Raymond James Trust N.A. Takes Position in Reliance, Inc. (NYSE:RS)

Raymond James Trust N.A. bought a new position in shares of Reliance, Inc. (NYSE:RS) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 1,050 shares of the industrial products company’s stock, valued at approximately $304,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RS. Hsbc Holdings PLC lifted its holdings in shares of Reliance by 78.5% during the 2nd quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock worth $82,816,000 after acquiring an additional 127,422 shares during the period. International Assets Investment Management LLC raised its position in Reliance by 27,269.0% in the third quarter. International Assets Investment Management LLC now owns 112,213 shares of the industrial products company’s stock worth $32,453,000 after purchasing an additional 111,803 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Reliance by 19.7% during the third quarter. Principal Financial Group Inc. now owns 472,730 shares of the industrial products company’s stock worth $136,718,000 after purchasing an additional 77,937 shares during the period. KBC Group NV boosted its holdings in Reliance by 68.8% during the third quarter. KBC Group NV now owns 139,660 shares of the industrial products company’s stock valued at $40,391,000 after purchasing an additional 56,933 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Reliance by 4.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,168,880 shares of the industrial products company’s stock valued at $333,809,000 after purchasing an additional 53,747 shares during the period. 79.26% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. BMO Capital Markets decreased their price target on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. KeyCorp lowered their target price on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a 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 stock. According to data from MarketBeat.com, Reliance currently has an average rating of “Hold” and an average price target of $326.40.

Insider Buying and Selling

In related 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 value of $2,091,115.00. Following the completion of the sale, the senior vice president now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Arthur Ajemyan sold 6,332 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $318.18, for a total transaction of $2,014,715.76. Following the transaction, the chief financial officer now owns 9,245 shares in the company, valued at approximately $2,941,574.10. The trade was a 40.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,832 shares of company stock worth $5,595,881 in the last quarter. Insiders own 0.69% of the company’s stock.

Reliance Price Performance

Reliance stock opened at $322.75 on Thursday. Reliance, Inc. has a 52 week low of $261.77 and a 52 week high of $342.20. The firm has a market cap of $17.47 billion, a P/E ratio of 17.72 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. The business’s fifty day moving average is $297.02 and its two-hundred day moving average is $291.17.

Reliance (NYSE:RS) last issued its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.66 by ($0.02). The company had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. The firm’s quarterly revenue was down 5.6% on a year-over-year basis. During the same quarter last year, the company earned $5.00 EPS. Equities research analysts forecast that Reliance, Inc. will post 16.42 earnings per share for the current fiscal year.

Reliance Announces Dividend

The business also recently declared 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 is Friday, November 22nd. Reliance’s dividend payout ratio is currently 24.16%.

Reliance Company 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.