Reliance, Inc. (NYSE:RS) Shares Bought by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. increased its stake in Reliance, Inc. (NYSE:RS) by 1.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 127,806 shares of the industrial products company’s stock after buying an additional 1,696 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Reliance were worth $36,963,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Bessemer Group Inc. lifted its holdings 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 buying an additional 3,847 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in Reliance by 24.2% in the first quarter. CANADA LIFE ASSURANCE Co now owns 107,735 shares of the industrial products company’s stock worth $36,005,000 after purchasing an additional 20,981 shares during the period. Zurich Insurance Group Ltd FI bought a new stake in Reliance during the first quarter valued at $1,637,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Reliance by 10.1% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 30,181 shares of the industrial products company’s stock worth $10,086,000 after purchasing an additional 2,761 shares during the period. Finally, Harbor Capital Advisors Inc. lifted its position 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 buying an additional 2,678 shares during the last quarter. Institutional investors own 79.26% of the company’s stock.

Wall Street Analyst Weigh In

RS has been the topic of several research reports. Wolfe Research lowered 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. KeyCorp dropped their price target on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. Finally, BMO Capital Markets reduced their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $326.40.

Reliance Stock Performance

RS opened at $310.44 on Friday. 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 business’s 50 day moving average is $291.32 and its 200-day moving average is $289.98. The stock has a market cap of $16.80 billion, a PE ratio of 17.05 and a beta of 0.85. Reliance, Inc. has a twelve month low of $261.77 and a twelve month high of $342.20.

Reliance (NYSE:RS) last announced its earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share for the quarter, missing the consensus estimate of $3.66 by ($0.02). Reliance had a net margin of 7.42% and a return on equity of 13.68%. The business had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.38 billion. During the same period in the previous year, the firm earned $5.00 EPS. The firm’s revenue was down 5.6% on a year-over-year basis. On average, analysts predict that Reliance, Inc. will post 16.45 earnings per share for the current year.

Reliance Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a $1.10 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $4.40 dividend on an annualized basis and a yield of 1.42%. Reliance’s dividend payout ratio is presently 24.16%.

Insider Buying and Selling at Reliance

In related news, Director Mark V. Kaminski sold 5,000 shares of Reliance stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $298.01, for a total transaction of $1,490,050.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP William A. Smith II sold 6,500 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the completion of the sale, the senior vice president now owns 16,849 shares in the company, valued at approximately $5,420,491.79. This trade represents a 27.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 17,832 shares of company stock valued at $5,595,881. Company insiders own 0.69% of the company’s stock.

Reliance Company 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.