Cornerstone Capital Inc. Reduces Stock Position in Reliance, Inc. (NYSE:RS)

Cornerstone Capital Inc. decreased its position in shares of Reliance, Inc. (NYSE:RS) by 2.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,880 shares of the industrial products company’s stock after selling 1,709 shares during the quarter. Reliance accounts for about 2.1% of Cornerstone Capital Inc.’s holdings, making the stock its 17th biggest position. Cornerstone Capital Inc. owned about 0.14% of Reliance worth $22,234,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Sei Investments Co. raised its stake in shares of Reliance by 13.1% during the 1st quarter. Sei Investments Co. now owns 51,053 shares of the industrial products company’s stock worth $17,062,000 after buying an additional 5,902 shares during the last quarter. Bessemer Group Inc. lifted its holdings in shares of Reliance by 2,870.9% in the first quarter. Bessemer Group Inc. now owns 3,981 shares of the industrial products company’s stock valued at $1,331,000 after purchasing an additional 3,847 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of Reliance by 1.9% in the first quarter. Russell Investments Group Ltd. now owns 159,878 shares of the industrial products company’s stock valued at $53,644,000 after purchasing an additional 2,985 shares during the last quarter. CANADA LIFE ASSURANCE Co increased its stake in shares of Reliance by 24.2% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 107,735 shares of the industrial products company’s stock worth $36,005,000 after purchasing an additional 20,981 shares in the last quarter. Finally, Mediolanum International Funds Ltd acquired a new position in shares of Reliance during the 1st quarter worth approximately $2,407,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Trading Up 0.1 %

NYSE RS traded up $0.37 during trading hours on Tuesday, hitting $289.41. 20,666 shares of the company’s stock were exchanged, compared to its average volume of 316,245. 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 firm has a market capitalization of $15.66 billion, a P/E ratio of 15.72 and a beta of 0.85. The business’s 50 day moving average is $284.70 and its 200-day moving average is $289.15. Reliance, Inc. has a 12-month low of $261.77 and a 12-month high of $342.20.

Reliance (NYSE:RS) last issued its quarterly 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). 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%. The business’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same period last year, the company posted $5.00 EPS. As a group, analysts anticipate that Reliance, Inc. will post 16.96 EPS for the current fiscal year.

Reliance Announces Dividend

The company 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 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date is Friday, November 22nd. Reliance’s dividend payout ratio (DPR) is presently 24.16%.

Insiders Place Their Bets

In other news, Director Mark V. Kaminski sold 5,000 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $298.01, for a total transaction of $1,490,050.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.69% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

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

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.