Franklin Resources Inc. Has $32.91 Million Position in Reliance, Inc. (NYSE:RS)

Franklin Resources Inc. increased its position in Reliance, Inc. (NYSE:RS - Free Report) by 4.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 112,065 shares of the industrial products company's stock after buying an additional 4,821 shares during the quarter. Franklin Resources Inc. owned about 0.21% of Reliance worth $32,909,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Tidal Investments LLC boosted 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 in the last quarter. World Investment Advisors LLC acquired a new stake in Reliance during the 3rd quarter worth about $4,600,000. Sanctuary Advisors LLC lifted its stake in Reliance by 7.8% during the third quarter. Sanctuary Advisors LLC now owns 11,401 shares of the industrial products company's stock valued at $3,640,000 after buying an additional 827 shares in the last quarter. TD Private Client Wealth LLC increased its position in shares of Reliance by 15.4% in the third quarter. TD Private Client Wealth LLC now owns 2,819 shares of the industrial products company's stock worth $815,000 after acquiring an additional 376 shares in the last quarter. Finally, Toronto Dominion Bank lifted its position in shares of Reliance by 26.7% in the 3rd quarter. Toronto Dominion Bank now owns 8,198 shares of the industrial products company's stock valued at $2,371,000 after acquiring an additional 1,729 shares in the last quarter. Institutional investors own 79.26% of the company's stock.

Reliance Stock Down 1.6 %

Shares of RS traded down $4.27 during mid-day trading on Thursday, hitting $264.20. 500,354 shares of the company's stock were exchanged, compared to its average volume of 322,975. The stock has a market cap of $14.30 billion, a price-to-earnings ratio of 14.51 and a beta of 0.87. The firm has a fifty day moving average of $302.80 and a two-hundred day moving average of $291.65. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. Reliance, Inc. has a twelve month low of $262.49 and a twelve month high of $342.20.

Reliance (NYSE:RS - Get Free Report) last posted its earnings results on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing the consensus estimate of $3.66 by ($0.02). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The business had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. During the same period in the previous year, the company earned $5.00 earnings per share. The company's quarterly revenue was down 5.6% compared to the same quarter last year. On average, sell-side analysts forecast that Reliance, Inc. will post 16.42 earnings per share for the current year.

Reliance Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders 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 dividend on an annualized basis and a yield of 1.67%. Reliance's payout ratio is currently 24.16%.

Insider Transactions at Reliance

In related news, SVP William A. Smith II sold 6,500 shares of the business's stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the transaction, the senior vice president now owns 16,849 shares of the company's stock, valued at approximately $5,420,491.79. The trade was a 27.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Karla R. Lewis sold 3,892 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $323.90, for a total transaction of $1,260,618.80. Following the completion of the sale, the chief executive officer now directly owns 85,117 shares of the company's stock, valued at approximately $27,569,396.30. This trade represents a 4.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,724 shares of company stock worth $6,856,500. 0.69% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have weighed in on RS. KeyCorp lowered their price objective on shares of Reliance from $335.00 to $325.00 and set an "overweight" rating on the stock in a research report on Monday, October 14th. BMO Capital Markets dropped their price target on Reliance from $340.00 to $330.00 and set an "outperform" rating on the stock in a research report on Friday, October 25th. Finally, The Goldman Sachs Group started coverage on Reliance in a research report on Monday, December 2nd. They set a "neutral" rating and a $341.00 price objective for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $328.83.

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.