Mark V. Kaminski, a director at Reliance, Inc. (NYSE:RS), recently sold shares worth approximately $2,029,448. According to a recent SEC filing, Kaminski disposed of 5,000 shares of common stock at a weighted average price of $298.01 per share on October 28. Following this transaction, Kaminski no longer holds any shares directly. Additionally, Kaminski sold another 1,810 shares at the same average price, with ownership attributed indirectly through the Elizabeth S. Kaminski Gift Trust.
These transactions highlight significant movement in Kaminski's holdings, as he has reduced his direct ownership to zero.
In other recent news, Reliance, Inc. has reported a steady Q3 performance, even amid challenging market conditions. The company's non-GAAP earnings per diluted share reached $3.64, reflecting a 21.7% decrease from the previous quarter. Despite these hurdles, Reliance has remained focused on growth, completing four acquisitions and repurchasing a substantial portion of its common stock.
Cash flow from operations stood at $463.9 million, with $112.8 million in capital expenditures. The company also announced a $1.5 billion share repurchase plan refresh, demonstrating its commitment to delivering value to shareholders.
Looking ahead, the company projects a decrease in tons sold and a drop in average selling prices for Q4. However, management remains optimistic about demand in 2025, given anticipated lower interest rates and the post-Presidential election climate. These are among the recent developments for Reliance, Inc.
InvestingPro Insights
Recent insider selling by Mark V. Kaminski at Reliance, Inc. (NYSE:RS) comes at a time when the company's stock is trading at 84.63% of its 52-week high, with a current price of $294.35. This price point is interestingly close to InvestingPro's fair value estimate of $294.75, suggesting the stock may be fairly valued at present.
Despite the insider selling, Reliance's financial metrics paint a picture of a company with solid fundamentals. The company boasts a P/E ratio of 15.77, indicating a reasonable valuation relative to earnings. Additionally, Reliance has demonstrated a commitment to shareholder returns, with a dividend yield of 1.52% and an impressive dividend growth rate of 10% over the last twelve months as of Q3 2024.
InvestingPro Tips highlight that Reliance has raised its dividend for 13 consecutive years, underscoring the company's financial stability and commitment to returning value to shareholders. Another tip notes that analysts have recently revised their earnings expectations upwards, which could signal positive sentiment about the company's future performance.
These insights are just a sample of the valuable information available on InvestingPro. Subscribers can access 14 additional tips for Reliance, Inc., providing a more comprehensive view of the company's financial health and market position.
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