Reliance, Inc. (NYSE:RS) Shares Sold by CENTRAL TRUST Co

CENTRAL TRUST Co trimmed its stake in Reliance, Inc. (NYSE:RS) by 43.0% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 248 shares of the industrial products company’s stock after selling 187 shares during the quarter. CENTRAL TRUST Co’s holdings in Reliance were worth $72,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Trust Point Inc. boosted its position in shares of Reliance by 3.6% in the 3rd 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 during the period. National Bank of Canada FI boosted its holdings in shares of 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 during the period. Fulton Bank N.A. increased its position in shares of Reliance by 3.1% in the third quarter. Fulton Bank N.A. now owns 1,570 shares of the industrial products company’s stock worth $454,000 after acquiring an additional 47 shares in the last quarter. Consolidated Planning Corp raised its holdings in shares of Reliance by 7.1% during the second quarter. Consolidated Planning Corp now owns 752 shares of the industrial products company’s stock valued at $215,000 after acquiring an additional 50 shares during the period. Finally, UMB Bank n.a. lifted its position in shares of Reliance by 27.0% in 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 in the last quarter. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Reliance Trading Down 3.5 %

Reliance stock opened at $283.54 on Monday. The company has a quick ratio of 2.43, a current ratio of 5.02 and a debt-to-equity ratio of 0.15. Reliance, Inc. has a 12 month low of $237.14 and a 12 month high of $342.20. The company’s fifty day simple moving average is $283.64 and its 200-day simple moving average is $290.58. The stock has a market cap of $15.60 billion, a P/E ratio of 14.47 and a beta of 0.85.

Reliance (NYSE:RS) last issued 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). Reliance had a net margin of 7.99% and a return on equity of 14.73%. The firm had revenue of $3.42 billion during the quarter, compared to analysts’ expectations of $3.38 billion. During the same quarter last year, the firm earned $5.00 EPS. The business’s revenue for the quarter was down 5.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Reliance, Inc. will post 17.16 EPS for the current fiscal year.

Reliance Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 1.55%. The ex-dividend date of this dividend is Friday, November 22nd. Reliance’s payout ratio is presently 22.46%.

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.