Reliance, Inc. (NYSE:RS) Shares Sold by State Street Corp

State Street Corp reduced its stake in shares of Reliance, Inc. (NYSE:RS - Free Report) by 2.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,506,636 shares of the industrial products company's stock after selling 67,833 shares during the quarter. State Street Corp owned 4.63% of Reliance worth $724,944,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RS. Trust Point Inc. grew its position in shares of Reliance by 3.6% in the third 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 last quarter. National Bank of Canada FI boosted 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 worth $76,000 after acquiring an additional 41 shares during the last quarter. Fulton Bank N.A. boosted its position 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 Reliance by 7.1% during 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 during the last quarter. Finally, UMB Bank n.a. boosted its position in 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 during the last quarter. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently issued reports on RS. BMO Capital Markets decreased their target price on shares of Reliance from $340.00 to $330.00 and set an "outperform" rating on the stock in a research report on Friday, October 25th. The Goldman Sachs Group began coverage on shares of Reliance in a research report on Monday, December 2nd. They set a "neutral" rating and a $341.00 target price on the stock. Finally, KeyCorp decreased their target price 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. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $328.83.

Reliance Trading Up 1.3 %

Shares of RS stock traded up $3.87 during mid-day trading on Monday, reaching $308.26. The company's stock had a trading volume of 256,699 shares, compared to its average volume of 319,693. The company's 50 day simple moving average is $301.85 and its 200-day simple moving average is $292.17. Reliance, Inc. has a 12-month low of $261.77 and a 12-month 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 firm has a market capitalization of $16.68 billion, a PE ratio of 16.72 and a beta of 0.87.

Reliance (NYSE:RS - Get Free Report) last released its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share for the quarter, missing analysts' consensus estimates of $3.66 by ($0.02). The firm had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. Reliance'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 posted $5.00 earnings per share. On average, research analysts predict that Reliance, Inc. will post 16.42 EPS for the current fiscal year.

Reliance Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were issued a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 1.43%. The ex-dividend date of this dividend was Friday, November 22nd. Reliance's payout ratio is 24.16%.

Insider Activity at Reliance

In other Reliance news, Director Mark V. Kaminski sold 5,000 shares of the firm's stock in a transaction on Monday, October 28th. The shares were sold at an average price of $298.01, for a total transaction of $1,490,050.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 transaction of $2,091,115.00. Following the transaction, the senior vice president now directly owns 16,849 shares of the company's stock, valued at approximately $5,420,491.79. This represents a 27.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 21,724 shares of company stock valued at $6,856,500. Corporate insiders own 0.69% of the company's stock.

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.