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

Victory Capital Management Inc. trimmed its holdings in shares of Reliance, Inc. (NYSE:RS) by 76.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 151,283 shares of the industrial products company’s stock after selling 495,944 shares during the period. Victory Capital Management Inc.’s holdings in Reliance were worth $42,311,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Sequoia Financial Advisors LLC increased its holdings in shares of Reliance by 378.5% during the fourth quarter. Sequoia Financial Advisors LLC now owns 5,919 shares of the industrial products company’s stock valued at $1,655,000 after purchasing an additional 4,682 shares during the period. United Capital Management of KS Inc. grew its holdings in Reliance by 0.8% during the third quarter. United Capital Management of KS Inc. now owns 26,668 shares of the industrial products company’s stock worth $6,993,000 after acquiring an additional 219 shares during the period. Vest Financial LLC grew its holdings in Reliance by 35.2% during the fourth quarter. Vest Financial LLC now owns 47,759 shares of the industrial products company’s stock worth $13,357,000 after acquiring an additional 12,423 shares during the period. Caisse DE Depot ET Placement DU Quebec grew its holdings in Reliance by 15.9% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 210,218 shares of the industrial products company’s stock worth $55,125,000 after acquiring an additional 28,889 shares during the period. Finally, Comerica Bank acquired a new position in Reliance during the third quarter worth about $8,173,000. 79.26% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. KeyCorp lifted their target price on Reliance from $300.00 to $362.00 and gave the stock an “overweight” rating in a report on Friday, February 16th. StockNews.com lowered Reliance from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Citigroup lowered Reliance from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $280.00 to $380.00 in a report on Thursday, April 11th. Finally, BMO Capital Markets decreased their price target on Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a research report on Friday, April 26th.

Reliance Trading Down 0.3 %

NYSE:RS opened at $289.78 on Monday. The company has a quick ratio of 3.21, a current ratio of 5.74 and a debt-to-equity ratio of 0.14. Reliance, Inc. has a 1-year low of $229.12 and a 1-year high of $342.20. The firm has a market capitalization of $16.64 billion, a price-to-earnings ratio of 13.53, a price-to-earnings-growth ratio of 5.08 and a beta of 0.92. The stock has a fifty day simple moving average of $320.99 and a 200 day simple moving average of $293.10.

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

Reliance Dividend Announcement

The firm also recently disclosed 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 is Thursday, May 23rd. This represents a $4.40 dividend on an annualized basis and a yield of 1.52%. Reliance’s payout ratio is presently 20.55%.

Insiders Place Their Bets

In other Reliance news, CEO Karla R. Lewis sold 650 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $322.96, for a total transaction of $209,924.00. Following the completion of the sale, the chief executive officer now directly owns 83,884 shares in the company, valued at approximately $27,091,176.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director James Donald Hoffman sold 40,000 shares of Reliance stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $322.95, for a total transaction of $12,918,000.00. Following the completion of the sale, the director now directly owns 54,042 shares in the company, valued at approximately $17,452,863.90. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Karla R. Lewis sold 650 shares of Reliance stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $322.96, for a total value of $209,924.00. Following the sale, the chief executive officer now owns 83,884 shares of the company’s stock, valued at $27,091,176.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 90,996 shares of company stock worth $29,052,928. 0.69% of the stock is currently owned by company insiders.

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.