Plato Investment Management Ltd Cuts Stock Holdings in Reliance, Inc. (NYSE:RS)

Plato Investment Management Ltd trimmed its position in shares of Reliance, Inc. (NYSE:RS - Free Report) by 80.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 796 shares of the industrial products company's stock after selling 3,216 shares during the quarter. Plato Investment Management Ltd's holdings in Reliance were worth $230,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently made changes to their positions in the company. Innealta Capital LLC bought a new stake in Reliance in the 2nd quarter valued at about $28,000. UMB Bank n.a. lifted its position in shares of Reliance by 27.0% during the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company's stock worth $72,000 after acquiring an additional 53 shares in the last quarter. National Bank of Canada FI boosted its holdings in shares of Reliance by 17.9% in the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company's stock worth $76,000 after acquiring an additional 41 shares during the period. International Assets Investment Management LLC purchased a new position in shares of Reliance in the second quarter valued at $117,000. Finally, Covestor Ltd raised its stake in shares of Reliance by 17.6% during the 3rd quarter. Covestor Ltd now owns 462 shares of the industrial products company's stock valued at $133,000 after purchasing an additional 69 shares during the period. 79.26% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on RS shares. BMO Capital Markets cut their price objective 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. KeyCorp reduced their price target on shares of Reliance from $335.00 to $325.00 and set an "overweight" rating for the company in a research report on Monday, October 14th. Finally, Wolfe Research downgraded Reliance from a "peer perform" rating to an "underperform" rating and set a $262.00 price objective on the stock. in a research report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $326.40.

Insider Activity

In related news, SVP William A. Smith II sold 6,500 shares of Reliance stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the sale, the senior vice president now directly 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Arthur Ajemyan sold 6,332 shares of the stock in a transaction dated 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 owns 9,245 shares of the company's stock, valued at approximately $2,941,574.10. The trade was a 40.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,832 shares of company stock valued at $5,595,881. Company insiders own 0.69% of the company's stock.

Reliance Price Performance

NYSE:RS traded up $0.47 during midday trading on Friday, hitting $310.44. The company had a trading volume of 318,556 shares, compared to its average volume of 320,676. The stock's fifty day moving average price is $291.32 and its 200-day moving average price is $289.98. Reliance, Inc. has a 52-week low of $261.77 and a 52-week high of $342.20. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $16.80 billion, a PE ratio of 17.05 and a beta of 0.85.

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

Reliance Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be given a $1.10 dividend. The ex-dividend date is Friday, November 22nd. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.42%. Reliance's dividend payout ratio is currently 24.16%.

Reliance 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.