Reliance, Inc. (NYSE:RS) Director James Donald Hoffman Sells 5,000 Shares

Reliance, Inc. (NYSE:RS) Director James Donald Hoffman sold 5,000 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $290.04, for a total transaction of $1,450,200.00. Following the sale, the director now owns 44,042 shares in the company, valued at approximately $12,773,941.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

James Donald Hoffman also recently made the following trade(s):

• On Tuesday, May 7th, James Donald Hoffman sold 5,000 shares of Reliance stock. The stock was sold at an average price of $292.77, for a total transaction of $1,463,850.00.
• On Tuesday, April 30th, James Donald Hoffman sold 5,000 shares of Reliance stock. The shares were sold at an average price of $289.81, for a total value of $1,449,050.00.
• On Tuesday, February 27th, James Donald Hoffman sold 40,000 shares of Reliance stock. The stock was sold at an average price of $322.95, for a total value of $12,918,000.00.

Reliance Price Performance

Shares of NYSE RS opened at $295.41 on Wednesday. The stock has a market capitalization of $16.97 billion, a price-to-earnings ratio of 13.80, a price-to-earnings-growth ratio of 5.08 and a beta of 0.92. Reliance, Inc. has a 52 week low of $229.12 and a 52 week high of $342.20. The firm has a 50-day simple moving average of $319.77 and a 200-day simple moving average of $293.74. The company has a quick ratio of 3.21, a current ratio of 5.74 and a debt-to-equity ratio of 0.14.

Reliance (NYSE:RS) last released its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.30 EPS for the quarter, missing analysts’ consensus estimates of $5.51 by ($0.21). The business had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.76 billion. Reliance had a net margin of 8.67% and a return on equity of 16.26%. The firm’s revenue was down 8.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $6.37 EPS. On average, equities analysts predict that Reliance, Inc. will post 19.6 earnings per share for the current fiscal year.

Reliance Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 24th will be paid a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date of this dividend is Thursday, May 23rd. Reliance’s dividend payout ratio (DPR) is currently 20.55%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on RS shares. BMO Capital Markets reduced their target price on Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a research note on Friday, April 26th. Citigroup downgraded shares of Reliance from a “buy” rating to a “neutral” rating and upped their price target for the stock from $280.00 to $380.00 in a research report on Thursday, April 11th. StockNews.com upgraded Reliance from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, KeyCorp increased their target price on Reliance from $300.00 to $362.00 and gave the company an “overweight” rating in a report on Friday, February 16th.

Hedge Funds Weigh In On Reliance

Institutional investors and hedge funds have recently bought and sold shares of the company. Riverview Trust Co purchased a new stake in shares of Reliance during the 1st quarter valued at approximately $25,000. Contravisory Investment Management Inc. purchased a new stake in Reliance in the first quarter valued at $30,000. Millburn Ridgefield Corp acquired a new position in shares of Reliance in the 3rd quarter valued at $33,000. Catalyst Capital Advisors LLC purchased a new position in shares of Reliance during the 3rd quarter worth $33,000. Finally, Rise Advisors LLC purchased a new stake in Reliance in the 1st quarter valued at about $49,000. 79.26% of the stock is currently owned by institutional investors and hedge funds.

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.