Sumitomo Mitsui Trust Holdings Inc. Sells 4,293 Shares of Reliance, Inc. (NYSE:RS)

Sumitomo Mitsui Trust Holdings Inc. reduced its stake in Reliance, Inc. (NYSE:RS) by 2.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 143,412 shares of the industrial products company’s stock after selling 4,293 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Reliance were worth $40,109,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Millburn Ridgefield Corp purchased a new stake in Reliance in the 3rd quarter worth $33,000. Catalyst Capital Advisors LLC purchased a new stake in Reliance in the 3rd quarter worth $33,000. Worth Asset Management LLC purchased a new stake in Reliance in the 1st quarter worth $28,000. Altshuler Shaham Ltd increased its stake in Reliance by 183.6% in the 3rd quarter. Altshuler Shaham Ltd now owns 207 shares of the industrial products company’s stock worth $54,000 after buying an additional 134 shares in the last quarter. Finally, Advisory Services Network LLC increased its stake in Reliance by 160.0% in the 1st quarter. Advisory Services Network LLC now owns 221 shares of the industrial products company’s stock worth $57,000 after buying an additional 136 shares in the last quarter. 79.26% of the stock is owned by institutional investors.

Reliance Trading Down 0.2 %

Shares of Reliance stock opened at $319.49 on Friday. The firm has a market cap of $18.35 billion, a price-to-earnings ratio of 14.13, a PEG ratio of 5.63 and a beta of 0.87. The business has a 50-day moving average price of $324.38 and a 200-day moving average price of $290.21. The company has a quick ratio of 3.23, a current ratio of 5.66 and a debt-to-equity ratio of 0.15. Reliance, Inc. has a twelve month low of $229.12 and a twelve month high of $342.20.

Reliance (NYSE:RS) last released its quarterly earnings results on Thursday, February 15th. The industrial products company reported $4.73 EPS for the quarter, topping the consensus estimate of $3.92 by $0.81. The company had revenue of $3.34 billion during the quarter, compared to analyst estimates of $3.31 billion. Reliance had a return on equity of 17.53% and a net margin of 9.02%. The firm’s revenue was down 7.6% on a year-over-year basis. During the same quarter last year, the business posted $5.87 earnings per share. Equities research analysts anticipate that Reliance, Inc. will post 19.51 EPS for the current fiscal year.

Reliance Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Friday, March 8th were given a $1.10 dividend. The ex-dividend date was Thursday, March 7th. This represents a $4.40 annualized dividend and a yield of 1.38%. This is a positive change from Reliance’s previous quarterly dividend of $1.00. Reliance’s dividend payout ratio (DPR) is currently 19.46%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. BMO Capital Markets increased their price target on Reliance from $295.00 to $355.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 20th. KeyCorp raised their price objective on Reliance from $300.00 to $362.00 and gave the company an “overweight” rating in a research report on Friday, February 16th. Finally, Citigroup lowered Reliance from a “buy” rating to a “neutral” rating and raised their price objective for the company from $280.00 to $380.00 in a research report on Thursday, April 11th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Reliance has an average rating of “Moderate Buy” and an average target price of $365.67.

Insider Buying and Selling

In related news, CFO Arthur Ajemyan sold 3,000 shares of Reliance stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total value of $968,850.00. Following the completion of the transaction, the chief financial officer now owns 15,577 shares in the company, valued at $5,030,592.15. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Reliance news, CEO Karla R. Lewis sold 42,346 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $318.97, for a total value of $13,507,103.62. Following the completion of the sale, the chief executive officer now owns 84,534 shares of the company’s stock, valued at $26,963,809.98. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Arthur Ajemyan sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total transaction of $968,850.00. Following the completion of the sale, the chief financial officer now directly owns 15,577 shares of the company’s stock, valued at approximately $5,030,592.15. The disclosure for this sale can be found here. Over the last quarter, insiders sold 85,996 shares of company stock worth $27,603,878. Corporate insiders own 0.69% of the company’s stock.

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.