Fulton Bank N.A. Boosts Holdings in Reliance, Inc. (NYSE:RS)

Fulton Bank N.A. raised its position in Reliance, Inc. (NYSE:RS) by 11.3% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,747 shares of the industrial products company’s stock after buying an additional 177 shares during the quarter. Fulton Bank N.A.’s holdings in Reliance were worth $470,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of RS. Dimensional Fund Advisors LP raised its holdings in Reliance by 4.8% during the second quarter. Dimensional Fund Advisors LP now owns 1,168,880 shares of the industrial products company’s stock worth $333,809,000 after purchasing an additional 53,747 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Reliance by 19.7% during the 3rd quarter. Principal Financial Group Inc. now owns 472,730 shares of the industrial products company’s stock worth $136,718,000 after buying an additional 77,937 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its stake in shares of Reliance by 7.3% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 296,033 shares of the industrial products company’s stock worth $85,616,000 after buying an additional 20,056 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in shares of Reliance by 78.5% in the 2nd quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock valued at $82,816,000 after buying an additional 127,422 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in shares of Reliance by 0.5% in the third quarter. JPMorgan Chase & Co. now owns 285,871 shares of the industrial products company’s stock valued at $82,677,000 after buying an additional 1,499 shares in the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Insider Activity at Reliance

In related news, CEO Karla R. Lewis sold 3,892 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $323.90, for a total value of $1,260,618.80. Following the completion of the transaction, the chief executive officer now directly owns 85,117 shares in the company, valued at approximately $27,569,396.30. This represents a 4.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Mark V. Kaminski sold 5,000 shares of the 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 disclosure for this sale can be found here. In the last quarter, insiders sold 21,724 shares of company stock valued at $6,856,500. 0.69% of the stock is owned by insiders.

Reliance Stock Performance

Shares of RS opened at $267.27 on Friday. Reliance, Inc. has a 12-month low of $256.98 and a 12-month high of $342.20. The stock has a market cap of $14.46 billion, a P/E ratio of 14.68 and a beta of 0.91. 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 company has a 50-day moving average of $296.11 and a two-hundred day moving average of $290.05.

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 company had revenue of $3.42 billion for 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 company’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $5.00 earnings per share. As a group, research analysts predict that Reliance, Inc. will post 16.42 EPS for the current fiscal year.

Reliance Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date of this dividend was Friday, November 22nd. Reliance’s dividend payout ratio is presently 24.16%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on RS shares. KeyCorp reduced their target price on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a report on Monday, October 14th. The Goldman Sachs Group initiated coverage on shares of Reliance in a report on Monday, December 2nd. They set a “neutral” rating and a $341.00 price objective on the stock. Wolfe Research raised shares of Reliance from an “underperform” rating to a “peer perform” rating in a report on Wednesday. Finally, BMO Capital Markets reduced their price target 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. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $328.83.

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.