Reliance, Inc. (NYSE:RS) Holdings Decreased by BNP Paribas Financial Markets

BNP Paribas Financial Markets lessened its stake in Reliance, Inc. (NYSE:RS) by 45.6% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 22,682 shares of the industrial products company’s stock after selling 18,999 shares during the period. BNP Paribas Financial Markets’ holdings in Reliance were worth $6,560,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. Innealta Capital LLC bought a new stake in Reliance during the second quarter worth approximately $28,000. UMB Bank n.a. lifted its holdings in shares of 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 buying an additional 53 shares during the period. National Bank of Canada FI boosted its stake in Reliance by 17.9% during the second 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. Brooklyn Investment Group acquired a new position in Reliance during the third quarter worth about $78,000. Finally, International Assets Investment Management LLC bought a new stake in Reliance in the second quarter worth about $117,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. KeyCorp dropped their target price on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. The Goldman Sachs Group assumed coverage on Reliance in a report on Monday. They issued a “neutral” rating and a $341.00 price target on the stock. Finally, BMO Capital Markets decreased their target price on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Reliance has a consensus rating of “Hold” and a consensus price target of $328.83.

Reliance Trading Down 0.5 %

NYSE RS opened at $319.70 on Tuesday. The firm’s 50 day moving average price is $299.47 and its two-hundred day moving average price is $291.77. 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, Inc. has a twelve month low of $261.77 and a twelve month high of $342.20. The stock has a market cap of $17.30 billion, a price-to-earnings ratio of 17.56 and a beta of 0.85.

Reliance (NYSE:RS) last posted its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share for the quarter, missing the consensus estimate of $3.66 by ($0.02). The business had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. The firm’s quarterly revenue was down 5.6% on a year-over-year basis. During the same period in the previous year, the firm posted $5.00 earnings per share. Equities analysts anticipate that Reliance, Inc. will post 16.42 EPS for the current year.

Reliance Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date is Friday, November 22nd. Reliance’s payout ratio is presently 24.16%.

Insider Buying and Selling at Reliance

In related news, CFO Arthur Ajemyan sold 6,332 shares of the 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 transaction, the chief financial officer now owns 9,245 shares in the company, valued at approximately $2,941,574.10. This represents a 40.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP William A. Smith II sold 6,500 shares of Reliance 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 of the company’s stock, valued at $5,420,491.79. This trade represents 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 worth $5,595,881. 0.69% of the stock is currently owned by company insiders.

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.