Reliance, Inc. (NYSE:RS) Shares Sold by Caprock Group LLC

Caprock Group LLC decreased its position in Reliance, Inc. (NYSE:RS) by 14.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,670 shares of the industrial products company’s stock after selling 625 shares during the quarter. Caprock Group LLC’s holdings in Reliance were worth $1,061,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Bessemer Group Inc. boosted its position in shares of Reliance by 2,870.9% in the 1st quarter. Bessemer Group Inc. now owns 3,981 shares of the industrial products company’s stock valued at $1,331,000 after purchasing an additional 3,847 shares during the period. Zurich Insurance Group Ltd FI acquired a new position in Reliance in the 1st quarter worth approximately $1,637,000. Assetmark Inc. grew its position in Reliance by 24.2% during the 3rd quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company’s stock worth $8,074,000 after purchasing an additional 5,431 shares in the last quarter. Harbor Capital Advisors Inc. raised its stake in Reliance by 292.7% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 3,593 shares of the industrial products company’s stock valued at $1,026,000 after purchasing an additional 2,678 shares during the period. Finally, Janus Henderson Group PLC lifted its holdings in shares of Reliance by 96.6% in the first quarter. Janus Henderson Group PLC now owns 4,981 shares of the industrial products company’s stock valued at $1,664,000 after purchasing an additional 2,447 shares in the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Stock Performance

RS opened at $316.35 on Friday. Reliance, Inc. has a 12-month low of $261.77 and a 12-month high of $342.20. The firm has a market capitalization of $17.12 billion, a P/E ratio of 17.37 and a beta of 0.85. The stock’s 50 day moving average price is $294.51 and its two-hundred day moving average price is $290.63. 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 posted its quarterly earnings results 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 company had revenue of $3.42 billion during the quarter, compared to analyst estimates of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. The business’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.00 earnings per share. On average, equities analysts forecast that Reliance, Inc. will post 16.45 earnings per share for the current year.

Reliance Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a dividend of $1.10 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $4.40 dividend on an annualized basis and a yield of 1.39%. Reliance’s dividend payout ratio is currently 24.16%.

Insider Activity

In other news, SVP William A. Smith II sold 6,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the transaction, the senior vice president now directly owns 16,849 shares in the company, valued at approximately $5,420,491.79. This represents a 27.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Arthur Ajemyan sold 6,332 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $318.18, for a total transaction 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. In the last 90 days, insiders sold 17,832 shares of company stock worth $5,595,881. 0.69% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. BMO Capital Markets reduced 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. KeyCorp decreased their target price on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research note on Monday, October 14th. Finally, Wolfe Research cut 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. 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.com, the company has an average rating of “Hold” and a consensus target price of $326.40.

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.