Dearborn Partners LLC Has $24.99 Million Stake in Reliance, Inc. (NYSE:RS)

Dearborn Partners LLC boosted its position in shares of Reliance, Inc. (NYSE:RS) by 4.1% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 86,406 shares of the industrial products company’s stock after buying an additional 3,419 shares during the quarter. Dearborn Partners LLC’s holdings in Reliance were worth $24,989,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in RS. Envestnet Portfolio Solutions Inc. lifted its stake in Reliance by 8.9% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 988 shares of the industrial products company’s stock valued at $330,000 after purchasing an additional 81 shares during the last quarter. Empowered Funds LLC bought a new position in shares of Reliance during the 1st quarter worth approximately $421,000. SG Americas Securities LLC increased its holdings in shares of Reliance by 98.8% during the 1st quarter. SG Americas Securities LLC now owns 2,368 shares of the industrial products company’s stock worth $791,000 after acquiring an additional 1,177 shares during the last quarter. Sei Investments Co. raised its stake in Reliance by 13.1% in the 1st quarter. Sei Investments Co. now owns 51,053 shares of the industrial products company’s stock valued at $17,062,000 after acquiring an additional 5,902 shares during the period. Finally, Headlands Technologies LLC bought a new stake in Reliance in the 1st quarter valued at $86,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on RS shares. KeyCorp decreased their price objective on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. Wolfe Research lowered shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target on the stock. in a research note on Friday, July 26th. Finally, BMO Capital Markets cut 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. One 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. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $326.40.

Insider Buying and Selling

In related news, 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 transaction, the chief financial officer now owns 9,245 shares of the company’s stock, valued at $2,941,574.10. This represents a 40.65 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP William A. Smith II sold 6,500 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the sale, the senior vice president now directly owns 16,849 shares in the company, valued at approximately $5,420,491.79. The trade was a 27.84 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 17,832 shares of company stock worth $5,595,881. Corporate insiders own 0.69% of the company’s stock.

Reliance Price Performance

Reliance stock opened at $310.04 on Friday. The stock’s fifty day moving average price is $290.57 and its two-hundred day moving average price is $289.83. The firm has a market cap of $16.78 billion, a PE ratio of 17.03 and a beta of 0.85. 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, Inc. has a one year low of $261.77 and a one year high of $342.20.

Reliance (NYSE:RS) last posted its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $3.38 billion. During the same period last year, the firm earned $5.00 EPS. The firm’s revenue for the quarter was down 5.6% compared to the same quarter last year. As a group, research analysts expect that Reliance, Inc. will post 16.45 EPS for the current fiscal year.

Reliance Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be issued a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.42%. The ex-dividend date of this dividend is Friday, November 22nd. Reliance’s dividend payout ratio (DPR) is presently 24.16%.

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.