Reliance, Inc. $RS Shares Sold by Machina Capital S.A.S.

Machina Capital S.A.S. lowered its position in Reliance, Inc. (NYSE:RS) by 49.7% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 3,546 shares of the industrial products company’s stock after selling 3,497 shares during the quarter. Machina Capital S.A.S.’s holdings in Reliance were worth $1,364,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Childress Capital Advisors LLC grew its stake in Reliance by 4.9% in the 3rd quarter. Childress Capital Advisors LLC now owns 600 shares of the industrial products company’s stock valued at $231,000 after buying an additional 28 shares in the last quarter. Citizens Financial Group Inc. RI boosted its position in shares of Reliance by 4.9% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 616 shares of the industrial products company’s stock valued at $237,000 after acquiring an additional 29 shares during the last quarter. Parallel Advisors LLC raised its stake in Reliance by 1.7% in the first quarter. Parallel Advisors LLC now owns 1,908 shares of the industrial products company’s stock valued at $580,000 after purchasing an additional 31 shares in the last quarter. Greenleaf Trust raised its position in shares of Reliance by 2.0% during the 2nd quarter. Greenleaf Trust now owns 1,614 shares of the industrial products company’s stock valued at $603,000 after buying an additional 32 shares in the last quarter. Finally, Keybank National Association OH lifted its holdings in shares of Reliance by 2.6% during the 3rd quarter. Keybank National Association OH now owns 1,602 shares of the industrial products company’s stock worth $616,000 after acquiring an additional 41 shares during the last quarter. 79.26% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Reliance news, COO Stephen Koch sold 8,334 shares of the company’s stock in a transaction dated 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 sale, the chief operating officer directly owned 8,209 shares in the company, valued at $3,537,011.83. This represents a 50.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.40% of the stock is owned by corporate insiders.

Reliance Trading Up 0.8%

RS stock opened at $433.49 on Friday. The company has a market capitalization of $22.08 billion, a PE ratio of 20.21, a price-to-earnings-growth ratio of 0.85 and a beta of 0.95. Reliance, Inc. has a one year low of $263.12 and a one year high of $454.93. The company’s 50 day moving average price is $407.93 and its two-hundred day moving average price is $373.04. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.22 and a current ratio of 4.12.

Reliance (NYSE:RS) last announced its quarterly earnings data 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 net margin of 6.38% and a return on equity of 15.31%. The firm had revenue of $5.21 billion during the quarter, compared to analyst estimates of $4.74 billion. During the same period in the previous year, the business posted $3.64 EPS. The business’s quarterly revenue was up 42.8% on a year-over-year basis. As a group, analysts predict that Reliance, Inc. will post 26.54 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 4th. Shareholders of record on Friday, November 20th will be paid a $1.25 dividend. The ex-dividend date of this dividend is Friday, November 20th. This represents a $5.00 annualized dividend and a yield of 1.2%. Reliance’s payout ratio is currently 23.31%.

Latest Reliance News

Investors following RS have been watching these news items:

• Positive Sentiment: Barclays upgraded Reliance from “equal weight” to “overweight” and raised its price target to $507 from $445, implying 17% upside from the cited $433.49 price. Tickerreport coverage
• Positive Sentiment: A Zacks article names Reliance among momentum-stock picks, alongside Arrow Electronics and PBF Energy, citing momentum after recent pullbacks. Zacks article
• Neutral Sentiment: A Yahoo Finance article asks whether Reliance can repeat its performance over the past five years; the headline provides historical-performance context but no specific new company catalyst. Yahoo Finance article

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. KeyCorp upped their target price 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. Weiss Ratings lowered Reliance from a “buy (b)” rating to a “hold (c)” rating in a research note on Wednesday, October 28th. Barclays raised Reliance from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $445.00 to $507.00 in a research note on Thursday. BMO Capital Markets upped their price objective on Reliance from $390.00 to $415.00 and gave the stock a “market perform” rating in a report on Monday, July 27th. Finally, Wall Street Zen upgraded Reliance from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 31st. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $415.50.

Reliance 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.