DekaBank Deutsche Girozentrale Sells 1,966 Shares of Reliance, Inc. (NYSE:RS)

DekaBank Deutsche Girozentrale reduced its stake in shares of Reliance, Inc. (NYSE:RS) by 2.5% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 76,901 shares of the industrial products company’s stock after selling 1,966 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Reliance were worth $22,199,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Sei Investments Co. lifted its stake in shares of Reliance by 13.1% in the first quarter. Sei Investments Co. now owns 51,053 shares of the industrial products company’s stock worth $17,062,000 after buying an additional 5,902 shares during the last quarter. Bessemer Group Inc. lifted its position in Reliance by 2,870.9% during the 1st quarter. Bessemer Group Inc. now owns 3,981 shares of the industrial products company’s stock worth $1,331,000 after acquiring an additional 3,847 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in Reliance by 1.9% during the first quarter. Russell Investments Group Ltd. now owns 159,878 shares of the industrial products company’s stock valued at $53,644,000 after acquiring an additional 2,985 shares during the period. CANADA LIFE ASSURANCE Co grew its position in shares of Reliance by 24.2% in the first quarter. CANADA LIFE ASSURANCE Co now owns 107,735 shares of the industrial products company’s stock valued at $36,005,000 after purchasing an additional 20,981 shares during the last quarter. Finally, Mediolanum International Funds Ltd bought a new position in shares of Reliance in the first quarter worth about $2,407,000. 79.26% of the stock is currently owned by institutional investors.

Reliance Price Performance

Shares of RS stock opened at $297.54 on Tuesday. The company has a market capitalization of $16.37 billion, a P/E ratio of 16.34 and a beta of 0.85. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12. Reliance, Inc. has a 12 month low of $249.29 and a 12 month high of $342.20. The stock has a 50 day moving average of $283.99 and a two-hundred day moving average of $290.34.

Reliance (NYSE:RS) last posted its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The business had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. During the same quarter in the prior year, the firm earned $5.00 EPS. The firm’s quarterly revenue was down 5.6% on a year-over-year basis. As a group, equities analysts expect that Reliance, Inc. will post 16.96 EPS for the current year.

Reliance Announces Dividend

The firm also recently declared 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 1.48%. The ex-dividend date of this dividend is Friday, November 22nd. Reliance’s dividend payout ratio is 24.16%.

Analysts Set New Price Targets

Several brokerages recently weighed in on RS. KeyCorp decreased their target price on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research note on Monday, October 14th. Wolfe Research downgraded shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective on the stock. in a research note on Friday, July 26th. Finally, BMO Capital Markets cut their target price on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday. 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 company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus 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.