Reliance, Inc. (NYSE:RS) Shares Sold by Gulf International Bank UK Ltd

Gulf International Bank UK Ltd trimmed its holdings in shares of Reliance, Inc. (NYSE:RS) by 4.6% in the third quarter, Holdings Channel reports. The firm owned 4,631 shares of the industrial products company’s stock after selling 222 shares during the period. Gulf International Bank UK Ltd’s holdings in Reliance were worth $1,339,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Innealta Capital LLC acquired a new stake in shares of Reliance during the second quarter valued at about $28,000. UMB Bank n.a. boosted its position in shares of Reliance by 27.0% during the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock worth $72,000 after purchasing an additional 53 shares during the period. Headlands Technologies LLC acquired a new stake in Reliance in the 1st quarter valued at approximately $86,000. National Bank of Canada FI raised its position in Reliance by 17.9% in the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after purchasing an additional 41 shares during the period. Finally, International Assets Investment Management LLC purchased a new stake in Reliance in the second quarter valued at approximately $117,000. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on RS shares. BMO Capital Markets dropped their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Wolfe Research lowered shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target on the stock. in a research note on Friday, July 26th. Finally, KeyCorp lowered their price objective on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research note 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. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $326.40.

Reliance Trading Down 1.6 %

RS opened at $321.05 on Friday. 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 stock has a market capitalization of $17.38 billion, a price-to-earnings ratio of 17.63 and a beta of 0.85. The business has a fifty day moving average price of $286.67 and a 200 day moving average price of $289.44. Reliance, Inc. has a 12 month low of $261.77 and a 12 month high of $342.20.

Reliance (NYSE:RS) last released its earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share 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 for the quarter, compared to analysts’ expectations of $3.38 billion. During the same quarter in the previous year, the company posted $5.00 earnings per share. The firm’s quarterly revenue was down 5.6% on a year-over-year basis. Sell-side analysts expect that Reliance, Inc. will post 16.96 earnings per share for the current fiscal year.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be paid a dividend of $1.10 per share. The ex-dividend date is Friday, November 22nd. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.37%. Reliance’s payout ratio is currently 24.16%.

Insider Activity at Reliance

In other Reliance news, SVP William A. Smith II sold 6,500 shares of Reliance stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the completion of the sale, the senior vice president now directly owns 16,849 shares of the company’s stock, valued at $5,420,491.79. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, SVP William A. Smith II sold 6,500 shares of the company’s stock in a transaction 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 owns 16,849 shares in the company, valued at approximately $5,420,491.79. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Mark V. Kaminski sold 5,000 shares of Reliance stock in a transaction on Monday, October 28th. The stock was sold at an average price of $298.01, for a total transaction of $1,490,050.00. The disclosure for this sale can be found here. Insiders have sold 17,832 shares of company stock valued at $5,595,881 over the last quarter. 0.69% of the stock is owned by insiders.

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.