BNP PARIBAS ASSET MANAGEMENT Holding S.A. Sells 17,379 Shares of Reliance, Inc. (NYSE:RS)

BNP PARIBAS ASSET MANAGEMENT Holding S.A. cut its holdings in shares of Reliance, Inc. (NYSE:RS) by 45.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 20,789 shares of the industrial products company’s stock after selling 17,379 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A.’s holdings in Reliance were worth $6,012,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. King Luther Capital Management Corp lifted its holdings in shares of Reliance by 0.3% during the third quarter. King Luther Capital Management Corp now owns 128,193 shares of the industrial products company’s stock valued at $37,075,000 after purchasing an additional 375 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in shares of Reliance by 5.9% during the third quarter. Advisors Asset Management Inc. now owns 17,593 shares of the industrial products company’s stock valued at $5,088,000 after acquiring an additional 980 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in Reliance in the 3rd quarter worth about $4,186,000. Commerce Bank grew its position in Reliance by 3.6% during the 3rd quarter. Commerce Bank now owns 3,746 shares of the industrial products company’s stock valued at $1,083,000 after purchasing an additional 131 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new stake in Reliance during the 3rd quarter valued at about $634,000. 79.26% of the stock is owned by hedge funds and other institutional investors.

Reliance Trading Up 0.9 %

Shares of RS stock opened at $319.27 on Monday. 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, Inc. has a 12-month low of $261.77 and a 12-month high of $342.20. The stock has a market capitalization of $17.28 billion, a P/E ratio of 17.53 and a beta of 0.85. The firm’s 50 day moving average is $295.33 and its 200 day moving average is $290.77.

Reliance (NYSE:RS) last issued its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing the consensus estimate of $3.66 by ($0.02). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The firm had revenue of $3.42 billion during 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 business’s revenue was down 5.6% on a year-over-year basis. Research analysts expect that Reliance, Inc. will post 16.45 earnings per share for the current year.

Reliance Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 1.38%. The ex-dividend date is Friday, November 22nd. Reliance’s dividend payout ratio (DPR) is presently 24.16%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. KeyCorp dropped their target price on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research note on Monday, October 14th. BMO Capital Markets cut their target price on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. One 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. Based on data from MarketBeat, Reliance currently has an average rating of “Hold” and an average target price of $326.40.

Insider Buying and Selling

In related news, Director Mark V. Kaminski sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $298.01, for a total transaction of $1,490,050.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP William A. Smith II sold 6,500 shares of the stock in a transaction that occurred on 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 directly owns 16,849 shares of the company’s stock, valued at $5,420,491.79. This represents a 27.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,832 shares of company stock valued at $5,595,881. 0.69% of the stock is owned by insiders.

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.