Dynamic Technology Lab Private Ltd Purchases Shares of 1,482 Reliance, Inc. (NYSE:RS)

Dynamic Technology Lab Private Ltd acquired a new stake in shares of Reliance, Inc. (NYSE:RS) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 1,482 shares of the industrial products company’s stock, valued at approximately $429,000.

Other hedge funds also recently bought and sold shares of the company. Innealta Capital LLC purchased a new stake in Reliance during the second quarter valued at about $28,000. UMB Bank n.a. lifted its stake in 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 buying an additional 53 shares in the last quarter. National Bank of Canada FI lifted its stake in Reliance by 17.9% during the second 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 acquired a new position in shares of Reliance in the 2nd quarter valued at about $117,000. Finally, Covestor Ltd increased its holdings in shares of Reliance by 17.6% in the 3rd quarter. Covestor Ltd now owns 462 shares of the industrial products company’s stock valued at $133,000 after purchasing an additional 69 shares during the period. 79.26% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Reliance

In other news, Director Mark V. Kaminski sold 5,000 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $298.01, for a total value of $1,490,050.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Arthur Ajemyan sold 6,332 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $318.18, for a total value of $2,014,715.76. Following the completion of the sale, the chief financial officer now directly owns 9,245 shares of the company’s stock, valued at $2,941,574.10. This represents a 40.65 % decrease in their ownership of the stock. 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 over the last 90 days. Insiders own 0.69% of the company’s stock.

Reliance Trading Down 0.4 %

NYSE:RS opened at $321.24 on Friday. The stock’s 50 day moving average price is $298.67 and its 200 day moving average price is $291.61. Reliance, Inc. has a 52 week low of $261.77 and a 52 week high of $342.20. The company has a market capitalization of $17.39 billion, a P/E ratio of 17.64 and a beta of 0.85. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 3.31.

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

Reliance Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a dividend of $1.10 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $4.40 annualized dividend and a yield of 1.37%. Reliance’s dividend payout ratio (DPR) is presently 24.16%.

Analyst Ratings Changes

RS has been the topic of a number of research reports. BMO Capital Markets dropped their target price on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. KeyCorp dropped their target price on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $326.40.

Reliance 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.