Reliance, Inc. (NYSE:RS) Shares Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. raised its holdings in Reliance, Inc. (NYSE:RS) by 112.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,569 shares of the industrial products company’s stock after acquiring an additional 4,537 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Reliance were worth $2,482,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in the stock. Dimensional Fund Advisors LP grew its holdings in shares of Reliance by 4.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,168,880 shares of the industrial products company’s stock worth $333,809,000 after acquiring an additional 53,747 shares during the period. Acadian Asset Management LLC boosted its position in Reliance by 20.8% during the first quarter. Acadian Asset Management LLC now owns 1,072,200 shares of the industrial products company’s stock worth $358,270,000 after purchasing an additional 184,509 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Reliance by 13.3% in the second quarter. Principal Financial Group Inc. now owns 394,793 shares of the industrial products company’s stock valued at $112,753,000 after purchasing an additional 46,259 shares during the last quarter. Hsbc Holdings PLC increased its position in shares of Reliance by 78.5% in the second quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock valued at $82,816,000 after buying an additional 127,422 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of Reliance by 21.1% during the 2nd quarter. Victory Capital Management Inc. now owns 202,628 shares of the industrial products company’s stock worth $57,871,000 after buying an additional 35,336 shares during the last quarter. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Mark V. Kaminski sold 5,000 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $298.01, for a total value of $1,490,050.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on RS. KeyCorp lowered their price objective on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research note on Monday, October 14th. BMO Capital Markets lowered their price target on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Finally, Wolfe Research cut shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective for the company. in a research note on Friday, July 26th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $326.40.

Reliance Trading Down 1.6 %

Shares of RS stock opened at $289.59 on Thursday. The company has a market capitalization of $15.93 billion, a price-to-earnings ratio of 15.90 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. The firm has a 50-day moving average price of $284.30 and a 200 day moving average price of $290.13. Reliance, Inc. has a twelve month low of $251.46 and a twelve month high of $342.20.

Reliance (NYSE:RS) last issued its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). The firm had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. The business’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same quarter last year, the firm earned $5.00 earnings per share. Research analysts forecast that Reliance, Inc. will post 16.96 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 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 dividend yield of 1.52%. The ex-dividend date is Friday, November 22nd. Reliance’s dividend payout ratio is presently 24.16%.

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.