Reliance (NYSE:RS) COO Stephen Paul Koch Sells 8,334 Shares of Company Stock

Reliance, Inc. (NYSE:RS) COO Stephen Koch sold 8,334 shares of the stock in a transaction that occurred on Tuesday, October 27th. The shares were sold at an average price of $430.87, for a total value of $3,590,870.58. Following the transaction, the chief operating officer directly owned 8,209 shares of the company’s stock, valued at $3,537,011.83. The trade was a 50.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Reliance Price Performance

Shares of NYSE:RS traded up $4.93 during trading on Wednesday, reaching $437.72. The stock had a trading volume of 433,950 shares, compared to its average volume of 342,478. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.22 and a current ratio of 4.12. The business has a fifty day moving average price of $398.07 and a 200-day moving average price of $366.28. The stock has a market cap of $22.35 billion, a PE ratio of 20.41, a PEG ratio of 0.89 and a beta of 0.95. Reliance, Inc. has a 1-year low of $263.12 and a 1-year high of $438.99.

Reliance (NYSE:RS) last released its earnings results on Wednesday, October 21st. The industrial products company reported $8.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.83 by $1.19. The business had revenue of $5.21 billion during the quarter, compared to analyst estimates of $4.74 billion. Reliance had a net margin of 6.38% and a return on equity of 15.31%. The company’s revenue for the quarter was up 42.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.64 earnings per share. On average, equities analysts forecast that Reliance, Inc. will post 24.63 earnings per share for the current fiscal year.

Reliance Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 4th. Investors of record on Friday, November 20th will be paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Friday, November 20th. Reliance’s dividend payout ratio is currently 23.31%.

Trending Headlines about Reliance

Here are the key news stories impacting Reliance this week:

• Positive Sentiment: JPMorgan Chase raised its price target for Reliance, Inc. (RS) from $400 to $420, signaling improved valuation support. However, the firm retained a neutral rating. JPMorgan Reliance price-target update
• Neutral Sentiment: Multiple reports said Jio Platforms’ strong IPO debut helped Reliance Industries overtake Tata Group as India’s most valuable conglomerate. These developments relate to Reliance Industries, not Reliance, Inc. (RS), so they are unlikely to be a direct catalyst for RS shares. Jio IPO and Reliance Industries valuation
• Neutral Sentiment: Jio Platforms debuted at a premium of roughly 21% following its Rs. 30,213 crore IPO, generating favorable coverage of wealth creation for Reliance Industries shareholders. The event does not involve RS’s operations or financial results. Jio Platforms IPO debut
• Neutral Sentiment: A VA Tech Wabag contract reportedly came from Reliance Industries. Because the customer is not Reliance, Inc. (RS), the order should have no direct earnings impact on RS. VA Tech Wabag Reliance Industries order

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Costello Asset Management INC acquired a new position in shares of Reliance during the 1st quarter valued at about $30,000. N.E.W. Advisory Services LLC purchased a new stake in shares of Reliance in the second quarter valued at about $37,000. Compass Financial Management LLC purchased a new stake in shares of Reliance in the second quarter valued at about $46,000. Osterweis Capital Management Inc. acquired a new stake in Reliance during the second quarter worth about $41,000. Finally, Reyes Financial Architecture Inc. acquired a new stake in Reliance during the third quarter worth about $43,000. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on RS shares. Zacks Research upgraded shares of Reliance from a “hold” rating to a “strong-buy” rating in a report on Monday, August 3rd. Wells Fargo & Company boosted their target price on Reliance from $391.00 to $420.00 and gave the stock an “equal weight” rating in a report on Thursday, October 22nd. Wall Street Zen cut Reliance from a “strong-buy” rating to a “buy” rating in a report on Sunday, October 11th. KeyCorp upped their price target on Reliance from $421.00 to $437.00 and gave the company an “overweight” rating in a research report on Monday. Finally, Citigroup reaffirmed a “neutral” rating on shares of Reliance in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $400.29.

Reliance Company Profile

Reliance, Inc (NYSE: RS) is a diversified metals service center company that supplies processed metal products and related services to industrial manufacturers, fabricators, and other commercial customers. Its product offerings include carbon steel, stainless steel, aluminum, copper, brass, and other specialty metals.

The company provides value-added processing services such as cutting, slitting, leveling, blanking, machining, forming, and precision sawing. These services allow customers to purchase metals in customized sizes and specifications, helping reduce their need for in-house processing and inventory management.

Founded in 1939, Reliance serves a broad range of industries, including nonresidential construction, transportation, aerospace and defense, energy, electronics, machinery, and general manufacturing.