Fmr LLC Has $117.39 Million Stock Holdings in Reliance, Inc. (NYSE:RS)

Fmr LLC cut its holdings in shares of Reliance, Inc. (NYSE:RS) by 8.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 405,885 shares of the industrial products company’s stock after selling 39,007 shares during the period. Fmr LLC’s holdings in Reliance were worth $117,386,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Loomis Sayles & Co. L P boosted its position in Reliance by 1.2% during the 3rd quarter. Loomis Sayles & Co. L P now owns 46,573 shares of the industrial products company’s stock worth $13,469,000 after buying an additional 572 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of Reliance in the 3rd quarter worth approximately $429,000. Fisher Asset Management LLC lifted its position in shares of Reliance by 4.8% in the 3rd quarter. Fisher Asset Management LLC now owns 6,518 shares of the industrial products company’s stock worth $1,885,000 after purchasing an additional 296 shares during the period. Swedbank AB lifted its position in shares of Reliance by 38.4% in the 3rd quarter. Swedbank AB now owns 42,881 shares of the industrial products company’s stock worth $12,402,000 after purchasing an additional 11,887 shares during the period. Finally, Cerity Partners LLC lifted its position in shares of Reliance by 6.3% in the 3rd quarter. Cerity Partners LLC now owns 19,710 shares of the industrial products company’s stock worth $5,700,000 after purchasing an additional 1,172 shares during the period. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Reliance

In other news, CEO Karla R. Lewis sold 3,892 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $323.90, for a total value of $1,260,618.80. Following the completion of the sale, the chief executive officer now owns 85,117 shares in the company, valued at $27,569,396.30. This represents a 4.37 % decrease in their position. The transaction 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 on Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total transaction of $2,014,715.76. Following the completion of 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 21,724 shares of company stock worth $6,856,500. 0.69% of the stock is owned by corporate insiders.

Reliance Stock Performance

NYSE:RS opened at $310.82 on Thursday. The company has a fifty day moving average of $300.75 and a 200-day moving average of $292.05. The firm has a market capitalization of $16.82 billion, a P/E ratio of 17.07 and a beta of 0.87. 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 twelve month low of $261.77 and a twelve month high of $342.20.

Reliance (NYSE:RS) last released its quarterly earnings data 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). The company had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. The business’s revenue was down 5.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $5.00 EPS. As a group, sell-side analysts anticipate that Reliance, Inc. will post 16.42 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. 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 (DPR) is presently 24.16%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on RS shares. KeyCorp dropped their price target on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. BMO Capital Markets dropped 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, The Goldman Sachs Group started coverage on shares of Reliance in a research report on Monday. They issued a “neutral” rating and a $341.00 price target on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $328.83.

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.