Reliance, Inc. (NYSE:RS) Shares Sold by Cornerstone Capital Inc.

Cornerstone Capital Inc. decreased its position in Reliance, Inc. (NYSE:RS) by 2.2% in the 3rd quarter, Holdings Channel reports. The fund owned 76,880 shares of the industrial products company’s stock after selling 1,709 shares during the period. Reliance accounts for 2.1% of Cornerstone Capital Inc.’s holdings, making the stock its 17th biggest holding. Cornerstone Capital Inc.’s holdings in Reliance were worth $22,234,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Trust Point Inc. boosted its holdings in Reliance by 3.6% in the third quarter. Trust Point Inc. now owns 972 shares of the industrial products company’s stock valued at $281,000 after purchasing an additional 34 shares during the last quarter. National Bank of Canada FI boosted its stake in shares of Reliance by 17.9% during the 2nd quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after buying an additional 41 shares during the last quarter. Fulton Bank N.A. grew its position in shares of Reliance by 3.1% during the third quarter. Fulton Bank N.A. now owns 1,570 shares of the industrial products company’s stock worth $454,000 after buying an additional 47 shares in the last quarter. Consolidated Planning Corp increased its stake in shares of Reliance by 7.1% in the second quarter. Consolidated Planning Corp now owns 752 shares of the industrial products company’s stock worth $215,000 after buying an additional 50 shares during the last quarter. Finally, UMB Bank n.a. raised its holdings in Reliance by 27.0% in the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after acquiring an additional 53 shares in the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Reliance Stock Performance

NYSE RS traded up $0.37 during trading hours on Tuesday, reaching $289.41. The company’s stock had a trading volume of 20,666 shares, compared to its average volume of 316,245. The stock has a market cap of $15.66 billion, a PE ratio of 15.72 and a beta of 0.85. The business has a 50-day simple moving average of $284.70 and a 200 day simple moving average of $289.15. Reliance, Inc. has a 52 week low of $261.77 and a 52 week 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) last issued its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 EPS 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 return on equity of 13.68% and a net margin of 7.42%. Reliance’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $5.00 earnings per share. Equities research analysts predict that Reliance, Inc. will post 16.96 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a $1.10 dividend. The ex-dividend date is Friday, November 22nd. This represents a $4.40 annualized dividend and a yield of 1.52%. Reliance’s dividend payout ratio is presently 24.16%.

Insider Buying and Selling at Reliance

In other news, Director Mark V. Kaminski sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $298.01, for a total transaction of $1,490,050.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.69% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on RS shares. BMO Capital Markets cut their target price on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. KeyCorp cut 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, Wolfe Research downgraded Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price on the stock. in a report on Friday, July 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Reliance presently has a consensus rating of “Hold” and an average price target of $326.40.

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.