Fulton Bank N.A. Has $435,000 Stock Holdings in Reliance, Inc. (NYSE:RS)

Fulton Bank N.A. boosted its holdings in shares of Reliance, Inc. (NYSE:RS) by 10.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,523 shares of the industrial products company’s stock after buying an additional 142 shares during the period. Fulton Bank N.A.’s holdings in Reliance were worth $435,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Riverview Trust Co acquired a new stake in Reliance during the first quarter valued at $25,000. Contravisory Investment Management Inc. bought a new stake in shares of Reliance in the 1st quarter valued at approximately $30,000. Partnership Wealth Management LLC bought a new position in Reliance during the fourth quarter valued at approximately $43,000. Rise Advisors LLC acquired a new stake in Reliance in the first quarter valued at approximately $49,000. Finally, Rational Advisors LLC grew its position in Reliance by 33.6% in the first quarter. Rational Advisors LLC now owns 159 shares of the industrial products company’s stock worth $53,000 after acquiring an additional 40 shares in the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.

Reliance Stock Down 0.6 %

RS traded down $1.58 during trading on Wednesday, hitting $285.53. The company had a trading volume of 163,906 shares, compared to its average volume of 315,654. The firm’s 50-day moving average price is $290.29 and its 200 day moving average price is $303.52. The company has a market capitalization of $16.40 billion, a PE ratio of 13.41 and a beta of 0.86. The company has a quick ratio of 2.43, a current ratio of 5.02 and a debt-to-equity ratio of 0.15. Reliance, Inc. has a one year low of $237.14 and a one year high of $342.20.

Reliance (NYSE:RS) last issued its quarterly earnings results on Thursday, July 25th. The industrial products company reported $4.65 EPS for the quarter, missing the consensus estimate of $4.73 by ($0.08). Reliance had a return on equity of 14.73% and a net margin of 7.99%. The business had revenue of $3.64 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same period last year, the firm earned $6.49 earnings per share. The company’s quarterly revenue was down 6.1% compared to the same quarter last year. As a group, equities analysts expect that Reliance, Inc. will post 18.06 earnings per share for the current year.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be issued a $1.10 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.54%. Reliance’s payout ratio is 20.55%.

Insider Activity at Reliance

In other Reliance news, Director James Donald Hoffman sold 5,000 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $294.36, for a total transaction of $1,471,800.00. Following the completion of the sale, the director now owns 34,042 shares of the company’s stock, valued at approximately $10,020,603.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, COO Stephen Paul Koch sold 20,421 shares of the firm’s stock in a transaction on Friday, May 31st. The shares were sold at an average price of $295.38, for a total transaction of $6,031,954.98. Following the completion of the transaction, the chief operating officer now owns 7,552 shares of the company’s stock, valued at $2,230,709.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James Donald Hoffman sold 5,000 shares of the company’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $294.36, for a total transaction of $1,471,800.00. Following the completion of the sale, the director now directly owns 34,042 shares in the company, valued at $10,020,603.12. The disclosure for this sale can be found here. 0.69% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on RS. Wolfe Research lowered shares of 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. Bank of America cut their price objective on Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. BMO Capital Markets lowered their price target on Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a research report on Friday, April 26th. StockNews.com cut Reliance from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. Finally, Citigroup cut Reliance from a “buy” rating to a “neutral” rating and lifted their price target for the company from $280.00 to $380.00 in a report on Thursday, April 11th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Reliance presently has an average rating of “Hold” and an average price target of $329.40.

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.