Connor Clark & Lunn Investment Management Ltd. Acquires New Position in Reliance, Inc. (NYSE:RS)

Connor Clark & Lunn Investment Management Ltd. bought a new position in Reliance, Inc. (NYSE:RS) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 14,475 shares of the industrial products company’s stock, valued at approximately $4,186,000.

Several other institutional investors and hedge funds have also recently modified their holdings of RS. UniSuper Management Pty Ltd boosted its stake in shares of Reliance by 100.0% during the first quarter. UniSuper Management Pty Ltd now owns 800 shares of the industrial products company’s stock valued at $267,000 after purchasing an additional 400 shares in the last quarter. Zurich Insurance Group Ltd FI purchased a new position in shares of Reliance in the 1st quarter valued at $1,637,000. Janus Henderson Group PLC raised its position in shares of Reliance by 96.6% in the 1st quarter. Janus Henderson Group PLC now owns 4,981 shares of the industrial products company’s stock worth $1,664,000 after acquiring an additional 2,447 shares in the last quarter. California State Teachers Retirement System boosted its position in Reliance by 6.1% during the first quarter. California State Teachers Retirement System now owns 122,254 shares of the industrial products company’s stock valued at $40,855,000 after purchasing an additional 7,058 shares in the last quarter. Finally, Tidal Investments LLC grew its stake in Reliance by 25.5% in the first quarter. Tidal Investments LLC now owns 7,236 shares of the industrial products company’s stock valued at $2,425,000 after purchasing an additional 1,469 shares during the last quarter. Institutional investors own 79.26% of the company’s stock.

Analyst Ratings Changes

RS has been the topic of a number of analyst reports. KeyCorp cut their price objective on shares of 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 cut their price target on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $326.40.

Insider Buying and Selling at Reliance

In other Reliance news, CFO Arthur Ajemyan sold 6,332 shares of Reliance stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $318.18, for a total value of $2,014,715.76. Following the completion of the transaction, the chief financial officer now owns 9,245 shares of the company’s stock, valued at approximately $2,941,574.10. The trade was a 40.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 value of $2,091,115.00. Following the sale, the senior vice president now owns 16,849 shares in the company, valued at $5,420,491.79. This trade represents a 27.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,832 shares of company stock worth $5,595,881. Insiders own 0.69% of the company’s stock.

Reliance Trading Up 1.2 %

NYSE:RS opened at $319.27 on Friday. The company has a market capitalization of $17.28 billion, a P/E ratio of 17.53 and a beta of 0.85. 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 firm has a fifty day simple moving average of $295.33 and a 200-day simple moving average of $290.78.

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

Reliance Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 1.38%. The ex-dividend date of this dividend is Friday, November 22nd. Reliance’s dividend payout ratio is currently 24.16%.

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.