CIBC Asset Management Inc Increases Stake in Reliance, Inc. (NYSE:RS)

CIBC Asset Management Inc increased its position in shares of Reliance, Inc. (NYSE:RS) by 2.4% in the third quarter, Holdings Channel.com reports. The firm owned 2,634 shares of the industrial products company’s stock after purchasing an additional 62 shares during the quarter. CIBC Asset Management Inc’s holdings in Reliance were worth $762,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its stake in Reliance by 4.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,168,880 shares of the industrial products company’s stock worth $333,809,000 after purchasing an additional 53,747 shares during the period. Principal Financial Group Inc. increased its stake in Reliance by 19.7% in the 3rd quarter. Principal Financial Group Inc. now owns 472,730 shares of the industrial products company’s stock worth $136,718,000 after buying an additional 77,937 shares during the period. Hsbc Holdings PLC lifted its holdings in Reliance by 78.5% during the 2nd 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. Victory Capital Management Inc. boosted its position in Reliance by 0.3% in the 3rd 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 grew its stake in Reliance by 0.4% in the 3rd quarter. Copeland Capital Management LLC now owns 195,141 shares of the industrial products company’s stock worth $56,437,000 after acquiring an additional 714 shares in the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.

Reliance Trading Up 1.5 %

RS opened at $313.56 on Thursday. Reliance, Inc. has a 12 month low of $261.77 and a 12 month high of $342.20. The stock has a fifty day moving average price of $293.66 and a 200-day moving average price of $290.45. The firm has a market cap of $16.97 billion, a price-to-earnings ratio of 17.22 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.

Reliance (NYSE:RS) last released its quarterly 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). Reliance had a net margin of 7.42% and a return on equity of 13.68%. The firm had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.38 billion. During the same quarter in the prior year, the business posted $5.00 earnings per share. The firm’s quarterly revenue was down 5.6% on a year-over-year basis. As a group, equities research analysts anticipate that Reliance, Inc. will post 16.45 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. Stockholders of record on Friday, November 22nd will be given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.40%. The ex-dividend date is Friday, November 22nd. Reliance’s payout ratio is presently 24.16%.

Analyst Ratings Changes

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

Insider Transactions at Reliance

In other news, SVP William A. Smith II sold 6,500 shares of Reliance stock in a transaction on Wednesday, November 6th. The shares were 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 directly owns 16,849 shares in the company, valued at approximately $5,420,491.79. The trade was a 27.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Mark V. Kaminski sold 5,000 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $298.01, for a total value of $1,490,050.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,832 shares of company stock valued at $5,595,881. Corporate insiders own 0.69% of the company’s stock.

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.