Dearborn Partners LLC Purchases 3,419 Shares of Reliance, Inc. (NYSE:RS)

by · The Markets Daily

Dearborn Partners LLC raised its position in Reliance, Inc. (NYSE:RS – Free Report) by 4.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 86,406 shares of the industrial products company’s stock after buying an additional 3,419 shares during the period. Dearborn Partners LLC owned 0.16% of Reliance worth $24,989,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of RS. Acadian Asset Management LLC raised its holdings in shares of Reliance by 20.8% in the first quarter. Acadian Asset Management LLC now owns 1,072,200 shares of the industrial products company’s stock valued at $358,270,000 after buying an additional 184,509 shares during the last quarter. Hsbc Holdings PLC raised its stake in shares of Reliance by 78.5% in the second quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock worth $82,816,000 after acquiring an additional 127,422 shares during the last quarter. International Assets Investment Management LLC lifted its position in shares of Reliance by 27,269.0% during the third quarter. International Assets Investment Management LLC now owns 112,213 shares of the industrial products company’s stock worth $32,453,000 after purchasing an additional 111,803 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Reliance by 19.7% during the third quarter. Principal Financial Group Inc. now owns 472,730 shares of the industrial products company’s stock valued at $136,718,000 after purchasing an additional 77,937 shares during the last quarter. Finally, KBC Group NV increased its holdings in shares of Reliance by 68.8% in the third quarter. KBC Group NV now owns 139,660 shares of the industrial products company’s stock valued at $40,391,000 after purchasing an additional 56,933 shares in the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Stock Down 0.9 %

Shares of Reliance stock opened at $310.04 on Friday. Reliance, Inc. has a 12 month low of $261.77 and a 12 month high of $342.20. The business has a fifty day simple moving average of $290.57 and a 200 day simple moving average of $289.83. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. The stock has a market cap of $16.78 billion, a PE ratio of 17.03 and a beta of 0.85.

Reliance (NYSE:RS – Get Free Report) last posted its earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.66 by ($0.02). The company had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. Reliance’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $5.00 earnings per share. Research analysts predict that Reliance, Inc. will post 16.45 EPS for the current year.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a $1.10 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $4.40 annualized dividend and a yield of 1.42%. Reliance’s dividend payout ratio (DPR) is presently 24.16%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on RS. KeyCorp decreased their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. BMO Capital Markets decreased their price target on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Finally, Wolfe Research cut Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective for the company. in a report on Friday, July 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $326.40.

View Our Latest Stock Report on RS

Insider Transactions at Reliance

In related news, Director Mark V. Kaminski sold 5,000 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $298.01, for a total transaction of $1,490,050.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP William A. Smith II sold 6,500 shares of the business’s stock in a transaction on 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 completion of the sale, the senior vice president now directly owns 16,849 shares in the company, valued at $5,420,491.79. This represents a 27.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,832 shares of company stock valued at $5,595,881 over the last three months. 0.69% of the stock is currently owned by corporate 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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