Reliance, Inc. $RS Stock Holdings Boosted by Candriam S.C.A.

Candriam S.C.A. lifted its stake in shares of Reliance, Inc. (NYSE:RS) by 513.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,141 shares of the industrial products company’s stock after purchasing an additional 3,466 shares during the period. Candriam S.C.A.’s holdings in Reliance were worth $1,599,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. N.E.W. Advisory Services LLC acquired a new position in shares of Reliance in the 2nd quarter valued at $37,000. Compass Financial Management LLC acquired a new stake in Reliance during the 2nd quarter worth about $46,000. Osterweis Capital Management Inc. acquired a new stake in Reliance during the 2nd quarter worth about $41,000. Reyes Financial Architecture Inc. purchased a new stake in Reliance during the third quarter valued at about $43,000. Finally, Fortitude Family Office LLC lifted its stake in Reliance by 174.5% during the third quarter. Fortitude Family Office LLC now owns 129 shares of the industrial products company’s stock valued at $50,000 after buying an additional 82 shares in the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.

Reliance Stock Performance

RS stock opened at $430.31 on Thursday. The firm has a 50 day moving average of $407.26 and a two-hundred day moving average of $372.51. Reliance, Inc. has a 12 month low of $263.12 and a 12 month high of $454.93. The company has a market capitalization of $21.92 billion, a price-to-earnings ratio of 20.06, a P/E/G ratio of 0.85 and a beta of 0.95. The company has a quick ratio of 2.22, a current ratio of 4.12 and a debt-to-equity ratio of 0.21.

Reliance (NYSE:RS) last announced its quarterly earnings results on Wednesday, October 21st. The industrial products company reported $8.02 earnings per share for the quarter, topping analysts’ consensus estimates of $6.83 by $1.19. Reliance had a return on equity of 15.31% and a net margin of 6.38%. The company had revenue of $5.21 billion during the quarter, compared to analysts’ expectations of $4.74 billion. During the same quarter in the previous year, the firm earned $3.64 earnings per share. The business’s quarterly revenue was up 42.8% compared to the same quarter last year. As a group, equities analysts anticipate that Reliance, Inc. will post 26.54 EPS for the current fiscal year.

Reliance Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 4th. Stockholders of record on Friday, November 20th will be paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Friday, November 20th. Reliance’s payout ratio is presently 23.31%.

Insider Buying and Selling at Reliance

In other Reliance news, COO Stephen Koch sold 8,334 shares of the business’s stock in a transaction on Tuesday, October 27th. The shares were sold at an average price of $430.87, for a total transaction of $3,590,870.58. Following the completion of the transaction, the chief operating officer owned 8,209 shares of the company’s stock, valued at $3,537,011.83. The trade was a 50.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

RS has been the topic of several analyst reports. Citigroup lifted their target price on shares of Reliance from $420.00 to $460.00 and gave the stock a “neutral” rating in a research report on Friday, November 6th. Weiss Ratings downgraded shares of Reliance from a “buy (b)” rating to a “hold (c)” rating in a research report on Wednesday, October 28th. Wells Fargo & Company upped their price target on shares of Reliance from $391.00 to $420.00 and gave the company an “equal weight” rating in a research report on Thursday, October 22nd. Barclays raised their price objective on shares of Reliance from $420.00 to $445.00 and gave the stock an “equal weight” rating in a research note on Monday, October 26th. Finally, KeyCorp lifted their price objective on shares of Reliance from $421.00 to $437.00 and gave the stock an “overweight” rating in a research report on Monday, October 26th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $407.75.

Reliance Company Profile

Reliance, Inc. is a metal service center company that distributes metals and provides processing services to customers across a range of industries. Its products include carbon steel, stainless steel, aluminum, alloy steel, brass, copper and other metals. The company processes materials to customer specifications through services such as cutting, sawing, slitting, machining, forming and laser, plasma or waterjet cutting. These services help customers prepare metal for use in manufacturing, construction, transportation, energy and other applications.