Pitcairn Co. Has $708,000 Position in Reliance, Inc. (NYSE:RS)

Pitcairn Co. cut its stake in shares of Reliance, Inc. (NYSE:RS) by 29.2% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 2,448 shares of the industrial products company’s stock after selling 1,011 shares during the quarter. Pitcairn Co.’s holdings in Reliance were worth $708,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. UniSuper Management Pty Ltd grew its stake in Reliance by 100.0% during the first quarter. UniSuper Management Pty Ltd now owns 800 shares of the industrial products company’s stock worth $267,000 after purchasing an additional 400 shares during the period. Zurich Insurance Group Ltd FI bought a new position in shares of Reliance during the 1st quarter worth approximately $1,637,000. Janus Henderson Group PLC grew its position 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 worth $1,664,000 after buying an additional 2,447 shares during the period. California State Teachers Retirement System increased its stake in shares of Reliance by 6.1% in 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 acquiring an additional 7,058 shares in the last quarter. Finally, Tidal Investments LLC increased its stake in shares of Reliance by 25.5% in the 1st quarter. Tidal Investments LLC now owns 7,236 shares of the industrial products company’s stock valued at $2,425,000 after acquiring an additional 1,469 shares in the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have commented on RS. BMO Capital Markets reduced their price target 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 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. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Reliance presently has an average rating of “Hold” and an average price target of $326.40.

Insider Activity at Reliance

In other Reliance news, CFO Arthur Ajemyan sold 6,332 shares of Reliance stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $318.18, for a total transaction of $2,014,715.76. Following the transaction, the chief financial officer now owns 9,245 shares of the company’s stock, valued at $2,941,574.10. This trade represents a 40.65 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mark V. Kaminski sold 5,000 shares of the business’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 value of $1,490,050.00. 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 90 days. Insiders own 0.69% of the company’s stock.

Reliance Stock Performance

Shares of RS stock opened at $319.27 on Monday. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12. The firm has a fifty day simple moving average of $295.33 and a two-hundred day simple moving average of $290.77. Reliance, Inc. has a 12 month low of $261.77 and a 12 month high of $342.20. The firm has a market capitalization of $17.28 billion, a PE ratio of 17.53 and a beta of 0.85.

Reliance (NYSE:RS) last posted its earnings results on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing the consensus estimate of $3.66 by ($0.02). Reliance had a return on equity of 13.68% and a net margin of 7.42%. 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 previous year, the firm earned $5.00 earnings per share. The company’s revenue was down 5.6% on a year-over-year basis. Analysts forecast that Reliance, Inc. will post 16.45 EPS for the current fiscal year.

Reliance Announces Dividend

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 issued a $1.10 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.38%. Reliance’s dividend payout ratio is presently 24.16%.

About Reliance

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.