Advisors Asset Management Inc. increased its stake in shares of Reliance, Inc. (NYSE:RS – Free Report) by 5.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,593 shares of the industrial products company’s stock after acquiring an additional 980 shares during the quarter. Advisors Asset Management Inc.’s holdings in Reliance were worth $5,088,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Bessemer Group Inc. increased its holdings in Reliance by 2,870.9% in the 1st quarter. Bessemer Group Inc. now owns 3,981 shares of the industrial products company’s stock valued at $1,331,000 after buying an additional 3,847 shares during the period. Zurich Insurance Group Ltd FI bought a new stake in shares of Reliance in the 1st quarter worth about $1,637,000. Assetmark Inc. grew its holdings in shares of Reliance by 24.2% in the 3rd quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company’s stock worth $8,074,000 after purchasing an additional 5,431 shares during the last quarter. Harbor Capital Advisors Inc. grew its holdings in shares of Reliance by 292.7% in 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 last quarter. Finally, Janus Henderson Group PLC grew its holdings in shares of Reliance by 96.6% in 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 last quarter. Institutional investors own 79.26% of the company’s stock.
Reliance Stock Up 0.9 %
Shares of NYSE RS opened at $316.35 on Friday. The firm’s 50-day simple moving average is $294.51 and its 200 day simple moving average is $290.63. The company has a market cap of $17.12 billion, a price-to-earnings ratio of 17.37 and a beta of 0.85. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. Reliance, Inc. has a 12-month low of $261.77 and a 12-month high of $342.20.
Reliance Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a dividend of $1.10 per share. 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 payout ratio is presently 24.16%.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently weighed in on RS shares. KeyCorp lowered 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. Wolfe Research lowered shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price on the stock. in a report on Friday, July 26th. Finally, BMO Capital Markets lowered their target price on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. One 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $326.40.
Get Our Latest Report on Reliance
Insider Buying and Selling at Reliance
In other news, SVP William A. Smith II sold 6,500 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $321.71, for a total value of $2,091,115.00. Following the completion of the sale, the senior vice president now directly owns 16,849 shares of the company’s stock, valued at $5,420,491.79. This represents a 27.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Arthur Ajemyan sold 6,332 shares of the company’s stock in a transaction dated 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 directly owns 9,245 shares of the company’s stock, valued at approximately $2,941,574.10. This trade represents a 40.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 17,832 shares of company stock worth $5,595,881. Company insiders own 0.69% of the company’s stock.
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.
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