Reliance, Inc. (NYSE:RS) Shares Purchased by Concentric Capital Strategies LP

Concentric Capital Strategies LP boosted its stake in Reliance, Inc. (NYSE:RS) by 97.0% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 32,667 shares of the industrial products company’s stock after acquiring an additional 16,086 shares during the period. Concentric Capital Strategies LP’s holdings in Reliance were worth $9,448,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Assetmark Inc. boosted its position in Reliance by 24.2% in the 3rd quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company’s stock valued at $8,074,000 after buying an additional 5,431 shares during the period. Harbor Capital Advisors Inc. increased its holdings in Reliance by 292.7% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 3,593 shares of the industrial products company’s stock worth $1,026,000 after purchasing an additional 2,678 shares during the period. Janus Henderson Group PLC increased its holdings in 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 purchasing an additional 2,447 shares during the period. AXA S.A. boosted its stake in shares of Reliance by 5.4% in the 2nd quarter. AXA S.A. now owns 79,334 shares of the industrial products company’s stock valued at $22,658,000 after buying an additional 4,032 shares during the period. Finally, Cetera Investment Advisers grew its position in shares of Reliance by 79.3% during the first quarter. Cetera Investment Advisers now owns 10,162 shares of the industrial products company’s stock worth $3,396,000 after buying an additional 4,494 shares in the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Stock Down 0.4 %

Shares of NYSE:RS opened at $321.24 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 50 day simple moving average of $299.47 and a 200-day simple moving average of $291.80. The company has a market capitalization of $17.39 billion, a PE ratio of 17.64 and a beta of 0.85. Reliance, Inc. has a twelve month low of $261.77 and a twelve month high of $342.20.

Reliance (NYSE:RS) last released 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). Reliance had a net margin of 7.42% and a return on equity of 13.68%. The company had revenue of $3.42 billion during the quarter, compared to analyst estimates of $3.38 billion. During the same quarter in the prior year, the company earned $5.00 EPS. The business’s revenue was down 5.6% on a year-over-year basis. On average, equities analysts predict that Reliance, Inc. will post 16.42 EPS for the current fiscal year.

Reliance Announces Dividend

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 $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 1.37%. The ex-dividend date of this dividend is Friday, November 22nd. Reliance’s dividend payout ratio is currently 24.16%.

Insider Activity

In other Reliance news, Director Mark V. Kaminski sold 5,000 shares of the company’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 transaction of $1,490,050.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP William A. Smith II sold 6,500 shares of Reliance 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 completion of the transaction, the senior vice president now owns 16,849 shares in the company, valued at $5,420,491.79. This trade represents a 27.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,832 shares of company stock valued at $5,595,881. 0.69% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on RS shares. KeyCorp reduced their target price on shares of 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 decreased their price objective on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Reliance has an average 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.