Pure Financial Advisors LLC Grows Stock Holdings in Reliance, Inc. (NYSE:RS)

Pure Financial Advisors LLC grew its holdings in shares of Reliance, Inc. (NYSE:RS) by 16.2% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 2,788 shares of the industrial products company’s stock after purchasing an additional 388 shares during the period. Pure Financial Advisors LLC’s holdings in Reliance were worth $806,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Innealta Capital LLC purchased a new position in shares of Reliance in the second quarter valued at $28,000. UMB Bank n.a. boosted its stake in shares of Reliance by 27.0% in the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after purchasing an additional 53 shares during the period. National Bank of Canada FI boosted its stake 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 purchasing an additional 41 shares during the period. Headlands Technologies LLC purchased a new position in shares of Reliance in the first quarter valued at $86,000. Finally, International Assets Investment Management LLC purchased a new position in shares of Reliance in the second quarter valued at $117,000. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Reliance Stock Performance

Shares of RS opened at $287.09 on Monday. The firm has a 50-day moving average price of $284.66 and a 200 day moving average price of $289.60. The firm has a market capitalization of $15.80 billion, a PE ratio of 15.77 and a beta of 0.85. 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 52-week low of $261.77 and a 52-week high of $342.20.

Reliance (NYSE:RS) last announced its earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 quarterly revenue was down 5.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.00 EPS. On average, sell-side analysts anticipate that Reliance, Inc. will post 16.96 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a $1.10 dividend. The ex-dividend date is Friday, November 22nd. This represents a $4.40 dividend on an annualized basis and a yield of 1.53%. Reliance’s dividend payout ratio is presently 24.16%.

Insider Activity at Reliance

In other news, Director Mark V. Kaminski sold 5,000 shares of Reliance stock in a transaction that occurred 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 sale was disclosed in a legal filing with the SEC, which is available at this link. 0.69% of the stock is currently owned by insiders.

Analysts Set New Price Targets

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