Lord Abbett & CO. LLC Has $86.43 Million Position in Reliance, Inc. (NYSE:RS)

Lord Abbett & CO. LLC cut its holdings in Reliance, Inc. (NYSE:RS) by 31.3% in the third quarter, Holdings Channel.com reports. The fund owned 298,835 shares of the industrial products company’s stock after selling 135,910 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Reliance were worth $86,426,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Trust Point Inc. raised its holdings in shares of Reliance by 3.6% during the 3rd quarter. Trust Point Inc. now owns 972 shares of the industrial products company’s stock valued at $281,000 after purchasing an additional 34 shares in the last quarter. National Bank of Canada FI raised its holdings 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. Fulton Bank N.A. raised its holdings in Reliance by 3.1% during the third quarter. Fulton Bank N.A. now owns 1,570 shares of the industrial products company’s stock valued at $454,000 after buying an additional 47 shares in the last quarter. Consolidated Planning Corp boosted its stake in shares of Reliance by 7.1% during the 2nd quarter. Consolidated Planning Corp now owns 752 shares of the industrial products company’s stock worth $215,000 after acquiring an additional 50 shares in the last quarter. Finally, UMB Bank n.a. increased its holdings in shares of Reliance by 27.0% during the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after acquiring an additional 53 shares during the last quarter. 79.26% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CFO Arthur Ajemyan sold 6,332 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $318.18, for a total transaction of $2,014,715.76. Following the completion of the transaction, the chief financial officer now owns 9,245 shares in the company, valued at approximately $2,941,574.10. This represents a 40.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Karla R. Lewis sold 3,892 shares of Reliance stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $323.90, for a total transaction of $1,260,618.80. Following the completion of the sale, the chief executive officer now owns 85,117 shares in the company, valued at $27,569,396.30. The trade was a 4.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,724 shares of company stock worth $6,856,500. Corporate insiders own 0.69% of the company’s stock.

Reliance Stock Performance

RS stock opened at $292.16 on Friday. The company has a 50 day moving average price of $303.64 and a 200 day moving average price of $292.30. Reliance, Inc. has a fifty-two week low of $264.99 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. The stock has a market capitalization of $15.81 billion, a PE ratio of 16.04 and a beta of 0.87.

Reliance (NYSE:RS) last issued 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 return on equity of 13.68% and a net margin of 7.42%. The business had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. During the same quarter in the prior year, the firm earned $5.00 EPS. The firm’s quarterly revenue was down 5.6% compared to the same quarter last year. Analysts forecast that Reliance, Inc. will post 16.42 EPS for the current year.

Reliance Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were given a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date was Friday, November 22nd. Reliance’s dividend payout ratio is currently 24.16%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. 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. The Goldman Sachs Group started coverage on shares of Reliance in a research note on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price objective for the company. Finally, KeyCorp lowered 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. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $328.83.

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.