Pathstone Holdings LLC Has $4.65 Million Stock Position in Reliance, Inc. (NYSE:RS)

Pathstone Holdings LLC cut its stake in shares of Reliance, Inc. (NYSE:RS) by 0.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,072 shares of the industrial products company’s stock after selling 36 shares during the period. Pathstone Holdings LLC’s holdings in Reliance were worth $4,648,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in RS. Innealta Capital LLC bought a new position in Reliance in the 2nd quarter valued at about $28,000. UMB Bank n.a. raised its position in Reliance by 27.0% during the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after purchasing an additional 53 shares in the last quarter. National Bank of Canada FI lifted its stake in Reliance by 17.9% during the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock worth $76,000 after purchasing an additional 41 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of Reliance in the 2nd quarter valued at $117,000. Finally, Covestor Ltd boosted its stake in Reliance by 17.6% in the third quarter. Covestor Ltd now owns 462 shares of the industrial products company’s stock valued at $133,000 after buying an additional 69 shares in the last quarter. Institutional investors own 79.26% of the company’s stock.

Reliance Stock Performance

Shares of Reliance stock opened at $319.27 on Friday. The stock has a market cap of $17.28 billion, a price-to-earnings ratio of 17.53 and a beta of 0.85. Reliance, Inc. has a twelve month low of $261.77 and a twelve month high of $342.20. The company’s fifty day moving average is $295.33 and its 200 day moving average is $290.78. 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 (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). The firm had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. The business’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same period in the prior year, the company posted $5.00 EPS. Sell-side analysts forecast that Reliance, Inc. will post 16.45 EPS for the current year.

Reliance Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a $1.10 dividend. The ex-dividend date is Friday, November 22nd. This represents a $4.40 annualized dividend and a dividend yield of 1.38%. Reliance’s dividend payout ratio is currently 24.16%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. BMO Capital Markets lowered their price objective on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. KeyCorp cut their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $326.40.

Insider Activity at Reliance

In related news, SVP William A. Smith II sold 6,500 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $321.71, for a total value 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 approximately $5,420,491.79. This represents a 27.84 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 worth $5,595,881 in the last quarter. Company insiders own 0.69% of the company’s stock.

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.