Reliance, Inc. $RS Stock: King Luther Capital Management Corp Cuts Holdings

King Luther Capital Management Corp trimmed its stake in Reliance, Inc. (NYSE:RS) by 3.1% in the third quarter, according to its most recent Form 13F filing with the Securities & 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’s holdings in Reliance were worth $46,201,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. XXEC Inc. bought a new position in shares of Reliance during the second quarter worth about $127,493,000. BlackRock Inc. bought a new stake in Reliance in the second quarter valued at approximately $2,171,081,000. Bank of New York Mellon Corp acquired a new position in shares of Reliance in the 2nd quarter worth approximately $176,913,000. William Blair Investment Management LLC acquired a new position in shares of Reliance in the 2nd quarter worth approximately $142,900,000. Finally, Corient Private Wealth LP bought a new stake in shares of Reliance in the 2nd quarter valued at $129,799,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Stock Performance

Shares of RS stock opened at $430.31 on Thursday. The company has a market cap of $21.92 billion, a price-to-earnings ratio of 20.06, a price-to-earnings-growth ratio of 0.85 and a beta of 0.95. Reliance, Inc. has a 52 week low of $263.12 and a 52 week high of $454.93. The company has a quick ratio of 2.22, a current ratio of 4.12 and a debt-to-equity ratio of 0.21. The firm has a 50 day moving average of $407.26 and a 200-day moving average of $372.51.

Reliance (NYSE:RS) last released its earnings results on Wednesday, October 21st. The industrial products company reported $8.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.83 by $1.19. The company had revenue of $5.21 billion for the quarter, compared to the consensus estimate of $4.74 billion. Reliance had a net margin of 6.38% and a return on equity of 15.31%. Reliance’s quarterly revenue was up 42.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.64 EPS. On average, equities analysts forecast that Reliance, Inc. will post 26.54 earnings per share for the current year.

Reliance Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on RS shares. Barclays lifted their target price on shares of Reliance from $420.00 to $445.00 and gave the stock an “equal weight” rating in a research note on Monday, October 26th. JPMorgan Chase & Co. upped their price target on shares of Reliance from $400.00 to $420.00 and gave the company a “neutral” rating in a research report on Wednesday, October 28th. Weiss Ratings downgraded Reliance from a “buy (b)” rating to a “hold (c)” rating in a report on Wednesday, October 28th. Citigroup increased their price target on Reliance from $420.00 to $460.00 and gave the stock a “neutral” rating in a report on Friday, November 6th. Finally, KeyCorp boosted their price objective on Reliance from $421.00 to $437.00 and gave the company an “overweight” rating in a research note on Monday, October 26th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $407.75.

Insiders Place Their Bets

In other news, COO Stephen Koch sold 8,334 shares of the company’s stock in a transaction dated 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 transaction, the chief operating officer owned 8,209 shares in the company, valued at approximately $3,537,011.83. This represents a 50.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.40% of the company’s stock.

Reliance 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.