Reliance, Inc. (NYSE:RS) Shares Sold by CIBC Asset Management Inc

CIBC Asset Management Inc lowered its stake in shares of Reliance, Inc. (NYSE:RSFree Report) by 3.0% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 2,710 shares of the industrial products company’s stock after selling 84 shares during the period. CIBC Asset Management Inc’s holdings in Reliance were worth $758,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Jump Financial LLC acquired a new position in Reliance in the 3rd quarter valued at about $247,000. Massachusetts Financial Services Co. MA grew its holdings in shares of Reliance by 0.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 13,293 shares of the industrial products company’s stock valued at $3,486,000 after purchasing an additional 86 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in Reliance by 16.2% during the 3rd quarter. Janney Montgomery Scott LLC now owns 18,900 shares of the industrial products company’s stock worth $4,956,000 after buying an additional 2,635 shares during the period. Pathstone Family Office LLC lifted its holdings in Reliance by 51.4% during the 3rd quarter. Pathstone Family Office LLC now owns 4,065 shares of the industrial products company’s stock worth $1,066,000 after buying an additional 1,380 shares in the last quarter. Finally, HighTower Advisors LLC boosted its position in Reliance by 4.0% in the 3rd quarter. HighTower Advisors LLC now owns 98,249 shares of the industrial products company’s stock valued at $25,749,000 after buying an additional 3,813 shares during the period. Institutional investors and hedge funds own 79.26% of the company’s stock.

Insider Activity

In related news, Director James Donald Hoffman sold 5,000 shares of Reliance stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $289.81, for a total transaction of $1,449,050.00. Following the sale, the director now directly owns 49,042 shares in the company, valued at approximately $14,212,862.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director James Donald Hoffman sold 5,000 shares of the company’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $289.81, for a total value of $1,449,050.00. Following the completion of the sale, the director now directly owns 49,042 shares of the company’s stock, valued at approximately $14,212,862.02. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Stephen Paul Koch sold 20,421 shares of Reliance stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $295.38, for a total value of $6,031,954.98. Following the transaction, the chief operating officer now directly owns 7,552 shares in the company, valued at approximately $2,230,709.76. The disclosure for this sale can be found here. In the last quarter, insiders sold 40,421 shares of company stock worth $11,866,855. Corporate insiders own 0.69% of the company’s stock.

Reliance Stock Down 0.9 %

Reliance stock opened at $286.96 on Monday. The stock has a market cap of $16.48 billion, a PE ratio of 13.40, a P/E/G ratio of 6.38 and a beta of 0.90. The company has a debt-to-equity ratio of 0.14, a current ratio of 5.74 and a quick ratio of 3.21. The stock’s fifty day moving average is $306.74 and its two-hundred day moving average is $299.14. Reliance, Inc. has a 1-year low of $237.14 and a 1-year high of $342.20.

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

Reliance Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 24th were given a dividend of $1.10 per share. The ex-dividend date was Thursday, May 23rd. This represents a $4.40 annualized dividend and a dividend yield of 1.53%. Reliance’s dividend payout ratio is presently 20.55%.

Analyst Upgrades and Downgrades

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

Read Our Latest Research Report on Reliance

Reliance Company 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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