Reliance, Inc. $RS Stock Sold by King Luther Capital Management Corp

King Luther Capital Management Corp cut its holdings in shares of Reliance, Inc. (NYSE:RS) by 3.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 120,081 shares of the industrial products company’s stock after selling 3,890 shares during the period. King Luther Capital Management Corp owned 0.24% of Reliance worth $46,201,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. PensionDanmark Pensionsforsikringsaktieselskab boosted its stake in Reliance by 542.5% in the second quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 9,766 shares of the industrial products company’s stock valued at $3,649,000 after acquiring an additional 8,246 shares during the last quarter. Cornerstone Capital Inc. acquired a new stake in Reliance during the 2nd quarter worth $23,725,000. The Manufacturers Life Insurance Company acquired a new stake in Reliance during the 2nd quarter worth $8,808,000. Bank of America Corp DE raised its position in shares of Reliance by 4.9% during the 1st quarter. Bank of America Corp DE now owns 263,191 shares of the industrial products company’s stock valued at $79,989,000 after acquiring an additional 12,282 shares during the last quarter. Finally, NewEdge Advisors LLC raised its position in shares of Reliance by 189.2% during the 2nd quarter. NewEdge Advisors LLC now owns 6,423 shares of the industrial products company’s stock valued at $2,399,000 after acquiring an additional 4,202 shares during the last quarter. Institutional investors own 79.26% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. BMO Capital Markets boosted their target price on Reliance from $390.00 to $415.00 and gave the stock a “market perform” rating in a research report on Monday, July 27th. Barclays upped their price objective on Reliance from $420.00 to $445.00 and gave the stock an “equal weight” rating in a research report on Monday, October 26th. KeyCorp lifted their price objective on shares of Reliance from $421.00 to $437.00 and gave the company an “overweight” rating in a report on Monday, October 26th. Wells Fargo & Company lifted their target price on Reliance from $391.00 to $420.00 and gave the company an “equal weight” rating in a research report on Thursday, October 22nd. Finally, Citigroup upped their target price on shares of Reliance from $420.00 to $460.00 and gave the company a “neutral” rating in a report on Friday, November 6th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Reliance has an average rating of “Hold” and a consensus target price of $407.75.

Reliance Stock Performance

Shares of Reliance stock opened at $430.31 on Thursday. The company has a current ratio of 4.12, a quick ratio of 2.22 and a debt-to-equity ratio of 0.21. The company has a market cap of $21.92 billion, a PE ratio of 20.06, a price-to-earnings-growth ratio of 0.85 and a beta of 0.95. The company has a 50 day moving average of $407.26 and a 200-day moving average of $372.51. Reliance, Inc. has a 1-year low of $263.12 and a 1-year high of $454.93.

Reliance (NYSE:RS) last announced its quarterly earnings data on Wednesday, October 21st. The industrial products company reported $8.02 earnings per share for the quarter, topping the consensus estimate of $6.83 by $1.19. The business had revenue of $5.21 billion during the quarter, compared to the consensus estimate of $4.74 billion. Reliance had a return on equity of 15.31% and a net margin of 6.38%. Reliance’s revenue for the quarter was up 42.8% on a year-over-year basis. During the same period in the prior year, the company earned $3.64 EPS. As a group, equities research analysts forecast that Reliance, Inc. will post 26.54 earnings per share for the current fiscal year.

Reliance Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 4th. Stockholders of record on Friday, November 20th will be paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Friday, November 20th. Reliance’s dividend payout ratio (DPR) is presently 23.31%.

Insider Activity

In related news, COO Stephen Koch sold 8,334 shares of Reliance stock in a transaction that occurred on Tuesday, October 27th. The shares were sold at an average price of $430.87, for a total transaction of $3,590,870.58. Following the sale, the chief operating officer directly owned 8,209 shares of the company’s stock, valued at approximately $3,537,011.83. The trade was a 50.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.40% of the company’s stock.

Reliance Company Profile

Reliance, Inc. is a metal service center company that distributes metals and provides processing services to customers across a range of industries. Its products include carbon steel, stainless steel, aluminum, alloy steel, brass, copper and other metals. The company processes materials to customer specifications through services such as cutting, sawing, slitting, machining, forming and laser, plasma or waterjet cutting. These services help customers prepare metal for use in manufacturing, construction, transportation, energy and other applications.