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

Cornerstone Capital Inc. cut its holdings in shares of Reliance, Inc. (NYSE:RS) by 2.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 84,682 shares of the industrial products company’s stock after selling 2,531 shares during the period. Reliance comprises approximately 2.6% of Cornerstone Capital Inc.’s holdings, making the stock its 13th largest holding. Cornerstone Capital Inc. owned approximately 0.15% of Reliance worth $23,684,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of RS. Millburn Ridgefield Corp bought a new position in Reliance in the 3rd quarter valued at $33,000. Catalyst Capital Advisors LLC bought a new position in Reliance in the 3rd quarter valued at $33,000. Altshuler Shaham Ltd boosted its position in Reliance by 183.6% in the 3rd quarter. Altshuler Shaham Ltd now owns 207 shares of the industrial products company’s stock valued at $54,000 after buying an additional 134 shares during the last quarter. UMB Bank n.a. boosted 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 buying an additional 48 shares during the last quarter. Finally, Blue Trust Inc. boosted its position in Reliance by 187.9% in the 4th quarter. Blue Trust Inc. now owns 285 shares of the industrial products company’s stock valued at $75,000 after buying an additional 186 shares during the last quarter. 79.26% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

RS has been the topic of a number of analyst reports. KeyCorp increased their price target on Reliance from $300.00 to $362.00 and gave the company an “overweight” rating in a research note on Friday, February 16th. Citigroup downgraded Reliance from a “buy” rating to a “neutral” rating and increased their price target for the company from $280.00 to $380.00 in a research note on Thursday, April 11th. StockNews.com downgraded Reliance from a “buy” rating to a “hold” rating in a research note on Friday. Finally, BMO Capital Markets cut their price target on Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a research note on Friday. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $362.33.

Reliance Stock Performance

Shares of Reliance stock opened at $290.62 on Friday. The company has a market capitalization of $16.69 billion, a PE ratio of 13.57, a PEG ratio of 5.12 and a beta of 0.87. Reliance, Inc. has a 12 month low of $229.12 and a 12 month high of $342.20. The company has a current ratio of 5.74, a quick ratio of 3.23 and a debt-to-equity ratio of 0.14. The stock’s fifty day simple moving average is $324.16 and its 200 day simple moving average is $291.60.

Reliance (NYSE:RS) last issued its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.30 EPS for the quarter, missing the consensus estimate of $5.51 by ($0.21). The business had revenue of $3.64 billion for the quarter, compared to analyst estimates of $3.76 billion. Reliance had a return on equity of 16.26% and a net margin of 8.67%. The business’s quarterly revenue was down 8.1% compared to the same quarter last year. During the same period in the previous year, the business posted $6.37 EPS. On average, research analysts predict that Reliance, Inc. will post 19.6 EPS for the current year.

Reliance Announces Dividend

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

Insider Buying and Selling

In other Reliance news, CEO Karla R. Lewis sold 650 shares of Reliance stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $322.96, for a total value of $209,924.00. Following the sale, the chief executive officer now owns 83,884 shares of the company’s stock, valued at approximately $27,091,176.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Reliance news, CEO Karla R. Lewis sold 42,346 shares of Reliance stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $318.97, for a total value of $13,507,103.62. Following the sale, the chief executive officer now owns 84,534 shares of the company’s stock, valued at approximately $26,963,809.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Karla R. Lewis sold 650 shares of Reliance stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $322.96, for a total value of $209,924.00. Following the completion of the sale, the chief executive officer now directly owns 83,884 shares in the company, valued at approximately $27,091,176.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 85,996 shares of company stock valued at $27,603,878. 0.69% of the stock is owned by company insiders.

Reliance 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.