Cornerstone Capital Inc. Sells 2,531 Shares of Reliance, Inc. (NYSE:RS)

Cornerstone Capital Inc. lessened its stake in shares of Reliance, Inc. (NYSE:RS) by 2.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 84,682 shares of the industrial products company’s stock after selling 2,531 shares during the quarter. Reliance comprises 2.6% of Cornerstone Capital Inc.’s investment portfolio, making the stock its 13th biggest holding. Cornerstone Capital Inc.’s holdings in Reliance were worth $23,684,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently made changes to their positions in RS. Lindbrook Capital LLC lifted its position in Reliance by 8.4% in the 4th quarter. Lindbrook Capital LLC now owns 480 shares of the industrial products company’s stock valued at $134,000 after acquiring an additional 37 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in Reliance by 11.0% in the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 444 shares of the industrial products company’s stock valued at $116,000 after acquiring an additional 44 shares in the last quarter. Paulson Wealth Management Inc. lifted its position in Reliance by 3.3% in the 3rd quarter. Paulson Wealth Management Inc. now owns 1,361 shares of the industrial products company’s stock valued at $357,000 after acquiring an additional 44 shares in the last quarter. UMB Bank n.a. lifted its position in Reliance by 26.4% in the 3rd quarter. UMB Bank n.a. now owns 230 shares of the industrial products company’s stock valued at $60,000 after acquiring an additional 48 shares in the last quarter. Finally, Arizona State Retirement System lifted its position in Reliance by 0.3% in the 4th quarter. Arizona State Retirement System now owns 16,094 shares of the industrial products company’s stock valued at $4,501,000 after acquiring an additional 54 shares in the last quarter. Institutional investors own 79.26% of the company’s stock.

Insider Transactions at Reliance

In other news, CFO Arthur Ajemyan sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $322.95, for a total transaction of $968,850.00. Following the completion of the sale, the chief financial officer now owns 15,577 shares in the company, valued at approximately $5,030,592.15. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CFO Arthur Ajemyan sold 3,000 shares of Reliance stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $322.95, for a total value of $968,850.00. Following the completion of the transaction, the chief financial officer now directly owns 15,577 shares in the company, valued at approximately $5,030,592.15. The transaction was disclosed in a document filed 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 that occurred on Tuesday, February 27th. The shares were sold at an average price of $322.95, for a total transaction of $12,918,000.00. Following the completion of the transaction, the director now owns 54,042 shares of the company’s stock, valued at $17,452,863.90. The disclosure for this sale can be found here. Insiders sold a total of 85,996 shares of company stock worth $27,603,878 in the last quarter. Insiders own 0.69% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on RS shares. Citigroup cut shares of Reliance from a “buy” rating to a “neutral” rating and raised their price target for the company from $280.00 to $380.00 in a research report on Thursday, April 11th. BMO Capital Markets dropped their target price on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a research report on Friday. StockNews.com cut shares of Reliance from a “buy” rating to a “hold” rating in a research report on Friday. Finally, KeyCorp lifted their target price on shares of Reliance from $300.00 to $362.00 and gave the stock an “overweight” rating in a research report on Friday, February 16th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $362.33.

Reliance Price Performance

Reliance stock opened at $290.62 on Friday. Reliance, Inc. has a 52 week low of $229.12 and a 52 week high of $342.20. The company’s 50 day moving average price is $324.16 and its two-hundred day moving average price is $291.60. The company has a quick ratio of 3.23, a current ratio of 5.74 and a debt-to-equity ratio of 0.14. The stock has a market cap of $16.69 billion, a P/E ratio of 13.57, a P/E/G ratio of 5.12 and a beta of 0.87.

Reliance (NYSE:RS) last issued its quarterly earnings results 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 return on equity of 16.26% and a net margin of 8.67%. The company had revenue of $3.64 billion for the quarter, compared to analysts’ expectations of $3.76 billion. During the same quarter in the previous year, the business earned $6.37 EPS. The company’s revenue for the quarter was down 8.1% on a year-over-year basis. On average, equities analysts predict that Reliance, Inc. will post 19.6 earnings per share for the current year.

Reliance Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 24th will be paid a dividend of $1.10 per share. The ex-dividend date of this dividend is Thursday, May 23rd. This represents a $4.40 annualized dividend and a dividend yield of 1.51%. Reliance’s payout ratio is currently 20.55%.

Reliance Company 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.