Lord Abbett & CO. LLC Trims Holdings in Reliance, Inc. (NYSE:RS)

Lord Abbett & CO. LLC lessened its stake in Reliance, Inc. (NYSE:RS) by 31.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 298,835 shares of the industrial products company’s stock after selling 135,910 shares during the period. Lord Abbett & CO. LLC owned about 0.55% of Reliance worth $86,426,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Innealta Capital LLC acquired a new stake in shares of Reliance in the 2nd quarter valued at about $28,000. Quarry LP bought a new position in Reliance during the 3rd quarter worth approximately $41,000. UMB Bank n.a. grew 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 worth $72,000 after acquiring an additional 53 shares in the last quarter. National Bank of Canada FI increased its holdings 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 acquiring an additional 41 shares during the last quarter. Finally, Brooklyn Investment Group acquired a new stake in shares of Reliance during the 3rd quarter valued at approximately $78,000. 79.26% of the stock is owned by institutional investors and hedge funds.

Reliance Price Performance

NYSE:RS opened at $292.16 on Friday. Reliance, Inc. has a 52-week low of $264.99 and a 52-week high of $342.20. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. The firm has a market cap of $15.81 billion, a P/E ratio of 16.04 and a beta of 0.87. The business’s 50-day moving average price is $303.64 and its 200 day moving average price is $292.30.

Reliance (NYSE:RS) last released its 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). The business had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. The firm’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same period in the prior year, the company earned $5.00 earnings per share. As a group, sell-side analysts predict that Reliance, Inc. will post 16.42 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date of this dividend was Friday, November 22nd. Reliance’s dividend payout ratio (DPR) is presently 24.16%.

Insider Activity

In related news, SVP William A. Smith II sold 6,500 shares of the firm’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 completion of the transaction, the senior vice president now owns 16,849 shares of the company’s stock, valued at approximately $5,420,491.79. This trade represents a 27.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Mark V. Kaminski sold 5,000 shares of the firm’s stock in a transaction 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 disclosure for this sale can be found here. Insiders sold a total of 21,724 shares of company stock valued at $6,856,500 over the last three months. Insiders own 0.69% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on RS. The Goldman Sachs Group initiated coverage on Reliance in a report on Monday, December 2nd. They set a “neutral” rating and a $341.00 target price for the company. KeyCorp dropped their target price on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. Finally, BMO Capital Markets lowered their price target 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. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $328.83.

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.