PNC Financial Services Group Inc. Has $2.35 Million Stock Position in Reliance, Inc. (NYSE:RS)

PNC Financial Services Group Inc. lessened its position in shares of Reliance, Inc. (NYSE:RSFree Report) by 2.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,397 shares of the industrial products company’s stock after selling 220 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Reliance were worth $2,349,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of RS. Private Advisor Group LLC grew its holdings in shares of Reliance by 12.6% during the 3rd quarter. Private Advisor Group LLC now owns 3,376 shares of the industrial products company’s stock worth $885,000 after purchasing an additional 378 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its holdings in shares of Reliance by 3.4% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 23,618 shares of the industrial products company’s stock worth $6,193,000 after purchasing an additional 780 shares in the last quarter. Lincoln National Corp acquired a new stake in shares of Reliance during the 3rd quarter worth approximately $251,000. Flputnam Investment Management Co. grew its holdings in shares of Reliance by 9.9% during the 3rd quarter. Flputnam Investment Management Co. now owns 8,789 shares of the industrial products company’s stock worth $2,305,000 after purchasing an additional 792 shares in the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its holdings in shares of Reliance by 9.0% during the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 24,700 shares of the industrial products company’s stock worth $6,477,000 after purchasing an additional 2,041 shares in the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on RS shares. BMO Capital Markets decreased their price objective on Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a report on Friday, April 26th. Citigroup downgraded Reliance from a “buy” rating to a “neutral” rating and raised their target price for the stock from $280.00 to $380.00 in a research report on Thursday, April 11th. StockNews.com downgraded Reliance from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. Finally, KeyCorp raised their target price on Reliance from $300.00 to $362.00 and gave the stock an “overweight” rating in a research report on Friday, February 16th.

Check Out Our Latest Stock Report on Reliance

Insider Buying and Selling at Reliance

In other news, CFO Arthur Ajemyan sold 3,000 shares of Reliance stock in a transaction on 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 sale, the chief financial officer now directly owns 15,577 shares of the company’s stock, valued at approximately $5,030,592.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Arthur Ajemyan sold 3,000 shares of Reliance stock in a transaction on 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 sale, the chief financial officer now directly owns 15,577 shares of the company’s stock, valued at approximately $5,030,592.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James Donald Hoffman sold 40,000 shares of Reliance stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $322.95, for a total value of $12,918,000.00. Following the completion of the sale, the director now directly owns 54,042 shares of the company’s stock, valued at $17,452,863.90. The disclosure for this sale can be found here. In the last quarter, insiders sold 63,000 shares of company stock worth $19,721,750. 0.69% of the stock is currently owned by insiders.

Reliance Trading Down 0.3 %

Shares of RS opened at $303.80 on Monday. The stock has a fifty day moving average price of $313.82 and a two-hundred day moving average price of $297.57. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.21 and a current ratio of 5.74. Reliance, Inc. has a 52-week low of $229.12 and a 52-week high of $342.20. The company has a market cap of $17.45 billion, a price-to-earnings ratio of 14.19, a PEG ratio of 6.76 and a beta of 0.92.

Reliance (NYSE:RSGet Free Report) last issued its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.51 by ($0.21). Reliance had a net margin of 8.67% and a return on equity of 16.26%. The business had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.76 billion. During the same quarter in the previous year, the firm posted $6.37 EPS. The company’s revenue for the quarter was down 8.1% compared to the same quarter last year. Analysts predict that Reliance, Inc. will post 19.63 EPS for the current fiscal year.

Reliance Announces Dividend

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 $1.10 dividend. The ex-dividend date of this dividend is Thursday, May 23rd. This represents a $4.40 annualized dividend and a yield of 1.45%. Reliance’s payout ratio is 20.55%.

Reliance Profile

(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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