GAMMA Investing LLC Boosts Holdings in Reliance, Inc. (NYSE:RS)

GAMMA Investing LLC lifted its stake in shares of Reliance, Inc. (NYSE:RS) by 18.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 823 shares of the industrial products company’s stock after acquiring an additional 126 shares during the period. GAMMA Investing LLC’s holdings in Reliance were worth $222,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Toronto Dominion Bank increased its stake in Reliance by 26.7% during the third quarter. Toronto Dominion Bank now owns 8,198 shares of the industrial products company’s stock worth $2,371,000 after acquiring an additional 1,729 shares during the last quarter. Assetmark Inc. grew its holdings in shares of Reliance by 24.2% during the 3rd quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company’s stock worth $8,074,000 after purchasing an additional 5,431 shares during the period. AXA S.A. increased its position in Reliance by 5.4% during the 2nd quarter. AXA S.A. now owns 79,334 shares of the industrial products company’s stock worth $22,658,000 after purchasing an additional 4,032 shares in the last quarter. Dearborn Partners LLC raised its holdings in Reliance by 4.1% in the third quarter. Dearborn Partners LLC now owns 86,406 shares of the industrial products company’s stock valued at $24,989,000 after buying an additional 3,419 shares during the period. Finally, Prudential PLC lifted its position in Reliance by 439.6% during the second quarter. Prudential PLC now owns 14,225 shares of the industrial products company’s stock valued at $4,063,000 after buying an additional 11,589 shares in the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

Reliance Stock Down 0.3 %

Shares of Reliance stock opened at $270.57 on Wednesday. Reliance, Inc. has a 1-year low of $256.98 and a 1-year high of $342.20. The company has a market capitalization of $14.64 billion, a PE ratio of 14.86 and a beta of 0.91. 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 business has a 50-day moving average of $296.94 and a 200-day moving average of $290.37.

Reliance (NYSE:RS) last issued its quarterly earnings data 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 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 analyst estimates of $3.38 billion. During the same quarter last year, the business earned $5.00 EPS. Reliance’s revenue for the quarter was down 5.6% compared to the same quarter last year. As a group, equities analysts forecast that Reliance, Inc. will post 16.42 EPS for the current fiscal year.

Reliance Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were issued a $1.10 dividend. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $4.40 annualized dividend and a yield of 1.63%. Reliance’s dividend payout ratio is presently 24.16%.

Insiders Place Their Bets

In other Reliance news, CEO Karla R. Lewis sold 3,892 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $323.90, for a total transaction of $1,260,618.80. Following the transaction, the chief executive officer now owns 85,117 shares of the company’s stock, valued at $27,569,396.30. This trade represents a 4.37 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Arthur Ajemyan sold 6,332 shares of the business’s 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 completion of the sale, the chief financial officer now owns 9,245 shares of the company’s stock, valued at $2,941,574.10. This trade represents a 40.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 21,724 shares of company stock valued at $6,856,500 in the last ninety days. Corporate insiders own 0.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on RS shares. The Goldman Sachs Group initiated coverage on shares of Reliance in a research note on Monday, December 2nd. They issued a “neutral” rating and a $341.00 target price on the stock. BMO Capital Markets cut their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Finally, KeyCorp lowered 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. One analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $328.83.

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.