Arthur Ajemyan Sells 6,332 Shares of Reliance, Inc. (NYSE:RS) Stock

Reliance, Inc. (NYSE:RS) CFO Arthur Ajemyan sold 6,332 shares of Reliance stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $318.18, for a total value of $2,014,715.76. Following the completion of the sale, the chief financial officer now owns 9,245 shares of the company’s stock, valued at $2,941,574.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Reliance Stock Performance

RS opened at $320.66 on Friday. The firm’s 50-day moving average price is $287.35 and its 200-day moving average price is $289.44. The company has a market cap of $17.35 billion, a P/E ratio of 17.61 and a beta of 0.85. 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 52-week low of $261.77 and a 52-week high of $342.20.

Reliance (NYSE:RS) last posted its quarterly earnings results 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). The company had revenue of $3.42 billion during the quarter, compared to analysts’ expectations of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. The company’s quarterly revenue was down 5.6% on a year-over-year basis. During the same period in the prior year, the business posted $5.00 EPS. As a group, equities analysts anticipate that Reliance, Inc. will post 16.96 EPS for the current fiscal year.

Reliance Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders 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 dividend yield of 1.37%. The ex-dividend date of this dividend is Friday, November 22nd. Reliance’s dividend payout ratio is presently 24.16%.

Analyst Upgrades and Downgrades

RS has been the subject of several research reports. KeyCorp lowered their price target on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research report on Monday, October 14th. Wolfe Research lowered Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target for the company. in a research report on Friday, July 26th. Finally, BMO Capital Markets cut their target price on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Reliance currently has a consensus rating of “Hold” and a consensus target price of $326.40.

Institutional Investors Weigh In On Reliance

Institutional investors and hedge funds have recently modified their holdings of the company. Sei Investments Co. lifted its stake in Reliance by 13.1% during the 1st quarter. Sei Investments Co. now owns 51,053 shares of the industrial products company’s stock valued at $17,062,000 after acquiring an additional 5,902 shares during the period. Bessemer Group Inc. grew its position in Reliance by 2,870.9% during the 1st quarter. Bessemer Group Inc. now owns 3,981 shares of the industrial products company’s stock worth $1,331,000 after purchasing an additional 3,847 shares during the period. Russell Investments Group Ltd. raised its stake in shares of Reliance by 1.9% during the 1st quarter. Russell Investments Group Ltd. now owns 159,878 shares of the industrial products company’s stock valued at $53,644,000 after buying an additional 2,985 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in shares of Reliance by 24.2% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 107,735 shares of the industrial products company’s stock valued at $36,005,000 after buying an additional 20,981 shares during the period. Finally, Zurich Insurance Group Ltd FI purchased a new stake in shares of Reliance in the first quarter worth about $1,637,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Company 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.