Kingsview Wealth Management LLC Sells 48 Shares of Reliance, Inc. (NYSE:RS)

Kingsview Wealth Management LLC trimmed its stake in Reliance, Inc. (NYSE:RS) by 1.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,277 shares of the industrial products company’s stock after selling 48 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Reliance were worth $948,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Innealta Capital LLC bought a new position in Reliance in the 2nd quarter worth about $28,000. UMB Bank n.a. raised its holdings in Reliance by 27.0% in the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock worth $72,000 after buying an additional 53 shares during the last quarter. National Bank of Canada FI lifted its stake in shares of Reliance by 17.9% in the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock worth $76,000 after buying an additional 41 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Reliance during the second quarter valued at approximately $117,000. Finally, Covestor Ltd increased its position in shares of Reliance by 17.6% during the third quarter. Covestor Ltd now owns 462 shares of the industrial products company’s stock valued at $133,000 after acquiring an additional 69 shares in the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on RS shares. BMO Capital Markets lowered their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. KeyCorp lowered their price target on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $326.40.

Insider Activity at Reliance

In other Reliance news, Director Mark V. Kaminski sold 5,000 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $298.01, for a total transaction of $1,490,050.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Arthur Ajemyan sold 6,332 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total value of $2,014,715.76. Following the completion of the transaction, the chief financial officer now directly owns 9,245 shares in the company, valued at $2,941,574.10. This trade represents a 40.65 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,832 shares of company stock worth $5,595,881. 0.69% of the stock is owned by company insiders.

Reliance Price Performance

Shares of RS opened at $322.10 on Wednesday. The firm has a fifty day simple moving average of $296.20 and a two-hundred day simple moving average of $290.96. The firm has a market cap of $17.43 billion, a PE ratio of 17.69 and a beta of 0.85. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12. Reliance, Inc. has a 1-year low of $261.77 and a 1-year high of $342.20.

Reliance (NYSE:RS) last posted 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). Reliance had a net margin of 7.42% and a return on equity of 13.68%. The firm had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.38 billion. During the same quarter last year, the company posted $5.00 EPS. The firm’s revenue was down 5.6% compared to the same quarter last year. On average, equities analysts anticipate that Reliance, Inc. will post 16.45 EPS for the current year.

Reliance Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors 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 is Friday, November 22nd. Reliance’s payout ratio is 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.