Reliance, Inc. (NYSE:RS) Stock Holdings Lessened by Summit Global Investments

Summit Global Investments reduced its stake in shares of Reliance, Inc. (NYSE:RS) by 45.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,907 shares of the industrial products company’s stock after selling 2,381 shares during the quarter. Summit Global Investments’ holdings in Reliance were worth $841,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Innealta Capital LLC acquired a new position in shares of Reliance in the second quarter worth $28,000. UMB Bank n.a. grew 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 valued at $72,000 after purchasing an additional 53 shares in the last quarter. Headlands Technologies LLC acquired a new position in Reliance in the 1st quarter worth about $86,000. National Bank of Canada FI raised its stake in shares of Reliance by 17.9% during the 2nd quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock worth $76,000 after purchasing an additional 41 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in shares of Reliance during the 2nd quarter valued at about $117,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Trading Down 0.1 %

NYSE:RS opened at $320.62 on Friday. The company’s 50 day moving average is $287.35 and its 200-day moving average is $289.27. 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, Inc. has a 12 month low of $261.77 and a 12 month high of $342.20. The firm has a market cap of $17.35 billion, a price-to-earnings ratio of 17.61 and a beta of 0.85.

Reliance (NYSE:RS) last announced 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). The firm had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. The business’s revenue was down 5.6% compared to the same quarter last year. During the same quarter last year, the business earned $5.00 EPS. Equities analysts anticipate that Reliance, Inc. will post 16.96 EPS for the current year.

Reliance Dividend Announcement

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 issued a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 1.37%. The ex-dividend date is Friday, November 22nd. Reliance’s dividend payout ratio (DPR) is currently 24.16%.

Insiders Place Their Bets

In other news, Director Mark V. Kaminski sold 5,000 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was 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 available through this link. In related news, Director Mark V. Kaminski sold 5,000 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $298.01, for a total transaction of $1,490,050.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Arthur Ajemyan sold 6,332 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total transaction of $2,014,715.76. Following the completion of the sale, the chief financial officer now owns 9,245 shares in the company, valued at $2,941,574.10. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,832 shares of company stock valued at $5,595,881 in the last three months. Company insiders own 0.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on RS shares. KeyCorp dropped their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. Wolfe Research downgraded shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target on the stock. in a report on Friday, July 26th. Finally, BMO Capital Markets reduced their price objective on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average 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.