Cable Hill Partners LLC Has $235,000 Holdings in Reliance, Inc. (NYSE:RS)

Cable Hill Partners LLC trimmed its position in shares of Reliance, Inc. (NYSE:RS) by 12.0% during the third quarter, HoldingsChannel reports. The institutional investor owned 814 shares of the industrial products company’s stock after selling 111 shares during the period. Cable Hill Partners LLC’s holdings in Reliance were worth $235,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its stake in Reliance by 4.8% during the second quarter. Dimensional Fund Advisors LP now owns 1,168,880 shares of the industrial products company’s stock worth $333,809,000 after buying an additional 53,747 shares in the last quarter. Acadian Asset Management LLC grew its stake in Reliance by 20.8% during the first quarter. Acadian Asset Management LLC now owns 1,072,200 shares of the industrial products company’s stock worth $358,270,000 after buying an additional 184,509 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Reliance by 19.7% in the 3rd quarter. Principal Financial Group Inc. now owns 472,730 shares of the industrial products company’s stock valued at $136,718,000 after purchasing an additional 77,937 shares in the last quarter. Hsbc Holdings PLC boosted its stake in shares of Reliance by 78.5% in the 2nd quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock valued at $82,816,000 after purchasing an additional 127,422 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its stake in shares of Reliance by 0.3% in the 3rd quarter. Victory Capital Management Inc. now owns 203,156 shares of the industrial products company’s stock valued at $58,755,000 after purchasing an additional 528 shares in the last quarter. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Reliance Stock Performance

NYSE:RS opened at $310.04 on Friday. The company has a fifty day moving average of $290.57 and a 200-day moving average of $289.83. The firm has a market capitalization of $16.78 billion, a P/E ratio of 17.03 and a beta of 0.85. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. Reliance, Inc. has a twelve month low of $261.77 and a twelve month high of $342.20.

Reliance (NYSE:RS) last released its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 earnings per share for the quarter, missing the consensus estimate of $3.66 by ($0.02). The company had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. The business’s revenue was down 5.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $5.00 EPS. As a group, sell-side analysts anticipate that Reliance, Inc. will post 16.45 EPS for the current year.

Reliance Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a $1.10 dividend. The ex-dividend date is Friday, November 22nd. This represents a $4.40 annualized dividend and a dividend yield of 1.42%. Reliance’s dividend payout ratio is currently 24.16%.

Analyst Ratings Changes

RS has been the subject of a number of research reports. BMO Capital Markets dropped their price objective on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Wolfe Research lowered shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target for the company. in a report on Friday, July 26th. Finally, KeyCorp lowered their price target on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Reliance currently has a consensus rating of “Hold” and a consensus target price of $326.40.

Insider Activity

In related news, Director Mark V. Kaminski sold 5,000 shares of Reliance stock in a transaction on Monday, October 28th. The shares were sold at an average price of $298.01, for a total value of $1,490,050.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP William A. Smith II sold 6,500 shares of Reliance 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 completion of the sale, the senior vice president now directly owns 16,849 shares of the company’s stock, valued at approximately $5,420,491.79. The trade was a 27.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 17,832 shares of company stock worth $5,595,881 in the last quarter. 0.69% of the stock is owned by corporate insiders.

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.