Empower Advisory Group LLC Boosts Stock Holdings in Reliance, Inc. (NYSE:RS)

Empower Advisory Group LLC boosted its stake in shares of Reliance, Inc. (NYSE:RS) by 0.2% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 48,517 shares of the industrial products company’s stock after buying an additional 83 shares during the period. Empower Advisory Group LLC’s holdings in Reliance were worth $14,031,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of RS. Innealta Capital LLC purchased a new position in Reliance during the second quarter valued at $28,000. UMB Bank n.a. grew its stake in Reliance by 27.0% during the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after acquiring an additional 53 shares in the last quarter. National Bank of Canada FI grew its stake in Reliance by 17.9% during the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after acquiring an additional 41 shares in the last quarter. Headlands Technologies LLC purchased a new position in shares of Reliance in the 1st quarter worth $86,000. Finally, International Assets Investment Management LLC purchased a new position in shares of Reliance in the 2nd quarter worth $117,000. 79.26% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Reliance

In related news, Director Mark V. Kaminski sold 5,000 shares of Reliance stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $298.01, for a total transaction of $1,490,050.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Mark V. Kaminski sold 5,000 shares of Reliance stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $298.01, for a total transaction of $1,490,050.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP William A. Smith II sold 6,500 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the completion of the sale, the senior vice president now owns 16,849 shares of the company’s stock, valued at approximately $5,420,491.79. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 17,832 shares of company stock worth $5,595,881 in the last 90 days. 0.69% of the stock is owned by corporate insiders.

Reliance Price Performance

Reliance stock opened at $312.85 on Thursday. The firm has a 50-day moving average price of $289.81 and a 200-day moving average price of $289.69. The firm has a market capitalization of $16.93 billion, a PE ratio of 17.18 and a beta of 0.85. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12. Reliance, Inc. has a 12-month low of $261.77 and a 12-month high of $342.20.

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

Reliance Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a dividend of $1.10 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $4.40 dividend on an annualized basis and a yield of 1.41%. Reliance’s payout ratio is 24.16%.

Analysts Set New Price Targets

A number of equities analysts have commented on RS shares. BMO Capital Markets dropped their price objective on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Wolfe Research cut shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective for the company. in a research note on Friday, July 26th. Finally, KeyCorp dropped their price objective on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research note on Monday, October 14th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, Reliance currently has an average rating of “Hold” and a consensus target price of $326.40.

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.