Sigma Planning Corp Trims Stake in Reliance, Inc. (NYSE:RS)

Sigma Planning Corp decreased its position in shares of Reliance, Inc. (NYSE:RS) by 2.1% during the third quarter, according to its most recent filing with the SEC. The firm owned 2,389 shares of the industrial products company’s stock after selling 51 shares during the period. Sigma Planning Corp’s holdings in Reliance were worth $691,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in RS. Envestnet Portfolio Solutions Inc. increased its stake in shares of Reliance by 8.9% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 988 shares of the industrial products company’s stock worth $330,000 after acquiring an additional 81 shares in the last quarter. Empowered Funds LLC purchased a new position in Reliance during the first quarter valued at $421,000. SG Americas Securities LLC raised its stake in Reliance by 98.8% during the first quarter. SG Americas Securities LLC now owns 2,368 shares of the industrial products company’s stock valued at $791,000 after buying an additional 1,177 shares during the last quarter. Sei Investments Co. raised its stake in Reliance by 13.1% during the first quarter. Sei Investments Co. now owns 51,053 shares of the industrial products company’s stock valued at $17,062,000 after buying an additional 5,902 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in Reliance during the first quarter valued at $86,000. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RS. Wolfe Research cut Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective for the company. in a research note on Friday, July 26th. BMO Capital Markets cut their price target on shares of 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 report on Monday, October 14th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Reliance currently has a consensus rating of “Hold” and an average price target of $326.40.

Insider Buying and Selling at Reliance

In related news, 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP William A. Smith II sold 6,500 shares of Reliance 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 transaction, the senior vice president now owns 16,849 shares in the company, valued at $5,420,491.79. This trade represents a 27.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,832 shares of company stock worth $5,595,881. Insiders own 0.69% of the company’s stock.

Reliance Price Performance

NYSE RS opened at $310.04 on Friday. Reliance, Inc. has a one year low of $261.77 and a one year high of $342.20. The stock has a 50-day moving average of $290.57 and a 200 day moving average of $289.83. The company has a market capitalization of $16.78 billion, a price-to-earnings ratio of 17.03 and a beta of 0.85. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 3.31.

Reliance (NYSE:RS) last announced 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 company had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. Reliance’s quarterly revenue was down 5.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $5.00 earnings per share. On average, sell-side analysts forecast that Reliance, Inc. will post 16.45 EPS for the current year.

Reliance Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders 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 yield of 1.42%. Reliance’s dividend payout ratio is presently 24.16%.

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.