Dai ichi Life Insurance Company Ltd Sells 5,351 Shares of Reliance, Inc. (NYSE:RS)

by · The Cerbat Gem

Dai ichi Life Insurance Company Ltd lessened its stake in Reliance, Inc. (NYSE:RS – Free Report) by 30.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 12,316 shares of the industrial products company’s stock after selling 5,351 shares during the quarter. Dai ichi Life Insurance Company Ltd’s holdings in Reliance were worth $3,562,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Janus Henderson Group PLC boosted its holdings in shares of Reliance by 96.6% during the 1st quarter. Janus Henderson Group PLC now owns 4,981 shares of the industrial products company’s stock valued at $1,664,000 after purchasing an additional 2,447 shares during the last quarter. California State Teachers Retirement System grew its holdings in Reliance by 6.1% during the 1st quarter. California State Teachers Retirement System now owns 122,254 shares of the industrial products company’s stock valued at $40,855,000 after buying an additional 7,058 shares in the last quarter. Tidal Investments LLC grew its holdings in Reliance by 25.5% during the 1st quarter. Tidal Investments LLC now owns 7,236 shares of the industrial products company’s stock valued at $2,425,000 after buying an additional 1,469 shares in the last quarter. Comerica Bank increased its stake in Reliance by 2.7% in the 1st quarter. Comerica Bank now owns 32,217 shares of the industrial products company’s stock worth $10,766,000 after acquiring an additional 854 shares during the last quarter. Finally, iA Global Asset Management Inc. raised its holdings in shares of Reliance by 4.5% during the 1st quarter. iA Global Asset Management Inc. now owns 4,408 shares of the industrial products company’s stock worth $1,473,000 after acquiring an additional 188 shares in the last quarter. Institutional investors own 79.26% of the company’s stock.

Reliance Stock Performance

Shares of NYSE:RS opened at $322.10 on Wednesday. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12. Reliance, Inc. has a 12 month low of $261.77 and a 12 month high of $342.20. The company has a market capitalization of $17.43 billion, a price-to-earnings ratio of 17.69 and a beta of 0.85. The firm’s 50-day moving average is $296.20 and its 200 day moving average is $290.96.

Reliance (NYSE:RS – Get Free Report) last released its earnings results on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). Reliance had a net margin of 7.42% and a return on equity of 13.68%. The business had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.38 billion. During the same period in the prior year, the company posted $5.00 EPS. The company’s quarterly revenue was down 5.6% compared to the same quarter last year. Research analysts predict that Reliance, Inc. will post 16.42 EPS for the current year.

Reliance Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date is Friday, November 22nd. Reliance’s dividend payout ratio is currently 24.16%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on RS. BMO Capital Markets cut their target price on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a report on Friday, October 25th. KeyCorp reduced their target price on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $326.40.

Check Out Our Latest Analysis on RS

Insider Activity

In other Reliance news, SVP William A. Smith II sold 6,500 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the transaction, the senior vice president now owns 16,849 shares of the company’s stock, valued at approximately $5,420,491.79. This trade represents a 27.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Mark V. Kaminski sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $298.01, for a total transaction of $1,490,050.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,832 shares of company stock valued at $5,595,881. 0.69% of the stock is currently owned by company insiders.

About Reliance

(Free Report)

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.

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