Zions Bancorporation N.A. Buys 796 Shares of Reliance, Inc. (NYSE:RS)

Zions Bancorporation N.A. lifted its holdings in shares of Reliance, Inc. (NYSE:RS) by 16.9% during the third quarter, HoldingsChannel reports. The firm owned 5,493 shares of the industrial products company’s stock after purchasing an additional 796 shares during the quarter. Zions Bancorporation N.A.’s holdings in Reliance were worth $1,589,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the business. KBC Group NV grew its holdings in Reliance by 68.8% during the 3rd quarter. KBC Group NV now owns 139,660 shares of the industrial products company’s stock valued at $40,391,000 after buying an additional 56,933 shares in the last quarter. Oppenheimer & Co. Inc. grew its holdings in Reliance by 10.8% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 872 shares of the industrial products company’s stock valued at $252,000 after buying an additional 85 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Reliance by 0.3% during the 3rd quarter. Victory Capital Management Inc. now owns 203,156 shares of the industrial products company’s stock valued at $58,755,000 after buying an additional 528 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in Reliance by 1.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 127,806 shares of the industrial products company’s stock valued at $36,963,000 after buying an additional 1,696 shares in the last quarter. Finally, United Capital Management of KS Inc. grew its holdings in Reliance by 3.2% during the 3rd quarter. United Capital Management of KS Inc. now owns 30,737 shares of the industrial products company’s stock valued at $8,890,000 after buying an additional 943 shares in the last quarter. 79.26% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Reliance

In other news, SVP William A. Smith II sold 6,500 shares of the business’s stock in a transaction that occurred on 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 sale, the senior vice president now directly owns 16,849 shares in the company, valued at $5,420,491.79. The trade was a 27.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Mark V. Kaminski sold 5,000 shares of the business’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $298.01, for a total value of $1,490,050.00. The disclosure for this sale can be found here. Insiders have sold 17,832 shares of company stock worth $5,595,881 over the last quarter. Insiders own 0.69% of the company’s stock.

Analysts Set New Price Targets

RS has been the subject of a number of recent analyst reports. KeyCorp reduced their target price on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a report on Monday, October 14th. Wolfe Research lowered Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective for the company. in a report on Friday, July 26th. Finally, BMO Capital Markets cut their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a report on Friday, October 25th. 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $326.40.

Reliance Stock Performance

NYSE RS opened at $310.04 on Friday. The stock has a market capitalization of $16.78 billion, a PE ratio of 17.03 and a beta of 0.85. Reliance, Inc. has a 1-year low of $261.77 and a 1-year high of $342.20. The business has a 50 day simple moving average of $290.57 and a two-hundred day simple moving average of $289.83. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58.

Reliance (NYSE:RS) last released its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). The business had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. Reliance’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $5.00 earnings per share. On average, research analysts predict that Reliance, Inc. will post 16.45 EPS for the current fiscal 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 given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date of this dividend is Friday, November 22nd. Reliance’s payout ratio is currently 24.16%.

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.