Truist Financial Corp Trims Stock Position in Reliance, Inc. (NYSE:RS)

Truist Financial Corp decreased its position in shares of Reliance, Inc. (NYSE:RS) by 16.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,966 shares of the industrial products company’s stock after selling 1,329 shares during the quarter. Truist Financial Corp’s holdings in Reliance were worth $1,948,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. SG Americas Securities LLC boosted its stake in Reliance by 113.0% during the 3rd quarter. SG Americas Securities LLC now owns 1,706 shares of the industrial products company’s stock worth $447,000 after purchasing an additional 905 shares during the period. Raymond James Financial Services Advisors Inc. grew its holdings in shares of Reliance by 46.5% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 10,057 shares of the industrial products company’s stock worth $2,637,000 after buying an additional 3,194 shares during the last quarter. Mackenzie Financial Corp increased its position in Reliance by 14.6% in the 3rd quarter. Mackenzie Financial Corp now owns 7,038 shares of the industrial products company’s stock valued at $1,796,000 after acquiring an additional 894 shares during the period. Advisor Partners II LLC raised its stake in Reliance by 47.5% during the 3rd quarter. Advisor Partners II LLC now owns 2,985 shares of the industrial products company’s stock valued at $783,000 after acquiring an additional 961 shares during the last quarter. Finally, Park Avenue Securities LLC acquired a new stake in Reliance during the 3rd quarter worth approximately $628,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Price Performance

Shares of NYSE RS opened at $295.51 on Friday. The company’s fifty day moving average is $318.69 and its two-hundred day moving average is $293.75. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.21 and a current ratio of 5.74. The firm has a market capitalization of $16.97 billion, a P/E ratio of 13.80, a PEG ratio of 5.08 and a beta of 0.92. Reliance, Inc. has a one year low of $229.12 and a one year high of $342.20.

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

Reliance Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 24th will be given a dividend of $1.10 per share. The ex-dividend date of this dividend is Thursday, May 23rd. This represents a $4.40 dividend on an annualized basis and a yield of 1.49%. Reliance’s payout ratio is 20.55%.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Reliance

In other Reliance news, Director James Donald Hoffman sold 5,000 shares of Reliance stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $292.77, for a total transaction of $1,463,850.00. Following the completion of the transaction, the director now owns 39,042 shares in the company, valued at $11,430,326.34. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CEO Karla R. Lewis sold 42,346 shares of Reliance stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $318.97, for a total transaction of $13,507,103.62. Following the completion of the sale, the chief executive officer now owns 84,534 shares in the company, valued at approximately $26,963,809.98. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director James Donald Hoffman sold 5,000 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $292.77, for a total transaction of $1,463,850.00. Following the completion of the transaction, the director now directly owns 39,042 shares of the company’s stock, valued at approximately $11,430,326.34. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 100,996 shares of company stock valued at $31,966,978. 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.