Reliance, Inc. (NYSE:RS) Shares Sold by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. reduced its holdings in shares of Reliance, Inc. (NYSE:RS) by 1.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 394,532 shares of the industrial products company’s stock after selling 7,298 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.73% of Reliance worth $114,103,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in RS. Dimensional Fund Advisors LP boosted its stake in Reliance by 4.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,168,880 shares of the industrial products company’s stock valued at $333,809,000 after acquiring an additional 53,747 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Reliance by 19.7% during the third quarter. Principal Financial Group Inc. now owns 472,730 shares of the industrial products company’s stock worth $136,718,000 after purchasing an additional 77,937 shares during the last quarter. Hsbc Holdings PLC lifted its position in shares of Reliance by 78.5% during the second quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock worth $82,816,000 after purchasing an additional 127,422 shares during the last quarter. Victory Capital Management Inc. grew its stake in Reliance by 0.3% in the third quarter. Victory Capital Management Inc. now owns 203,156 shares of the industrial products company’s stock worth $58,755,000 after purchasing an additional 528 shares in the last quarter. Finally, Copeland Capital Management LLC increased its holdings in Reliance by 0.4% in the third quarter. Copeland Capital Management LLC now owns 195,141 shares of the industrial products company’s stock valued at $56,437,000 after buying an additional 714 shares during the last quarter. Institutional investors own 79.26% of the company’s stock.

Wall Street Analysts Forecast Growth

RS has been the topic of a number of research analyst reports. BMO Capital Markets reduced 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. KeyCorp reduced their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research note on Monday, October 14th. 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 company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $326.40.

Insider Buying and Selling at Reliance

In related news, CFO Arthur Ajemyan sold 6,332 shares of the company’s 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. This represents a 40.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP William A. Smith II sold 6,500 shares of the stock in a transaction dated 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 transaction, the senior vice president now owns 16,849 shares of the company’s stock, valued at $5,420,491.79. This represents a 27.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 17,832 shares of company stock valued at $5,595,881 in the last ninety days. Company insiders own 0.69% of the company’s stock.

Reliance Stock Up 1.1 %

NYSE:RS opened at $322.93 on Tuesday. 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 stock has a 50 day moving average of $296.20 and a 200-day moving average of $290.96. The firm has a market capitalization of $17.48 billion, a PE ratio of 17.73 and a beta of 0.85. Reliance, Inc. has a 52 week low of $261.77 and a 52 week high of $342.20.

Reliance (NYSE:RS) last issued its quarterly earnings data 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). The company had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. Reliance’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $5.00 earnings per share. Analysts predict that Reliance, Inc. will post 16.45 EPS for the current year.

Reliance Dividend Announcement

The company 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 $1.10 dividend. The ex-dividend date is Friday, November 22nd. This represents a $4.40 annualized dividend and a yield of 1.36%. Reliance’s dividend payout ratio is presently 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.