Commerce Bank Acquires 131 Shares of Reliance, Inc. (NYSE:RS)

Commerce Bank raised its stake in shares of Reliance, Inc. (NYSE:RS) by 3.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,746 shares of the industrial products company’s stock after purchasing an additional 131 shares during the period. Commerce Bank’s holdings in Reliance were worth $1,083,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Dimensional Fund Advisors LP boosted its stake 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 valued at $333,809,000 after purchasing an additional 53,747 shares during the last quarter. Principal Financial Group Inc. grew its stake in Reliance by 19.7% during the third quarter. Principal Financial Group Inc. now owns 472,730 shares of the industrial products company’s stock worth $136,718,000 after purchasing an additional 77,937 shares during the period. Hsbc Holdings PLC increased its holdings in Reliance by 78.5% in the second quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock worth $82,816,000 after purchasing an additional 127,422 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Reliance by 0.3% in the third quarter. Victory Capital Management Inc. now owns 203,156 shares of the industrial products company’s stock valued at $58,755,000 after buying an additional 528 shares during the period. Finally, Copeland Capital Management LLC boosted its holdings in shares of Reliance by 0.4% during the 3rd quarter. Copeland Capital Management LLC now owns 195,141 shares of the industrial products company’s stock worth $56,437,000 after buying an additional 714 shares in the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Reliance

In related news, CFO Arthur Ajemyan sold 6,332 shares of Reliance stock in a transaction that occurred on 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 sale, the chief financial officer now owns 9,245 shares of the company’s stock, valued at approximately $2,941,574.10. The trade was a 40.65 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP William A. Smith II sold 6,500 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $321.71, for a total value of $2,091,115.00. Following the transaction, the senior vice president now directly owns 16,849 shares of the company’s stock, 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. Insiders have sold 17,832 shares of company stock worth $5,595,881 in the last ninety days. Company insiders own 0.69% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. BMO Capital Markets lowered their price objective on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. KeyCorp decreased their price target on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research note on Monday, October 14th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Reliance presently has a consensus rating of “Hold” and an average target price of $326.40.

Reliance Stock Up 0.9 %

RS opened at $319.27 on Monday. Reliance, Inc. has a fifty-two week low of $261.77 and a fifty-two week high of $342.20. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. The company’s 50-day moving average is $295.33 and its 200 day moving average is $290.77. The firm has a market capitalization of $17.28 billion, a P/E ratio of 17.53 and a beta of 0.85.

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 analysts’ consensus estimates of $3.66 by ($0.02). The business had revenue of $3.42 billion during 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%. Reliance’s quarterly revenue was down 5.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.00 EPS. Research analysts expect that Reliance, Inc. will post 16.45 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 1.38%. The ex-dividend date of this dividend 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.