TD Private Client Wealth LLC Buys 376 Shares of Reliance, Inc. (NYSE:RS)

TD Private Client Wealth LLC raised its position in shares of Reliance, Inc. (NYSE:RS) by 15.4% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 2,819 shares of the industrial products company’s stock after acquiring an additional 376 shares during the period. TD Private Client Wealth LLC’s holdings in Reliance were worth $815,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Trust Point Inc. boosted its position in shares of Reliance by 3.6% during the third quarter. Trust Point Inc. now owns 972 shares of the industrial products company’s stock valued at $281,000 after purchasing an additional 34 shares in the last quarter. National Bank of Canada FI boosted its holdings in shares of Reliance by 17.9% during the 2nd quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after buying an additional 41 shares in the last quarter. Fulton Bank N.A. grew its position in shares of Reliance by 3.1% in the 3rd quarter. Fulton Bank N.A. now owns 1,570 shares of the industrial products company’s stock worth $454,000 after buying an additional 47 shares during the period. Consolidated Planning Corp increased its stake in shares of Reliance by 7.1% in the 2nd quarter. Consolidated Planning Corp now owns 752 shares of the industrial products company’s stock worth $215,000 after acquiring an additional 50 shares in the last quarter. Finally, UMB Bank n.a. lifted its position in 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 acquiring an additional 53 shares during the period. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Insider Buying and Selling at Reliance

In related news, Director Mark V. Kaminski sold 5,000 shares of Reliance stock in a transaction on Monday, October 28th. The stock was sold at an average price of $298.01, for a total value of $1,490,050.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Karla R. Lewis sold 3,892 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $323.90, for a total value of $1,260,618.80. Following the completion of the transaction, the chief executive officer now directly owns 85,117 shares in the company, valued at approximately $27,569,396.30. This represents a 4.37 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,724 shares of company stock worth $6,856,500. Company insiders own 0.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. The Goldman Sachs Group started 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. KeyCorp cut their price target on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research note on Monday, October 14th. Finally, BMO Capital Markets lowered their price objective 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 equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $328.83.

Reliance Trading Down 3.1 %

NYSE:RS opened at $292.16 on Friday. The stock has a market cap of $15.81 billion, a price-to-earnings ratio of 16.04 and a beta of 0.87. 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 company’s 50 day moving average price is $303.64 and its 200-day moving average price is $292.30. Reliance, Inc. has a 52 week low of $264.99 and a 52 week high of $342.20.

Reliance (NYSE:RS) last issued its earnings results on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing the consensus estimate of $3.66 by ($0.02). Reliance had a net margin of 7.42% and a return on equity of 13.68%. The business had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.38 billion. During the same quarter in the prior year, the business posted $5.00 earnings per share. The business’s revenue for the quarter was down 5.6% on a year-over-year basis. On average, equities research analysts forecast that Reliance, Inc. will post 16.42 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were issued a $1.10 dividend. The ex-dividend date was Friday, November 22nd. This represents a $4.40 annualized dividend and a yield of 1.51%. Reliance’s payout ratio is 24.16%.

Reliance 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.