FORA Capital LLC Lowers Holdings in Reliance, Inc. (NYSE:RS)

FORA Capital LLC reduced its holdings in shares of Reliance, Inc. (NYSE:RS) by 3.5% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 9,594 shares of the industrial products company’s stock after selling 347 shares during the period. FORA Capital LLC’s holdings in Reliance were worth $2,775,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Janus Henderson Group PLC grew its stake in Reliance by 96.6% during the 1st quarter. Janus Henderson Group PLC now owns 4,981 shares of the industrial products company’s stock worth $1,664,000 after purchasing an additional 2,447 shares in the last quarter. California State Teachers Retirement System raised its holdings in Reliance by 6.1% in the first quarter. California State Teachers Retirement System now owns 122,254 shares of the industrial products company’s stock valued at $40,855,000 after acquiring an additional 7,058 shares in the last quarter. Tidal Investments LLC lifted its stake in Reliance by 25.5% in the first quarter. Tidal Investments LLC now owns 7,236 shares of the industrial products company’s stock worth $2,425,000 after acquiring an additional 1,469 shares during the last quarter. Comerica Bank grew its holdings in Reliance by 2.7% during the 1st quarter. Comerica Bank now owns 32,217 shares of the industrial products company’s stock worth $10,766,000 after acquiring an additional 854 shares in the last quarter. Finally, iA Global Asset Management Inc. increased its position in shares of Reliance by 4.5% in the 1st quarter. iA Global Asset Management Inc. now owns 4,408 shares of the industrial products company’s stock valued at $1,473,000 after purchasing an additional 188 shares during the last quarter. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on RS. KeyCorp lowered their target price on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research note on Monday, October 14th. BMO Capital Markets dropped their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $326.40.

Insider Activity at Reliance

In related news, 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 directly owns 16,849 shares in the company, valued at $5,420,491.79. This trade represents a 27.84 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Mark V. Kaminski sold 5,000 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $298.01, for a total transaction of $1,490,050.00. The disclosure for this sale can be found here. Insiders sold a total of 17,832 shares of company stock worth $5,595,881 in the last 90 days. 0.69% of the stock is owned by insiders.

Reliance Stock Performance

NYSE RS remained flat at $321.91 during trading hours on Wednesday. 19,939 shares of the company’s stock traded hands, compared to its average volume of 320,306. The firm has a fifty day moving average of $296.20 and a 200 day moving average of $290.96. The stock has a market cap of $17.42 billion, a P/E ratio of 17.69 and a beta of 0.85. Reliance, Inc. has a one year low of $261.77 and a one year high of $342.20. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12.

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

Reliance Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be issued a $1.10 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.37%. Reliance’s payout ratio is 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.