Reliance, Inc. (NYSE:RS) Shares Purchased by Swedbank AB

Swedbank AB boosted its stake in shares of Reliance, Inc. (NYSE:RS) by 38.4% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 42,881 shares of the industrial products company’s stock after acquiring an additional 11,887 shares during the period. Swedbank AB owned about 0.08% of Reliance worth $12,402,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in RS. Innealta Capital LLC acquired a new position in shares of Reliance during the 2nd quarter worth about $28,000. UMB Bank n.a. raised its holdings in shares of Reliance by 27.0% during the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after acquiring an additional 53 shares during the last quarter. National Bank of Canada FI lifted its position in shares of Reliance by 17.9% in the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after acquiring an additional 41 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Reliance in the second quarter worth approximately $117,000. Finally, Covestor Ltd increased its position in shares of Reliance by 17.6% during the third quarter. Covestor Ltd now owns 462 shares of the industrial products company’s stock worth $133,000 after purchasing an additional 69 shares in the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Reliance

In other news, SVP William A. Smith II sold 6,500 shares of the company’s stock in a transaction that occurred 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 in the company, valued at approximately $5,420,491.79. This represents a 27.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Arthur Ajemyan sold 6,332 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 9,245 shares of the company’s stock, valued at $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 ninety days, insiders sold 17,832 shares of company stock worth $5,595,881. 0.69% of the stock is currently owned by company insiders.

Reliance Trading Down 0.3 %

Shares of RS opened at $322.10 on Wednesday. Reliance, Inc. has a 12-month low of $261.77 and a 12-month high of $342.20. The firm has a market capitalization of $17.43 billion, a P/E ratio of 17.69 and a beta of 0.85. The firm has a 50-day moving average price of $296.20 and a 200 day moving average price of $290.96. 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 posted its quarterly earnings results 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 firm had revenue of $3.42 billion during the quarter, compared to analysts’ expectations of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. The business’s quarterly revenue was down 5.6% on a year-over-year basis. During the same period last year, the company earned $5.00 EPS. Sell-side analysts forecast that Reliance, Inc. will post 16.45 EPS for the current year.

Reliance Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a $1.10 dividend. 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 1.37%. Reliance’s dividend payout ratio is currently 24.16%.

Wall Street Analysts Forecast Growth

RS has been the subject of a number of recent research reports. BMO Capital Markets reduced their target price on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. KeyCorp decreased 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. One research 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, the company presently has an average rating of “Hold” and an average price target of $326.40.

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.