Reliance (NYSE:RS) COO Stephen Paul Koch Sells 8,334 Shares of Company Stock

Key Points

• COO Stephen Paul Koch sold 8,334 Reliance shares at an average price of $430.87, generating approximately $3.59 million. His remaining ownership fell by 50.38% to 8,209 shares.
• Reliance reported strong quarterly results, with EPS of $8.02 beating estimates by $1.19 and revenue of $5.21 billion, up 42.8% year over year.
• The company declared a quarterly dividend of $1.25 per share, or $5.00 annualized, representing a 1.1% yield. Analysts maintained a generally neutral outlook, with an average rating of “Hold” and a $400.29 target price.

Reliance, Inc. (NYSE:RS - Get Free Report) COO Stephen Koch sold 8,334 shares of the business's stock in a transaction 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 transaction, the chief operating officer owned 8,209 shares of the company's stock, valued at $3,537,011.83. This represents a 50.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Reliance Stock Performance

NYSE:RS traded up $4.93 during mid-day trading on Wednesday, hitting $437.72. The company's stock had a trading volume of 433,950 shares, compared to its average volume of 342,478. Reliance, Inc. has a 1 year low of $263.12 and a 1 year high of $438.99. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.12 and a quick ratio of 2.22. The stock has a market cap of $22.35 billion, a price-to-earnings ratio of 20.41, a PEG ratio of 0.89 and a beta of 0.95. The business's fifty day moving average is $398.07 and its two-hundred day moving average is $366.28.

Reliance (NYSE:RS - Get Free Report) last released its quarterly earnings data on Wednesday, October 21st. The industrial products company reported $8.02 earnings per share for the quarter, beating analysts' consensus estimates of $6.83 by $1.19. The business had revenue of $5.21 billion during the quarter, compared to analyst estimates of $4.74 billion. Reliance had a return on equity of 15.31% and a net margin of 6.38%. The company's revenue was up 42.8% on a year-over-year basis. During the same quarter last year, the business posted $3.64 EPS. Analysts anticipate that Reliance, Inc. will post 24.63 EPS for the current fiscal year.

Reliance Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 4th. Stockholders of record on Friday, November 20th will be paid a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, November 20th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.1%. Reliance's dividend payout ratio (DPR) is presently 23.31%.

Analyst Ratings Changes

RS has been the topic of a number of recent analyst reports. BMO Capital Markets increased their price target on shares of Reliance from $390.00 to $415.00 and gave the stock a "market perform" rating in a report on Monday, July 27th. Wells Fargo & Company raised their price target on shares of Reliance from $391.00 to $420.00 and gave the company an "equal weight" rating in a research report on Thursday, October 22nd. 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. Citigroup reiterated a "neutral" rating on shares of Reliance in a research report on Wednesday, July 29th. Finally, Weiss Ratings raised shares of Reliance from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Reliance has an average rating of "Hold" and an average target price of $400.29.

Institutional Investors Weigh In On Reliance

A number of institutional investors have recently added to or reduced their stakes in RS. XXEC Inc. purchased a new position in Reliance during the second quarter valued at $127,493,000. BlackRock Inc. purchased a new stake in shares of Reliance during the second quarter worth about $2,171,081,000. Bank of New York Mellon Corp acquired a new position in shares of Reliance during the 2nd quarter worth about $176,913,000. William Blair Investment Management LLC acquired a new position in shares of Reliance during the 2nd quarter worth about $142,900,000. Finally, Corient Private Wealth LP purchased a new position in Reliance in the 2nd quarter valued at about $129,799,000. Institutional investors and hedge funds own 79.26% of the company's stock.

Trending Headlines about Reliance

Here are the key news stories impacting Reliance this week:

• Positive Sentiment: JPMorgan Chase raised its price target for Reliance, Inc. (RS) from $400 to $420, signaling improved valuation support. However, the firm retained a neutral rating. JPMorgan Reliance price-target update
• Neutral Sentiment: Multiple reports said Jio Platforms’ strong IPO debut helped Reliance Industries overtake Tata Group as India’s most valuable conglomerate. These developments relate to Reliance Industries, not Reliance, Inc. (RS), so they are unlikely to be a direct catalyst for RS shares. Jio IPO and Reliance Industries valuation
• Neutral Sentiment: Jio Platforms debuted at a premium of roughly 21% following its Rs. 30,213 crore IPO, generating favorable coverage of wealth creation for Reliance Industries shareholders. The event does not involve RS’s operations or financial results. Jio Platforms IPO debut
• Neutral Sentiment: A VA Tech Wabag contract reportedly came from Reliance Industries. Because the customer is not Reliance, Inc. (RS), the order should have no direct earnings impact on RS. VA Tech Wabag Reliance Industries order

Reliance Company Profile

Reliance, Inc NYSE: RS is a diversified metals service center company that supplies processed metal products and related services to industrial manufacturers, fabricators, and other commercial customers. Its product offerings include carbon steel, stainless steel, aluminum, copper, brass, and other specialty metals.

The company provides value-added processing services such as cutting, slitting, leveling, blanking, machining, forming, and precision sawing. These services allow customers to purchase metals in customized sizes and specifications, helping reduce their need for in-house processing and inventory management.

Founded in 1939, Reliance serves a broad range of industries, including nonresidential construction, transportation, aerospace and defense, energy, electronics, machinery, and general manufacturing.

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