Reliance, Inc. (NYSE:RS) Stake Increased by Toronto Dominion Bank

Toronto Dominion Bank lifted its stake in shares of Reliance, Inc. (NYSE:RS - Free Report) by 26.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,198 shares of the industrial products company's stock after buying an additional 1,729 shares during the quarter. Toronto Dominion Bank's holdings in Reliance were worth $2,371,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Trust Point Inc. lifted its holdings in Reliance by 3.6% during the 3rd quarter. Trust Point Inc. now owns 972 shares of the industrial products company's stock worth $281,000 after buying an additional 34 shares during the last quarter. National Bank of Canada FI boosted its holdings in 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 purchasing an additional 41 shares during the period. Fulton Bank N.A. boosted its holdings in Reliance by 3.1% in the third quarter. Fulton Bank N.A. now owns 1,570 shares of the industrial products company's stock worth $454,000 after purchasing an additional 47 shares during the period. Consolidated Planning Corp increased its stake in Reliance by 7.1% during the second quarter. Consolidated Planning Corp now owns 752 shares of the industrial products company's stock valued at $215,000 after purchasing an additional 50 shares during the last quarter. Finally, UMB Bank n.a. raised its holdings 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 purchasing an additional 53 shares during the period. Institutional investors own 79.26% of the company's stock.

Insider Buying and Selling at Reliance

In other news, CFO Arthur Ajemyan sold 6,332 shares of the firm'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 sale, the chief financial officer now directly owns 9,245 shares of the company's stock, valued at $2,941,574.10. This trade represents a 40.65 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP William A. Smith II sold 6,500 shares of the business'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 in the company, valued at $5,420,491.79. This trade 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. 0.69% of the stock is owned by insiders.

Reliance Stock Performance

Reliance stock traded down $4.16 during mid-day trading on Monday, hitting $288.00. 395,514 shares of the company's stock traded hands, compared to its average volume of 320,123. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. Reliance, Inc. has a one year low of $264.99 and a one year high of $342.20. The firm has a 50 day moving average price of $303.64 and a 200 day moving average price of $292.23. The company has a market cap of $15.59 billion, a PE ratio of 15.87 and a beta of 0.87.

Reliance (NYSE:RS - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $3.42 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $5.00 earnings per share. On average, equities analysts forecast that Reliance, Inc. will post 16.42 EPS for the current year.

Reliance Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were given a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 1.53%. The ex-dividend date of this dividend was Friday, November 22nd. Reliance's dividend payout ratio (DPR) is presently 24.16%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on RS shares. BMO Capital Markets decreased their target price on Reliance from $340.00 to $330.00 and set an "outperform" rating for the company in a research note on Friday, October 25th. KeyCorp reduced their price objective on Reliance from $335.00 to $325.00 and set an "overweight" rating for the company in a research report on Monday, October 14th. Finally, The Goldman Sachs Group assumed coverage on Reliance in a research report on Monday, December 2nd. They issued a "neutral" rating and a $341.00 target price on the stock. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Reliance currently has an average rating of "Hold" and an average price target of $328.83.

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.