Brooklyn Investment Group Acquires Shares of 269 Reliance, Inc. (NYSE:RS)

Brooklyn Investment Group bought a new position in Reliance, Inc. (NYSE:RS) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 269 shares of the industrial products company’s stock, valued at approximately $78,000.

Several other hedge funds also recently bought and sold shares of RS. Janus Henderson Group PLC grew its position in Reliance by 96.6% in the first 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 in the last quarter. Tidal Investments LLC grew its position 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 during the period. Comerica Bank grew its position in shares of Reliance by 2.7% in the 1st quarter. Comerica Bank now owns 32,217 shares of the industrial products company’s stock valued at $10,766,000 after acquiring an additional 854 shares during the period. Virtu Financial LLC bought a new position in shares of Reliance in the 1st quarter valued at about $849,000. Finally, Swedbank AB bought a new position in shares of Reliance in the 1st quarter valued at about $10,356,000. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RS has been the subject of a number of analyst reports. KeyCorp decreased their price objective on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research report on Monday, October 14th. BMO Capital Markets dropped their price objective on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. One 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. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $326.40.

Reliance Stock Up 0.2 %

Shares of RS opened at $322.58 on Friday. Reliance, Inc. has a 52 week low of $261.77 and a 52 week high of $342.20. The stock has a market capitalization of $17.46 billion, a price-to-earnings ratio of 17.71 and a beta of 0.85. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 3.31. The stock has a fifty day moving average of $297.94 and a 200-day moving average of $291.39.

Reliance (NYSE:RS) last announced its quarterly 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 firm had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.38 billion. During the same quarter in the previous year, the company posted $5.00 earnings per share. The firm’s revenue was down 5.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Reliance, Inc. will post 16.42 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.36%. The ex-dividend date is Friday, November 22nd. Reliance’s payout ratio is 24.16%.

Insider Activity

In other Reliance news, CFO Arthur Ajemyan sold 6,332 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total transaction of $2,014,715.76. Following the completion of the sale, the chief financial officer now directly owns 9,245 shares in the company, valued at approximately $2,941,574.10. This trade represents a 40.65 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Mark V. Kaminski sold 5,000 shares of the stock in a transaction dated 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. In the last ninety days, insiders sold 17,832 shares of company stock worth $5,595,881. Insiders own 0.69% of the company’s stock.

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.