Ontario Teachers Pension Plan Board Decreases Stake in Reliance, Inc. (NYSE:RS)

Ontario Teachers Pension Plan Board cut its stake in shares of Reliance, Inc. (NYSE:RS - Free Report) by 26.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,819 shares of the industrial products company's stock after selling 2,129 shares during the quarter. Ontario Teachers Pension Plan Board's holdings in Reliance were worth $1,683,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in RS. Dimensional Fund Advisors LP increased its stake in shares of Reliance by 4.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,168,880 shares of the industrial products company's stock worth $333,809,000 after acquiring an additional 53,747 shares during the period. Principal Financial Group Inc. boosted its holdings 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 valued at $136,718,000 after purchasing an additional 77,937 shares during the last quarter. Hsbc Holdings PLC grew its position in Reliance by 78.5% during the 2nd quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company's stock worth $82,816,000 after purchasing an additional 127,422 shares during the period. Victory Capital Management Inc. raised its stake in shares of Reliance by 0.3% during the 3rd quarter. Victory Capital Management Inc. now owns 203,156 shares of the industrial products company's stock valued at $58,755,000 after buying an additional 528 shares during the last quarter. Finally, Copeland Capital Management LLC lifted its holdings in shares of Reliance by 0.4% in the 3rd quarter. Copeland Capital Management LLC now owns 195,141 shares of the industrial products company's stock valued at $56,437,000 after buying an additional 714 shares during the period. 79.26% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Reliance

In other news, CFO Arthur Ajemyan sold 6,332 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $318.18, for a total value of $2,014,715.76. Following the completion of the sale, the chief financial officer now owns 9,245 shares of the company's stock, valued at $2,941,574.10. This represents a 40.65 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at 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 stock was sold at an average price of $321.71, for a total value of $2,091,115.00. Following the sale, the senior vice president now directly owns 16,849 shares of the company's stock, valued at approximately $5,420,491.79. This trade represents a 27.84 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,832 shares of company stock worth $5,595,881. Insiders own 0.69% of the company's stock.

Analyst Ratings Changes

Several research firms recently commented on RS. BMO Capital Markets dropped their target price on Reliance from $340.00 to $330.00 and set an "outperform" rating on the stock in a report on Friday, October 25th. 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. Finally, Wolfe Research cut shares of Reliance from a "peer perform" rating to an "underperform" rating and set a $262.00 target price for the company. in a research note on Friday, July 26th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $326.40.

Reliance Stock Up 1.5 %

Reliance stock opened at $313.56 on Thursday. Reliance, Inc. has a 12 month low of $261.77 and a 12 month high of $342.20. The stock has a market capitalization of $16.97 billion, a PE ratio of 17.22 and a beta of 0.85. 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 has a 50 day simple moving average of $293.66 and a 200-day simple moving average of $290.45.

Reliance (NYSE:RS - Get Free Report) last posted its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.66 by ($0.02). The company had revenue of $3.42 billion for 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 business's revenue for the quarter was down 5.6% on a year-over-year basis. During the same period in the previous year, the business earned $5.00 earnings per share. On average, analysts anticipate that Reliance, Inc. will post 16.45 EPS for the current fiscal year.

Reliance Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be paid a dividend of $1.10 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $4.40 annualized dividend and a yield of 1.40%. Reliance's dividend payout ratio is presently 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.

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