Daiwa Securities Group Inc. Has $3.27 Million Holdings in Reliance, Inc. (NYSE:RS)

Daiwa Securities Group Inc. cut its holdings in shares of Reliance, Inc. (NYSE:RS) by 11.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,310 shares of the industrial products company’s stock after selling 1,400 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Reliance were worth $3,271,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RS. Innealta Capital LLC acquired a new position in Reliance in the second quarter valued at about $28,000. UMB Bank n.a. raised its position in shares of Reliance by 27.0% in the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after buying an additional 53 shares in the last quarter. National Bank of Canada FI raised its position in shares of Reliance by 17.9% in the 2nd quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after buying an additional 41 shares in the last quarter. International Assets Investment Management LLC bought a new stake in shares of Reliance during the 2nd quarter worth approximately $117,000. Finally, Covestor Ltd boosted its position in shares of Reliance by 17.6% during the 3rd quarter. Covestor Ltd now owns 462 shares of the industrial products company’s stock worth $133,000 after acquiring an additional 69 shares in the last quarter. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have commented on RS. BMO Capital Markets lowered their price objective 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 dropped their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $326.40.

Insider Buying and Selling

In other Reliance news, CFO Arthur Ajemyan sold 6,332 shares of Reliance stock in a transaction dated 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 approximately $2,941,574.10. The trade was a 40.65 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mark V. Kaminski sold 5,000 shares of the stock in a transaction dated 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. Insiders have sold a total of 17,832 shares of company stock worth $5,595,881 in the last ninety days. Company insiders own 0.69% of the company’s stock.

Reliance Stock Performance

Shares of Reliance stock opened at $322.75 on Thursday. The company’s 50 day moving average price is $297.02 and its two-hundred day moving average price is $291.17. The firm has a market capitalization of $17.47 billion, a P/E ratio of 17.72 and a beta of 0.85. Reliance, Inc. has a fifty-two week low of $261.77 and a fifty-two week high of $342.20. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58.

Reliance (NYSE:RS) last released its quarterly earnings data 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). Reliance had a net margin of 7.42% and a return on equity of 13.68%. The firm had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. During the same period last year, the business earned $5.00 EPS. The company’s revenue was down 5.6% compared to the same quarter last year. On average, equities analysts forecast that Reliance, Inc. will post 16.42 earnings per share for the current fiscal year.

Reliance Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued 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 1.36%. Reliance’s dividend payout ratio (DPR) is presently 24.16%.

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.