Healthcare of Ontario Pension Plan Trust Fund Sells 11,596 Shares of Reliance, Inc. (NYSE:RS)

Healthcare of Ontario Pension Plan Trust Fund lowered its position in Reliance, Inc. (NYSE:RS) by 96.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 404 shares of the industrial products company’s stock after selling 11,596 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Reliance were worth $117,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in RS. Innealta Capital LLC bought a new stake in Reliance during the second quarter worth about $28,000. UMB Bank n.a. boosted 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 worth $72,000 after purchasing an additional 53 shares in the last quarter. National Bank of Canada FI grew its stake in shares of Reliance by 17.9% in the 2nd 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 last quarter. Brooklyn Investment Group bought a new position in Reliance during the 3rd quarter valued at approximately $78,000. Finally, International Assets Investment Management LLC purchased a new position in Reliance during the second quarter valued at $117,000. Institutional investors own 79.26% of the company’s stock.

Insider Buying and Selling

In other Reliance news, Director Mark V. Kaminski sold 5,000 shares of the company’s stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP William A. Smith II sold 6,500 shares of the firm’s stock in a transaction dated 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 directly owns 16,849 shares in the company, valued at $5,420,491.79. This trade represents a 27.84 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,832 shares of company stock valued at $5,595,881. 0.69% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have recently commented on RS. KeyCorp cut their target price on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research note on Monday, October 14th. BMO Capital Markets cut their price target on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Finally, The Goldman Sachs Group initiated coverage on shares of Reliance in a report on Monday. They issued a “neutral” rating and a $341.00 price objective for the company. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $328.83.

Reliance Trading Down 0.5 %

Shares of RS stock opened at $319.70 on Tuesday. The stock has a market capitalization of $17.30 billion, a P/E ratio of 17.56 and a beta of 0.85. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12. The firm’s 50 day moving average is $299.47 and its 200 day moving average is $291.77. Reliance, Inc. has a 12-month low of $261.77 and a 12-month high of $342.20.

Reliance (NYSE:RS) last released its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). The firm had revenue of $3.42 billion during the quarter, compared to analysts’ expectations of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. The business’s quarterly revenue was down 5.6% on a year-over-year basis. During the same quarter last year, the business earned $5.00 earnings per share. Research analysts expect that Reliance, Inc. will post 16.42 earnings per share for the current year.

Reliance Dividend Announcement

The firm also recently disclosed 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. This represents a $4.40 annualized dividend and a dividend yield of 1.38%. The ex-dividend date is Friday, November 22nd. Reliance’s dividend payout ratio (DPR) is presently 24.16%.

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.