Cynosure Group LLC Grows Holdings in Reliance, Inc. (NYSE:RS)

Cynosure Group LLC grew its position in shares of Reliance, Inc. (NYSE:RS) by 13.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,518 shares of the industrial products company’s stock after buying an additional 180 shares during the period. Cynosure Group LLC’s holdings in Reliance were worth $439,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Brooklyn Investment Group acquired a new position in Reliance during the 3rd quarter valued at approximately $78,000. Loomis Sayles & Co. L P increased its holdings in shares of Reliance by 1.2% in the 3rd quarter. Loomis Sayles & Co. L P now owns 46,573 shares of the industrial products company’s stock worth $13,469,000 after acquiring an additional 572 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in Reliance in the 3rd quarter valued at about $429,000. Fisher Asset Management LLC grew its position in Reliance by 4.8% in the 3rd quarter. Fisher Asset Management LLC now owns 6,518 shares of the industrial products company’s stock worth $1,885,000 after purchasing an additional 296 shares during the last quarter. Finally, Swedbank AB grew its holdings in Reliance by 38.4% in the 3rd quarter. Swedbank AB now owns 42,881 shares of the industrial products company’s stock worth $12,402,000 after buying an additional 11,887 shares in the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Insiders Place Their Bets

In other Reliance news, SVP William A. Smith II sold 6,500 shares of the company’s stock in a transaction that occurred on 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 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mark V. Kaminski sold 5,000 shares of Reliance stock in a transaction on Monday, October 28th. The shares were 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 sold a total of 17,832 shares of company stock worth $5,595,881 over the last ninety days. 0.69% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

RS has been the topic of a number of research analyst reports. KeyCorp lowered their price target 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 reduced their price target 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 issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $326.40.

Reliance Stock Performance

NYSE:RS opened at $322.75 on Thursday. 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 company has a 50-day moving average of $297.02 and a 200-day moving average of $291.17. Reliance, Inc. has a twelve month low of $261.77 and a twelve month high of $342.20. The firm has a market cap of $17.47 billion, a price-to-earnings ratio of 17.72 and a beta of 0.85.

Reliance (NYSE:RS) last announced its quarterly earnings data 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 company had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. During the same quarter last year, the company posted $5.00 EPS. Reliance’s revenue was down 5.6% on a year-over-year basis. Analysts forecast that Reliance, Inc. will post 16.42 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date of this dividend is Friday, November 22nd. 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.