Empowered Funds LLC Sells 24,986 Shares of Reliance, Inc. (NYSE:RS)

Empowered Funds LLC lessened its holdings in Reliance, Inc. (NYSE:RS) by 89.6% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,913 shares of the industrial products company’s stock after selling 24,986 shares during the quarter. Empowered Funds LLC’s holdings in Reliance were worth $842,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Innealta Capital LLC bought a new position in shares of Reliance during the 2nd quarter worth $28,000. UMB Bank n.a. grew its position in shares of Reliance by 27.0% during the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock worth $72,000 after buying an additional 53 shares in the last quarter. National Bank of Canada FI grew its position in shares of Reliance by 17.9% during the 2nd quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock worth $76,000 after buying an additional 41 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of Reliance during the 2nd quarter worth $117,000. Finally, Covestor Ltd grew its position in shares of Reliance by 17.6% during the 3rd quarter. Covestor Ltd now owns 462 shares of the industrial products company’s stock worth $133,000 after buying an additional 69 shares in the last quarter. Institutional investors own 79.26% of the company’s stock.

Insider Buying and Selling at Reliance

In other news, CFO Arthur Ajemyan sold 6,332 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total value of $2,014,715.76. Following the completion of the transaction, the chief financial officer now directly owns 9,245 shares in the company, valued at $2,941,574.10. This trade represents a 40.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP William A. Smith II sold 6,500 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $321.71, for a total value of $2,091,115.00. Following the completion of the transaction, the senior vice president now 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,832 shares of company stock worth $5,595,881. 0.69% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on RS. KeyCorp dropped their price target on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. BMO Capital Markets decreased their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Reliance has an average rating of “Hold” and a consensus target price of $326.40.

Reliance Trading Up 1.2 %

Reliance stock opened at $319.27 on Friday. The stock has a 50-day moving average of $295.33 and a two-hundred day moving average of $290.78. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 3.31. Reliance, Inc. has a one year low of $261.77 and a one year high of $342.20. The stock has a market cap of $17.28 billion, a PE ratio of 17.53 and a beta of 0.85.

Reliance (NYSE:RS) last released its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). Reliance had a net margin of 7.42% and a return on equity of 13.68%. The business had revenue of $3.42 billion during the quarter, compared to analysts’ expectations of $3.38 billion. During the same quarter last year, the business posted $5.00 earnings per share. The company’s quarterly revenue was down 5.6% compared to the same quarter last year. On average, research analysts anticipate that Reliance, Inc. will post 16.45 EPS for the current fiscal year.

Reliance Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date of this dividend is Friday, November 22nd. Reliance’s dividend payout ratio (DPR) is presently 24.16%.

Reliance 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.