TD Private Client Wealth LLC Purchases 376 Shares of Reliance, Inc. (NYSE:RS)

TD Private Client Wealth LLC lifted its position in Reliance, Inc. (NYSE:RS) by 15.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,819 shares of the industrial products company’s stock after purchasing an additional 376 shares during the quarter. TD Private Client Wealth LLC’s holdings in Reliance were worth $815,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in RS. Innealta Capital LLC bought a new position in Reliance in the 2nd quarter worth about $28,000. Quarry LP bought a new position in shares of Reliance in the third quarter worth approximately $41,000. UMB Bank n.a. raised its stake in Reliance by 27.0% in the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after purchasing an additional 53 shares in the last quarter. National Bank of Canada FI lifted its position 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 purchasing an additional 41 shares during the last quarter. Finally, Brooklyn Investment Group purchased a new position in Reliance in the 3rd quarter worth approximately $78,000. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on RS shares. The Goldman Sachs Group assumed coverage on shares of Reliance in a report on Monday, December 2nd. They set a “neutral” rating and a $341.00 price objective for the company. BMO Capital Markets dropped their price target on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Finally, KeyCorp cut their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Reliance has a consensus rating of “Hold” and an average target price of $328.83.

Insider Activity at Reliance

In related news, SVP William A. Smith II sold 6,500 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the transaction, the senior vice president now owns 16,849 shares in the company, valued at $5,420,491.79. The trade was a 27.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Karla R. Lewis sold 3,892 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $323.90, for a total value of $1,260,618.80. Following the completion of the sale, the chief executive officer now owns 85,117 shares of the company’s stock, valued at approximately $27,569,396.30. This trade represents a 4.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 21,724 shares of company stock worth $6,856,500 in the last three months. 0.69% of the stock is owned by insiders.

Reliance Stock Performance

NYSE RS opened at $292.16 on Friday. The firm has a market cap of $15.81 billion, a price-to-earnings ratio of 16.04 and a beta of 0.87. The company has a 50-day simple moving average of $303.64 and a two-hundred day simple moving average of $292.30. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. Reliance, Inc. has a 12-month low of $264.99 and a 12-month high of $342.20.

Reliance (NYSE:RS) last issued its earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share for the quarter, missing the consensus estimate of $3.66 by ($0.02). The company had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. The company’s revenue was down 5.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $5.00 earnings per share. On average, equities analysts forecast that Reliance, Inc. will post 16.42 EPS for the current year.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were paid a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 1.51%. The ex-dividend date of this dividend was Friday, November 22nd. Reliance’s payout ratio is 24.16%.

About Reliance

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.