MML Investors Services LLC Sells 314 Shares of Reliance, Inc. (NYSE:RS)

MML Investors Services LLC trimmed its holdings in shares of Reliance, Inc. (NYSE:RS) by 25.7% in the 3rd quarter, Holdings Channel reports. The firm owned 909 shares of the industrial products company’s stock after selling 314 shares during the quarter. MML Investors Services LLC’s holdings in Reliance were worth $263,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Assetmark Inc. lifted its holdings in Reliance by 24.2% during the 3rd quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company’s stock valued at $8,074,000 after buying an additional 5,431 shares in the last quarter. AXA S.A. raised its stake in shares of Reliance by 5.4% during the second quarter. AXA S.A. now owns 79,334 shares of the industrial products company’s stock valued at $22,658,000 after acquiring an additional 4,032 shares in the last quarter. Dearborn Partners LLC boosted its holdings in shares of Reliance by 4.1% in the third quarter. Dearborn Partners LLC now owns 86,406 shares of the industrial products company’s stock valued at $24,989,000 after purchasing an additional 3,419 shares during the period. Prudential PLC boosted its holdings in shares of Reliance by 439.6% in the second quarter. Prudential PLC now owns 14,225 shares of the industrial products company’s stock valued at $4,063,000 after purchasing an additional 11,589 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. grew its stake in Reliance by 1.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 127,806 shares of the industrial products company’s stock worth $36,963,000 after purchasing an additional 1,696 shares in the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

RS has been the subject of several research reports. KeyCorp lowered 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. BMO Capital Markets lowered 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. Finally, The Goldman Sachs Group began coverage on shares of Reliance in a research report on Monday, December 2nd. They set a “neutral” rating and a $341.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Reliance has a consensus rating of “Hold” and a consensus price target of $328.83.

Reliance Price Performance

RS opened at $270.98 on Thursday. The firm has a market capitalization of $14.67 billion, a PE ratio of 14.88 and a beta of 0.87. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. The business’s 50-day moving average is $301.07 and its two-hundred day moving average is $291.10. Reliance, Inc. has a 1 year low of $256.98 and a 1 year high of $342.20.

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 analysts’ consensus estimates of $3.66 by ($0.02). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The firm had revenue of $3.42 billion during the quarter, compared to analysts’ expectations of $3.38 billion. During the same period in the previous year, the firm earned $5.00 EPS. The firm’s quarterly revenue was down 5.6% on a year-over-year basis. Research analysts anticipate that Reliance, Inc. will post 16.42 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were issued a dividend of $1.10 per share. The ex-dividend date was Friday, November 22nd. This represents a $4.40 annualized dividend and a dividend yield of 1.62%. Reliance’s dividend payout ratio is presently 24.16%.

Insider Transactions at Reliance

In related news, SVP William A. Smith II sold 6,500 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $321.71, for a total value of $2,091,115.00. Following the completion of the transaction, the senior vice president now directly owns 16,849 shares of the company’s stock, valued at $5,420,491.79. This trade represents a 27.84 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Arthur Ajemyan sold 6,332 shares of the business’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 transaction of $2,014,715.76. Following the sale, the chief financial officer now directly owns 9,245 shares in the company, valued at approximately $2,941,574.10. This represents a 40.65 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 21,724 shares of company stock valued at $6,856,500 in the last quarter. 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.