Meritage Portfolio Management Reduces Holdings in Reliance, Inc. (NYSE:RS)

Meritage Portfolio Management lowered its position in Reliance, Inc. (NYSE:RS) by 2.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 28,809 shares of the industrial products company’s stock after selling 740 shares during the quarter. Meritage Portfolio Management’s holdings in Reliance were worth $8,332,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in RS. Sei Investments Co. lifted its stake in shares of Reliance by 13.1% during the 1st quarter. Sei Investments Co. now owns 51,053 shares of the industrial products company’s stock worth $17,062,000 after acquiring an additional 5,902 shares during the last quarter. Bessemer Group Inc. boosted its stake in shares of Reliance by 2,870.9% during the first quarter. Bessemer Group Inc. now owns 3,981 shares of the industrial products company’s stock valued at $1,331,000 after purchasing an additional 3,847 shares during the period. Russell Investments Group Ltd. grew its holdings in shares of Reliance by 1.9% in the first quarter. Russell Investments Group Ltd. now owns 159,878 shares of the industrial products company’s stock worth $53,644,000 after purchasing an additional 2,985 shares during the last quarter. CANADA LIFE ASSURANCE Co increased its stake in Reliance by 24.2% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 107,735 shares of the industrial products company’s stock worth $36,005,000 after buying an additional 20,981 shares during the period. Finally, Zurich Insurance Group Ltd FI bought a new stake in Reliance during the 1st quarter valued at about $1,637,000. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented 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. Wolfe Research downgraded Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective on the stock. in a report on Friday, July 26th. Finally, BMO Capital Markets decreased their target price on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. 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 company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $326.40.

Reliance Stock Down 0.1 %

Shares of NYSE RS traded down $0.41 during midday trading on Friday, reaching $320.62. 287,534 shares of the company’s stock traded hands, compared to its average volume of 315,138. The company has a market cap of $17.35 billion, a price-to-earnings ratio of 17.61 and a beta of 0.85. The stock’s 50 day simple moving average is $287.35 and its 200-day simple moving average is $289.27. 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 one year low of $261.77 and a one year 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 the consensus estimate of $3.66 by ($0.02). The company had revenue of $3.42 billion for 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 firm’s revenue was down 5.6% compared to the same quarter last year. During the same period last year, the business posted $5.00 EPS. On average, analysts predict that Reliance, Inc. will post 16.65 EPS for the current fiscal year.

Reliance Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued 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 presently 24.16%.

Insiders Place Their Bets

In other Reliance news, Director Mark V. Kaminski sold 5,000 shares of Reliance 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 transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, SVP William A. Smith II sold 6,500 shares of the 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 completion of the transaction, the senior vice president now directly owns 16,849 shares of the company’s stock, valued at $5,420,491.79. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,832 shares of company stock worth $5,595,881. 0.69% of the stock is owned by corporate insiders.

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.