James Donald Hoffman Sells 5,000 Shares of Reliance, Inc. (NYSE:RS) Stock

Reliance, Inc. (NYSE:RS) Director James Donald Hoffman sold 5,000 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $292.77, for a total transaction of $1,463,850.00. Following the transaction, the director now directly owns 39,042 shares in the company, valued at $11,430,326.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

James Donald Hoffman also recently made the following trade(s):

• On Friday, May 3rd, James Donald Hoffman sold 5,000 shares of Reliance stock. The stock was sold at an average price of $290.04, for a total value of $1,450,200.00.
• On Tuesday, April 30th, James Donald Hoffman sold 5,000 shares of Reliance stock. The shares were sold at an average price of $289.81, for a total value of $1,449,050.00.
• On Tuesday, February 27th, James Donald Hoffman sold 40,000 shares of Reliance stock. The shares were sold at an average price of $322.95, for a total value of $12,918,000.00.

Reliance Stock Down 0.9 %

NYSE RS opened at $292.81 on Thursday. Reliance, Inc. has a 1-year low of $229.12 and a 1-year high of $342.20. The company has a market capitalization of $16.82 billion, a price-to-earnings ratio of 13.68, a PEG ratio of 5.08 and a beta of 0.92. The stock’s 50 day moving average is $319.19 and its two-hundred day moving average is $293.74. The company has a current ratio of 5.74, a quick ratio of 3.21 and a debt-to-equity ratio of 0.14.

Reliance (NYSE:RS) last announced its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.30 EPS for the quarter, missing the consensus estimate of $5.51 by ($0.21). Reliance had a net margin of 8.67% and a return on equity of 16.26%. The company had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.76 billion. During the same period in the prior year, the firm earned $6.37 EPS. Reliance’s quarterly revenue was down 8.1% compared to the same quarter last year. Equities analysts forecast that Reliance, Inc. will post 19.6 earnings per share for the current fiscal year.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 24th will be issued a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 1.50%. The ex-dividend date is Thursday, May 23rd. Reliance’s payout ratio is 20.55%.

Hedge Funds Weigh In On Reliance

Several institutional investors have recently added to or reduced their stakes in RS. Wellington Management Group LLP grew its holdings in shares of Reliance by 2.3% during the fourth quarter. Wellington Management Group LLP now owns 1,224,274 shares of the industrial products company’s stock worth $342,405,000 after purchasing an additional 27,074 shares during the last quarter. First Trust Advisors LP grew its holdings in Reliance by 7.9% during the 4th quarter. First Trust Advisors LP now owns 885,818 shares of the industrial products company’s stock worth $247,746,000 after acquiring an additional 64,895 shares during the last quarter. Invesco Ltd. increased its position in Reliance by 35.4% in the 3rd quarter. Invesco Ltd. now owns 723,755 shares of the industrial products company’s stock valued at $189,790,000 after acquiring an additional 189,326 shares in the last quarter. Northern Trust Corp lifted its position in shares of Reliance by 6.0% during the third quarter. Northern Trust Corp now owns 675,801 shares of the industrial products company’s stock worth $177,215,000 after purchasing an additional 37,971 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Reliance in the fourth quarter valued at approximately $186,693,000. 79.26% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RS. BMO Capital Markets dropped their target price on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a research report on Friday, April 26th. StockNews.com raised Reliance from a “hold” rating to a “buy” rating in a report on Tuesday. KeyCorp upped their target price on Reliance from $300.00 to $362.00 and gave the company an “overweight” rating in a research note on Friday, February 16th. Finally, Citigroup downgraded shares of Reliance from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $280.00 to $380.00 in a research note on Thursday, April 11th.

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.