Kingsview Wealth Management LLC Cuts Stock Position in Reliance, Inc. (NYSE:RS)

Kingsview Wealth Management LLC trimmed its holdings in Reliance, Inc. (NYSE:RS) by 1.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,277 shares of the industrial products company’s stock after selling 48 shares during the period. Kingsview Wealth Management LLC’s holdings in Reliance were worth $948,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in RS. Cerity Partners LLC lifted its holdings in Reliance by 6.3% in the 3rd quarter. Cerity Partners LLC now owns 19,710 shares of the industrial products company’s stock worth $5,700,000 after purchasing an additional 1,172 shares in the last quarter. Citigroup Inc. raised its position in shares of Reliance by 9.0% during the third quarter. Citigroup Inc. now owns 47,179 shares of the industrial products company’s stock valued at $13,645,000 after buying an additional 3,901 shares during the last quarter. Raymond James Trust N.A. purchased a new position in shares of Reliance in the third quarter worth $304,000. Landscape Capital Management L.L.C. bought a new position in shares of Reliance during the third quarter worth $379,000. Finally, Intech Investment Management LLC grew its stake in Reliance by 255.4% during the third quarter. Intech Investment Management LLC now owns 50,996 shares of the industrial products company’s stock valued at $14,749,000 after acquiring an additional 36,647 shares in the last quarter. Institutional investors own 79.26% of the company’s stock.

Insider Buying and Selling

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 stock was 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 owns 16,849 shares of the company’s stock, valued at approximately $5,420,491.79. This represents a 27.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Arthur Ajemyan sold 6,332 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total value of $2,014,715.76. Following the sale, the chief financial officer now directly owns 9,245 shares of the company’s stock, valued at $2,941,574.10. This represents a 40.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,832 shares of company stock worth $5,595,881 over the last three months. 0.69% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

RS has been the topic of several research analyst reports. 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 reduced their target price on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a 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 assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $326.40.

Reliance Price Performance

RS stock opened at $322.10 on Wednesday. The company has a fifty day simple moving average of $296.20 and a two-hundred day simple moving average of $290.96. Reliance, Inc. has a 52 week low of $261.77 and a 52 week high of $342.20. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. The firm has a market capitalization of $17.43 billion, a P/E ratio of 17.69 and a beta of 0.85.

Reliance (NYSE:RS) last announced its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). Reliance had a net margin of 7.42% and a return on equity of 13.68%. The business had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.38 billion. During the same period in the previous year, the business posted $5.00 EPS. The firm’s revenue was down 5.6% on a year-over-year basis. Analysts anticipate that Reliance, Inc. will post 16.45 earnings per share for the current fiscal year.

Reliance Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 1.37%. The ex-dividend date is Friday, November 22nd. Reliance’s dividend payout ratio is currently 24.16%.

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.