Reliance, Inc. (NYSE:RS) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC cut its stake in Reliance, Inc. (NYSE:RS - Free Report) by 9.6% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 29,735 shares of the industrial products company's stock after selling 3,146 shares during the period. Mutual of America Capital Management LLC owned approximately 0.05% of Reliance worth $8,600,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. Trust Point Inc. raised its holdings in shares of Reliance by 3.6% in the 3rd quarter. Trust Point Inc. now owns 972 shares of the industrial products company's stock worth $281,000 after purchasing an additional 34 shares during the period. National Bank of Canada FI lifted its position in Reliance by 17.9% during the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company's stock valued at $76,000 after buying an additional 41 shares in the last quarter. Fulton Bank N.A. grew its stake in Reliance by 3.1% during the third quarter. Fulton Bank N.A. now owns 1,570 shares of the industrial products company's stock worth $454,000 after buying an additional 47 shares during the period. Consolidated Planning Corp increased its position in shares of Reliance by 7.1% in the second quarter. Consolidated Planning Corp now owns 752 shares of the industrial products company's stock worth $215,000 after acquiring an additional 50 shares in the last quarter. Finally, UMB Bank n.a. raised its stake in shares of Reliance by 27.0% in the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company's stock valued at $72,000 after acquiring an additional 53 shares during the period. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on RS shares. KeyCorp lowered their price target on Reliance from $335.00 to $325.00 and set an "overweight" rating for the company in a report on Monday, October 14th. Wolfe Research lowered Reliance from a "peer perform" rating to an "underperform" rating and set a $262.00 price target on the stock. in a research report on Friday, July 26th. Finally, BMO Capital Markets decreased their price target on Reliance from $340.00 to $330.00 and set an "outperform" rating for the company in a report on Friday, October 25th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, Reliance has an average rating of "Hold" and an average price target of $326.40.

Insiders Place Their Bets

In related news, CFO Arthur Ajemyan sold 6,332 shares of the company's stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total transaction of $2,014,715.76. Following the completion of the transaction, the chief financial officer now directly owns 9,245 shares in the company, valued at $2,941,574.10. This represents a 40.65 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP William A. Smith II sold 6,500 shares of the firm's 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 completion of the sale, the senior vice president now owns 16,849 shares in the company, valued at $5,420,491.79. The trade was a 27.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,832 shares of company stock valued at $5,595,881 in the last quarter. Insiders own 0.69% of the company's stock.

Reliance Stock Down 0.5 %

RS traded down $1.47 on Tuesday, reaching $308.86. The company's stock had a trading volume of 144,283 shares, compared to its average volume of 320,281. The stock has a market cap of $16.72 billion, a price-to-earnings ratio of 16.99 and a beta of 0.85. Reliance, Inc. has a 1 year low of $261.77 and a 1 year high of $342.20. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. The business's 50 day moving average is $292.08 and its 200 day moving average is $290.15.

Reliance (NYSE:RS - Get Free Report) last issued 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 business had revenue of $3.42 billion during the quarter, compared to analysts' expectations of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. The company's revenue for the quarter was down 5.6% on a year-over-year basis. During the same period in the prior year, the company posted $5.00 EPS. As a group, research analysts forecast that Reliance, Inc. will post 16.45 EPS for the current fiscal year.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date of this dividend is Friday, November 22nd. Reliance's dividend payout ratio is presently 24.16%.

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.