PNC Financial Services Group Inc. Sells 61 Shares of Reliance, Inc. (NYSE:RS)

PNC Financial Services Group Inc. reduced its stake in Reliance, Inc. (NYSE:RS) by 0.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,415 shares of the industrial products company’s stock after selling 61 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Reliance were worth $2,434,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of RS. Innealta Capital LLC bought a new position in shares of Reliance during the second quarter worth approximately $28,000. UMB Bank n.a. boosted its stake in 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 purchasing an additional 53 shares during the period. National Bank of Canada FI grew its holdings in Reliance by 17.9% in 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. International Assets Investment Management LLC bought a new position in Reliance during the 2nd quarter worth $117,000. Finally, Covestor Ltd lifted its holdings in shares of Reliance by 17.6% during the third quarter. Covestor Ltd now owns 462 shares of the industrial products company’s stock worth $133,000 after buying an additional 69 shares in the last quarter. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently commented on RS. BMO Capital Markets decreased their price target on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock 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 on the stock in a research report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $326.40.

Reliance Stock Up 1.1 %

Shares of NYSE RS opened at $322.93 on Tuesday. The stock has a market capitalization of $17.48 billion, a P/E ratio of 17.73 and a beta of 0.85. The stock’s fifty day moving average is $296.20 and its 200 day moving average is $290.96. Reliance, Inc. has a 52 week low of $261.77 and a 52 week high of $342.20. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 3.31.

Reliance (NYSE:RS) last released 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 firm had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.38 billion. During the same period in the prior year, the business earned $5.00 earnings per share. Reliance’s quarterly revenue was down 5.6% compared to the same quarter last year. Sell-side analysts forecast that Reliance, Inc. will post 16.45 earnings per share for the current fiscal year.

Reliance Announces Dividend

The firm also recently announced 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. This represents a $4.40 annualized dividend and a yield of 1.36%. The ex-dividend date is Friday, November 22nd. Reliance’s payout ratio is presently 24.16%.

Insider Buying and Selling at Reliance

In other news, Director Mark V. Kaminski sold 5,000 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $298.01, for a total value of $1,490,050.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP William A. Smith II sold 6,500 shares of the firm’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 completion of the sale, the senior vice president now owns 16,849 shares in the company, valued at approximately $5,420,491.79. The trade was a 27.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,832 shares of company stock valued at $5,595,881. 0.69% of the stock is currently owned by corporate insiders.

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.