Reliance, Inc. (NYSE:RS) Shares Sold by Blueshift Asset Management LLC

Blueshift Asset Management LLC cut its holdings in shares of Reliance, Inc. (NYSE:RS) by 34.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,150 shares of the industrial products company’s stock after selling 615 shares during the period. Blueshift Asset Management LLC’s holdings in Reliance were worth $333,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Trust Point Inc. raised its stake in Reliance by 3.6% during the 3rd quarter. Trust Point Inc. now owns 972 shares of the industrial products company’s stock valued at $281,000 after acquiring an additional 34 shares in the last quarter. National Bank of Canada FI raised its stake in shares of Reliance by 17.9% during 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 in the last quarter. Fulton Bank N.A. lifted its holdings in Reliance by 3.1% in the third quarter. Fulton Bank N.A. now owns 1,570 shares of the industrial products company’s stock worth $454,000 after purchasing an additional 47 shares during the period. Consolidated Planning Corp grew its position in Reliance by 7.1% in the 2nd quarter. Consolidated Planning Corp now owns 752 shares of the industrial products company’s stock valued at $215,000 after buying an additional 50 shares in the last quarter. Finally, UMB Bank n.a. increased its stake in Reliance by 27.0% during the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after buying an additional 53 shares during the period. 79.26% of the stock is owned by institutional investors.

Reliance Price Performance

Shares of NYSE RS opened at $322.58 on Friday. The firm has a 50-day moving average of $297.94 and a two-hundred day moving average of $291.39. The company has a market capitalization of $17.46 billion, a price-to-earnings ratio of 17.71 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 twelve month low of $261.77 and a twelve month high of $342.20.

Reliance (NYSE:RS) last issued 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 business 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%. The company’s quarterly revenue was down 5.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.00 earnings per share. As a group, analysts expect that Reliance, Inc. will post 16.42 earnings per share for the current fiscal year.

Reliance Announces Dividend

The business also recently announced 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 1.36%. The ex-dividend date of this dividend is Friday, November 22nd. Reliance’s payout ratio is 24.16%.

Insider Transactions at Reliance

In other Reliance news, SVP William A. Smith II sold 6,500 shares of Reliance stock in a transaction that occurred on 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 transaction, the senior vice president now directly owns 16,849 shares in the company, valued at approximately $5,420,491.79. The trade was a 27.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Mark V. Kaminski sold 5,000 shares of the business’s stock in a transaction on Monday, October 28th. The shares were 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 three months. Company insiders own 0.69% of the company’s stock.

Analyst Ratings Changes

RS has been the subject of a number of research analyst reports. BMO Capital Markets reduced their price target on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. KeyCorp cut their target price on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research report on Monday, October 14th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $326.40.

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.