Plato Investment Management Ltd Reduces Stock Position in Reliance, Inc. (NYSE:RS)

Plato Investment Management Ltd cut its holdings in Reliance, Inc. (NYSE:RS) by 80.2% during the 3rd quarter, Holdings Channel reports. The firm owned 796 shares of the industrial products company’s stock after selling 3,216 shares during the period. Plato Investment Management Ltd’s holdings in Reliance were worth $230,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Innealta Capital LLC bought a new position in Reliance in the 2nd quarter worth $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 buying an additional 53 shares during the period. National Bank of Canada FI raised 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 worth $76,000 after buying an additional 41 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in Reliance in the second quarter worth about $117,000. Finally, Covestor Ltd boosted its position in Reliance by 17.6% during the 3rd quarter. Covestor Ltd now owns 462 shares of the industrial products company’s stock valued at $133,000 after acquiring an additional 69 shares in the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Insider Activity

In other news, SVP William A. Smith II sold 6,500 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $321.71, for a total value of $2,091,115.00. Following the completion of the transaction, the senior vice president now owns 16,849 shares in the company, valued at $5,420,491.79. The trade was a 27.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Arthur Ajemyan sold 6,332 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $318.18, for a total value of $2,014,715.76. Following the sale, the chief financial officer now directly owns 9,245 shares in the company, valued at $2,941,574.10. This trade represents a 40.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,832 shares of company stock worth $5,595,881 over the last 90 days. 0.69% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

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

Reliance Stock Up 0.1 %

RS stock opened at $310.33 on Friday. The business has a 50 day moving average of $291.32 and a 200 day moving average of $289.95. The firm has a market cap of $16.80 billion, a PE ratio of 17.04 and a beta of 0.85. Reliance, Inc. has a twelve month low of $261.77 and a twelve month high of $342.20. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12.

Reliance (NYSE:RS) last issued its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share for the quarter, missing the consensus estimate of $3.66 by ($0.02). The company had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. Reliance’s revenue was down 5.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $5.00 earnings per share. On average, research analysts forecast that Reliance, Inc. will post 16.45 EPS for the current fiscal year.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a $1.10 dividend. The ex-dividend date is Friday, November 22nd. This represents a $4.40 annualized dividend and a dividend yield of 1.42%. Reliance’s dividend payout ratio is presently 24.16%.

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.