Sigma Planning Corp Cuts Stake in Reliance, Inc. (NYSE:RS)

Sigma Planning Corp lowered its holdings in shares of Reliance, Inc. (NYSE:RS) by 2.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,389 shares of the industrial products company’s stock after selling 51 shares during the quarter. Sigma Planning Corp’s holdings in Reliance were worth $691,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in RS. Innealta Capital LLC bought a new stake in Reliance in the 2nd quarter valued at $28,000. UMB Bank n.a. increased its stake in Reliance by 27.0% in the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock worth $72,000 after purchasing an additional 53 shares during the period. Headlands Technologies LLC bought a new stake in shares of Reliance during the first quarter worth $86,000. National Bank of Canada FI boosted its stake 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 purchasing an additional 41 shares during the period. Finally, International Assets Investment Management LLC bought a new position in shares of Reliance in the second quarter worth about $117,000. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Wall Street Analyst Weigh In

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

Reliance Price Performance

RS opened at $310.04 on Friday. The company has a market capitalization of $16.78 billion, a price-to-earnings ratio of 17.03 and a beta of 0.85. The business’s fifty day simple moving average is $290.57 and its 200-day simple moving average is $289.83. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12. 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 (EPS) for the quarter, missing the consensus estimate of $3.66 by ($0.02). The business 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 business’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same period in the previous year, the business earned $5.00 earnings per share. On average, equities research analysts anticipate that Reliance, Inc. will post 16.45 earnings per share for the current fiscal year.

Reliance Dividend Announcement

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

Insiders Place Their Bets

In other news, SVP William A. Smith II sold 6,500 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the completion of the sale, the senior vice president now owns 16,849 shares in the company, valued at approximately $5,420,491.79. This represents a 27.84 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Mark V. Kaminski sold 5,000 shares of Reliance stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $298.01, for a total transaction of $1,490,050.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,832 shares of company stock worth $5,595,881. 0.69% of the stock is owned by corporate insiders.

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.