Intech Investment Management LLC Grows Holdings in Reliance, Inc. (NYSE:RS)

Intech Investment Management LLC lifted its position in Reliance, Inc. (NYSE:RS) by 255.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 50,996 shares of the industrial products company’s stock after acquiring an additional 36,647 shares during the quarter. Intech Investment Management LLC owned 0.09% of Reliance worth $14,749,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of RS. Innealta Capital LLC bought a new stake in Reliance in the 2nd quarter valued at about $28,000. UMB Bank n.a. lifted its holdings in shares of Reliance by 27.0% during the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after purchasing an additional 53 shares during the last quarter. National Bank of Canada FI boosted its stake in Reliance by 17.9% in the 2nd quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock worth $76,000 after purchasing an additional 41 shares during the period. International Assets Investment Management LLC acquired a new position in Reliance during the second quarter valued at $117,000. Finally, Covestor Ltd lifted its position in shares of Reliance by 17.6% in the third quarter. Covestor Ltd now owns 462 shares of the industrial products company’s stock worth $133,000 after purchasing an additional 69 shares in the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently issued reports on RS. KeyCorp reduced their price target on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a report on Monday, October 14th. BMO Capital Markets lowered their price objective on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Finally, Wolfe Research lowered Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective on the stock. in a report on Friday, July 26th. One equities 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’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $326.40.

Reliance Stock Up 0.9 %

Shares of RS opened at $316.35 on Friday. The business’s 50 day simple moving average is $294.51 and its 200-day simple moving average is $290.63. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. The company has a market capitalization of $17.12 billion, a P/E ratio of 17.37 and a beta of 0.85. Reliance, Inc. has a one year low of $261.77 and a one year high of $342.20.

Reliance (NYSE:RS) last posted its quarterly earnings data 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 firm 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 firm’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same period in the prior year, the company posted $5.00 EPS. As a group, sell-side analysts predict that Reliance, Inc. will post 16.45 EPS for the current fiscal year.

Reliance Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a $1.10 dividend. The ex-dividend date is Friday, November 22nd. This represents a $4.40 dividend on an annualized basis and a yield of 1.39%. Reliance’s dividend payout ratio is presently 24.16%.

Insider Buying and Selling

In other Reliance news, SVP William A. Smith II sold 6,500 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the completion of the transaction, the senior vice president now owns 16,849 shares in the company, valued at approximately $5,420,491.79. This represents a 27.84 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Arthur Ajemyan sold 6,332 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 9,245 shares in the company, valued at $2,941,574.10. The trade was a 40.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,832 shares of company stock valued at $5,595,881 in the last 90 days. 0.69% of the stock is owned by insiders.

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.