Summit Global Investments Sells 2,381 Shares of Reliance, Inc. (NYSE:RS)

Summit Global Investments reduced its stake in Reliance, Inc. (NYSE:RS - Free Report) by 45.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,907 shares of the industrial products company's stock after selling 2,381 shares during the quarter. Summit Global Investments' holdings in Reliance were worth $841,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Trust Point Inc. lifted its stake 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 valued at $281,000 after purchasing an additional 34 shares during the period. National Bank of Canada FI grew its holdings in Reliance by 17.9% in the 2nd 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. increased 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 acquiring an additional 47 shares during the last quarter. Consolidated Planning Corp boosted its position in shares of Reliance by 7.1% during the 2nd quarter. Consolidated Planning Corp now owns 752 shares of the industrial products company's stock worth $215,000 after purchasing an additional 50 shares during the period. Finally, UMB Bank n.a. grew its position in 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 in the last quarter. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Reliance Price Performance

NYSE:RS traded down $0.41 during midday trading on Friday, hitting $320.62. 287,534 shares of the stock were exchanged, compared to its average volume of 315,138. Reliance, Inc. has a one year low of $261.77 and a one year high of $342.20. The business has a 50-day moving average price of $287.35 and a two-hundred day moving average price of $289.27. The company has a market capitalization of $17.35 billion, a price-to-earnings ratio of 17.61 and a beta of 0.85. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12.

Reliance (NYSE:RS - Get Free Report) last posted its earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share 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 company had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.38 billion. During the same quarter last year, the business earned $5.00 earnings per share. Reliance's quarterly revenue was down 5.6% on a year-over-year basis. Sell-side analysts predict that Reliance, Inc. will post 16.65 EPS for the current year.

Reliance Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 1.37%. The ex-dividend date is Friday, November 22nd. Reliance's payout ratio is presently 24.16%.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In other Reliance news, Director Mark V. Kaminski sold 5,000 shares of the company's stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $298.01, for a total transaction of $1,490,050.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Arthur Ajemyan sold 6,332 shares of Reliance stock in a transaction 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 in the company, valued at $2,941,574.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Mark V. Kaminski sold 5,000 shares of the firm's stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $298.01, for a total transaction of $1,490,050.00. The disclosure for this sale can be found here. Insiders sold a total of 17,832 shares of company stock valued at $5,595,881 over the last three months. Company insiders own 0.69% of the company's stock.

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.