Fulton Bank N.A. Increases Stock Position in Reliance, Inc. (NYSE:RS)

Fulton Bank N.A. increased its position in Reliance, Inc. (NYSE:RSFree Report) by 11.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,747 shares of the industrial products company’s stock after buying an additional 177 shares during the quarter. Fulton Bank N.A.’s holdings in Reliance were worth $470,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Quarry LP purchased a new stake in Reliance during the third quarter valued at about $41,000. Versant Capital Management Inc lifted its stake in shares of Reliance by 157.8% in the 4th quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock valued at $58,000 after purchasing an additional 131 shares in the last quarter. UMB Bank n.a. grew its holdings in shares of Reliance by 27.0% during the 3rd 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. National Bank of Canada FI increased its position in Reliance by 17.9% during the 2nd 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 in the last quarter. Finally, Brooklyn Investment Group purchased a new position in Reliance in the third quarter valued at approximately $78,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on RS. The Goldman Sachs Group began coverage on shares of Reliance in a research note on Monday, December 2nd. They set a “neutral” rating and a $341.00 price objective for the company. Wolfe Research raised Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday. KeyCorp reduced their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research note on Monday, October 14th. Finally, BMO Capital Markets lowered 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. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $328.83.

Get Our Latest Stock Report on RS

Insider Activity

In other Reliance news, SVP William A. Smith II sold 6,500 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mark V. Kaminski sold 5,000 shares of Reliance stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $298.01, for a total transaction of $1,490,050.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,724 shares of company stock worth $6,856,500. 0.69% of the stock is currently owned by corporate insiders.

Reliance Trading Down 1.1 %

NYSE:RS opened at $267.27 on Friday. Reliance, Inc. has a one year low of $256.98 and a one year high of $342.20. The business’s 50-day simple moving average is $296.11 and its 200 day simple moving average is $290.05. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 3.31. The stock has a market cap of $14.46 billion, a price-to-earnings ratio of 14.68 and a beta of 0.91.

Reliance (NYSE:RSGet Free Report) last announced its earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). The business had revenue of $3.42 billion during 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%. The business’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same period in the previous year, the company earned $5.00 earnings per share. As a group, sell-side analysts predict that Reliance, Inc. will post 16.42 earnings per share for the current fiscal year.

Reliance Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were given a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 1.65%. The ex-dividend date was Friday, November 22nd. Reliance’s payout ratio is currently 24.16%.

About Reliance

(Free Report)

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.

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Institutional Ownership by Quarter for Reliance (NYSE:RS)

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