Crossmark Global Holdings Inc. Decreases Stake in Reliance, Inc. (NYSE:RS)

Crossmark Global Holdings Inc. reduced its stake in Reliance, Inc. (NYSE:RS) by 41.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,617 shares of the industrial products company’s stock after selling 1,820 shares during the period. Crossmark Global Holdings Inc.’s holdings in Reliance were worth $704,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of RS. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Reliance by 60.3% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 10,998 shares of the industrial products company’s stock worth $3,141,000 after purchasing an additional 4,136 shares during the period. APG Asset Management N.V. bought a new stake in shares of Reliance in the 2nd quarter worth approximately $2,168,000. MBB Public Markets I LLC bought a new stake in shares of Reliance in the 2nd quarter worth approximately $1,205,000. Scientech Research LLC bought a new stake in shares of Reliance in the 2nd quarter worth approximately $413,000. Finally, Creative Planning grew its position in shares of Reliance by 0.4% in the 2nd quarter. Creative Planning now owns 65,956 shares of the industrial products company’s stock worth $18,837,000 after buying an additional 289 shares during the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.

Reliance Trading Up 1.0 %

Reliance stock opened at $290.79 on Friday. 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 business’s fifty day simple moving average is $290.30 and its two-hundred day simple moving average is $290.29. Reliance, Inc. has a 12 month low of $256.98 and a 12 month high of $342.20. The company has a market capitalization of $15.74 billion, a price-to-earnings ratio of 15.97 and a beta of 0.91.

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). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The business had revenue of $3.42 billion during the quarter, compared to analysts’ expectations of $3.38 billion. During the same quarter in the prior year, the firm earned $5.00 EPS. The firm’s revenue for the quarter was down 5.6% compared to the same quarter last year. As a group, equities analysts predict that Reliance, Inc. will post 16.36 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on RS. The Goldman Sachs Group began coverage on Reliance in a research report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price objective on the stock. BMO Capital Markets dropped their price target on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Wolfe Research upgraded Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. Finally, KeyCorp dropped their price target on Reliance from $325.00 to $321.00 and set an “overweight” rating on the stock in a research report on Wednesday. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $328.17.

Insider Transactions 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 transaction of $1,260,618.80. Following the completion of the sale, the chief executive officer now 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $1,490,050.00. The disclosure for this sale can be found here. Insiders sold 21,724 shares of company stock worth $6,856,500 over the last quarter. 0.69% of the stock is currently owned by 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.