Private Advisor Group LLC Sells 73 Shares of Reliance, Inc. (NYSE:RS)

Private Advisor Group LLC cut its stake in Reliance, Inc. (NYSE:RS) by 1.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,828 shares of the industrial products company’s stock after selling 73 shares during the period. Private Advisor Group LLC’s holdings in Reliance were worth $1,107,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of RS. Norden Group LLC acquired a new stake in shares of Reliance during the 1st quarter worth approximately $355,000. First Trust Direct Indexing L.P. grew its position in shares of Reliance by 10.4% during the 1st quarter. First Trust Direct Indexing L.P. now owns 1,282 shares of the industrial products company’s stock worth $429,000 after buying an additional 121 shares during the period. BNP Paribas Financial Markets grew its holdings in Reliance by 94.4% during the first quarter. BNP Paribas Financial Markets now owns 53,539 shares of the industrial products company’s stock valued at $17,892,000 after purchasing an additional 25,998 shares during the period. Capstone Investment Advisors LLC grew its holdings in Reliance by 193.0% during the first quarter. Capstone Investment Advisors LLC now owns 2,394 shares of the industrial products company’s stock valued at $800,000 after purchasing an additional 1,577 shares during the period. Finally, Fidelis Capital Partners LLC acquired a new position in Reliance during the first quarter valued at approximately $125,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Stock Up 0.3 %

NYSE:RS opened at $287.09 on Friday. Reliance, Inc. has a one year low of $261.77 and a one year high of $342.20. The firm’s 50 day simple moving average is $284.57 and its 200 day simple moving average is $290.10. The company has a market cap of $15.79 billion, a PE ratio of 15.77 and a beta of 0.85. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58.

Reliance (NYSE:RS) last issued its earnings results 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 firm had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. The business’s quarterly revenue was down 5.6% on a year-over-year basis. During the same period in the previous year, the firm earned $5.00 earnings per share. On average, research analysts anticipate that Reliance, Inc. will post 16.96 earnings per share for the current year.

Reliance Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a dividend of $1.10 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $4.40 dividend on an annualized basis and a yield of 1.53%. Reliance’s payout ratio is 24.16%.

Insider Buying and Selling at Reliance

In other news, 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.69% of the company’s stock.

Analysts Set New Price Targets

RS has been the subject of a number of analyst reports. Wolfe Research cut shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective for the company. in a report on Friday, July 26th. BMO Capital Markets dropped 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. Finally, KeyCorp decreased their price objective 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. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Reliance currently has a consensus rating of “Hold” and a consensus target price of $326.40.

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.