Investment Corp raised its holdings in shares of Reliance, Inc. (NYSE:RS) by 307.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,285 shares of the industrial products company’s stock after buying an additional 970 shares during the period. Archer Investment Corp’s holdings in Reliance were worth $372,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in RS. Innealta Capital LLC purchased a new stake in Reliance in the second quarter worth about $28,000. UMB Bank n.a. increased its position in shares of Reliance by 27.0% during 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 in the last quarter. Headlands Technologies LLC bought a new stake in shares of Reliance during the first quarter valued at approximately $86,000. National Bank of Canada FI increased its position in shares of Reliance by 17.9% during 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 in the last quarter. Finally, International Assets Investment Management LLC bought a new stake in shares of Reliance during the second quarter valued at approximately $117,000. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. BMO Capital Markets reduced their price target on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. KeyCorp reduced their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research note on Monday, October 14th. Finally, Wolfe Research cut Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target on the stock. in a report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $326.40.

Reliance Price Performance

NYSE:RS traded up $3.24 on Friday, reaching $313.21. 8,162 shares of the company’s stock traded hands, compared to its average volume of 319,278. 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 stock has a 50-day simple moving average of $290.57 and a 200-day simple moving average of $289.83. The firm has a market cap of $16.95 billion, a PE ratio of 17.03 and a beta of 0.85. Reliance, Inc. has a 12 month low of $261.77 and a 12 month high of $342.20.

Reliance (NYSE:RS) last issued its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 earnings per share 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 analysts’ expectations of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. The company’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $5.00 EPS. Equities research analysts forecast that Reliance, Inc. will post 16.45 earnings per share for the current year.

Reliance Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 1.40%. The ex-dividend date of this dividend is Friday, November 22nd. Reliance’s payout ratio is currently 24.16%.

Insiders Place Their Bets

In related news, Director Mark V. Kaminski sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $298.01, for a total value of $1,490,050.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Arthur Ajemyan sold 6,332 shares of Reliance stock in a transaction 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 directly owns 9,245 shares in the company, valued at $2,941,574.10. This represents a 40.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,832 shares of company stock valued at $5,595,881 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.