By otakuyassine3@gmail.com 
Shares of Reliance, Inc. (NYSE:RS – Get Free Report) hit a new 52-week low on Thursday . The stock traded as low as $263.67 and last traded at $263.90, with a volume of 143876 shares. The stock had previously closed at $268.47.
Analysts Set New Price Targets
A number of research firms have issued reports on RS. The Goldman Sachs Group started coverage on Reliance in a report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price objective for the company. BMO Capital Markets lowered their price target on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Finally, KeyCorp dropped their price objective on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research note on Monday, October 14th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $328.83.
Check Out Our Latest Stock Analysis on Reliance
Reliance Stock Performance
The company has a market capitalization of $14.56 billion, a PE ratio of 14.77 and a beta of 0.87. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12. The business’s fifty day moving average is $302.36 and its two-hundred day moving average is $291.45.
Reliance (NYSE:RS – Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). The company had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. The business’s revenue was down 5.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $5.00 earnings per share. Equities research analysts predict that Reliance, Inc. will post 16.42 earnings per share for the current year.
Reliance Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were given a dividend of $1.10 per share. The ex-dividend date was Friday, November 22nd. This represents a $4.40 annualized dividend and a yield of 1.64%. Reliance’s dividend payout ratio (DPR) is 24.16%.
Insider Buying and Selling at Reliance
In related news, CEO Karla R. Lewis sold 3,892 shares of Reliance stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $323.90, for a total value of $1,260,618.80. Following the completion of the transaction, the chief executive officer now owns 85,117 shares in the company, valued at approximately $27,569,396.30. This trade represents a 4.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Mark V. Kaminski sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $298.01, for a total value of $1,490,050.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 21,724 shares of company stock valued at $6,856,500. Insiders own 0.69% of the company’s stock.
Institutional Trading of Reliance
Several hedge funds and other institutional investors have recently bought and sold shares of RS. Principal Financial Group Inc. lifted its stake in Reliance by 19.7% in 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 last quarter. Franklin Resources Inc. lifted its stake in shares of Reliance by 4.5% during the 3rd quarter. Franklin Resources Inc. now owns 112,065 shares of the industrial products company’s stock worth $32,909,000 after acquiring an additional 4,821 shares during the last quarter. Tidal Investments LLC lifted its stake in shares of Reliance by 10.3% during the 3rd quarter. Tidal Investments LLC now owns 7,396 shares of the industrial products company’s stock worth $2,139,000 after acquiring an additional 691 shares during the last quarter. World Investment Advisors LLC bought a new position in Reliance in the 3rd quarter valued at $4,600,000. Finally, Sanctuary Advisors LLC increased its stake in Reliance by 7.8% in the third quarter. Sanctuary Advisors LLC now owns 11,401 shares of the industrial products company’s stock worth $3,640,000 after purchasing an additional 827 shares during the period. Hedge funds and other institutional investors own 79.26% of the company’s stock.
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.
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