Y Intercept Hong Kong Ltd Sells 1,859 Shares of Reliance, Inc. (NYSE:RS)

Y Intercept Hong Kong Ltd lessened its holdings in Reliance, Inc. (NYSE:RS - Free Report) by 32.8% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,801 shares of the industrial products company's stock after selling 1,859 shares during the period. Y Intercept Hong Kong Ltd's holdings in Reliance were worth $1,099,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of RS. Assetmark Inc. increased its holdings in Reliance by 24.2% during the third quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company's stock worth $8,074,000 after buying an additional 5,431 shares during the last quarter. AXA S.A. grew its position in shares of Reliance by 5.4% during the 2nd quarter. AXA S.A. now owns 79,334 shares of the industrial products company's stock valued at $22,658,000 after acquiring an additional 4,032 shares during the period. Dearborn Partners LLC increased its stake in shares of Reliance by 4.1% during the 3rd quarter. Dearborn Partners LLC now owns 86,406 shares of the industrial products company's stock worth $24,989,000 after purchasing an additional 3,419 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Reliance by 38.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 14,244 shares of the industrial products company's stock worth $4,068,000 after purchasing an additional 3,992 shares during the period. Finally, Prudential PLC lifted its stake in Reliance by 439.6% in the second quarter. Prudential PLC now owns 14,225 shares of the industrial products company's stock valued at $4,063,000 after purchasing an additional 11,589 shares during the last quarter. 79.26% of the stock is owned by institutional investors.

Reliance Price Performance

Shares of Reliance stock traded down $4.86 on Thursday, reaching $301.43. The stock had a trading volume of 353,934 shares, compared to its average volume of 320,043. The business's 50 day moving average is $302.98 and its two-hundred day moving average is $292.31. The company has a market cap of $16.31 billion, a P/E ratio of 16.63 and a beta of 0.87. Reliance, Inc. has a 1 year low of $263.80 and a 1 year high of $342.20. 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 announced its quarterly 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 firm had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.38 billion. During the same period in the previous year, the business earned $5.00 earnings per share. The firm's revenue for the quarter was down 5.6% on a year-over-year basis. As a group, research analysts anticipate that Reliance, Inc. will post 16.42 EPS for the current year.

Reliance Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were issued a $1.10 dividend. The ex-dividend date was Friday, November 22nd. This represents a $4.40 annualized dividend and a dividend yield of 1.46%. Reliance's payout ratio is currently 24.16%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on RS. 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 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 report on Monday, October 14th. Finally, The Goldman Sachs Group started coverage on shares of Reliance in a research note on Monday, December 2nd. They issued a "neutral" rating and a $341.00 target price for the company. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $328.83.

Insider Activity

In related news, CFO Arthur Ajemyan sold 6,332 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $318.18, for a total transaction of $2,014,715.76. Following the transaction, the chief financial officer now owns 9,245 shares of the company's stock, valued at approximately $2,941,574.10. This trade represents a 40.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 transaction of $2,091,115.00. Following the completion of the sale, the senior vice president now directly owns 16,849 shares of the company's stock, valued at $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 90 days, insiders sold 21,724 shares of company stock worth $6,856,500. 0.69% of the stock is currently owned by insiders.

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.