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

Daiwa Securities Group Inc. trimmed its holdings in Reliance, Inc. (NYSE:RS) by 11.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). 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 filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its stake in Reliance by 4.8% during the second quarter. Dimensional Fund Advisors LP now owns 1,168,880 shares of the industrial products company’s stock worth $333,809,000 after acquiring an additional 53,747 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Reliance by 19.7% during the 3rd quarter. Principal Financial Group Inc. now owns 472,730 shares of the industrial products company’s stock worth $136,718,000 after purchasing an additional 77,937 shares in the last quarter. Hsbc Holdings PLC grew its stake in shares of Reliance by 78.5% in the 2nd quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock valued at $82,816,000 after buying an additional 127,422 shares during the period. Victory Capital Management Inc. increased its position in Reliance by 0.3% in the 3rd quarter. Victory Capital Management Inc. now owns 203,156 shares of the industrial products company’s stock valued at $58,755,000 after buying an additional 528 shares in the last quarter. Finally, Copeland Capital Management LLC raised its stake in Reliance by 0.4% during the 3rd quarter. Copeland Capital Management LLC now owns 195,141 shares of the industrial products company’s stock worth $56,437,000 after buying an additional 714 shares during the period. 79.26% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Reliance

In other Reliance news, CFO Arthur Ajemyan sold 6,332 shares of Reliance stock in a transaction dated 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 sale, the chief financial officer now 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP William A. Smith II sold 6,500 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the transaction, the senior vice president now directly owns 16,849 shares of the company’s stock, valued at $5,420,491.79. This represents a 27.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,832 shares of company stock valued at $5,595,881. 0.69% of the stock is owned by insiders.

Reliance Trading Up 0.3 %

Shares of Reliance stock opened at $322.75 on Thursday. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12. The stock has a fifty day simple moving average of $297.02 and a 200 day simple moving average of $291.17. Reliance, Inc. has a 12-month low of $261.77 and a 12-month high of $342.20. The company has a market capitalization of $17.47 billion, a P/E ratio of 17.72 and a beta of 0.85.

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

Reliance Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be issued a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 1.36%. The ex-dividend date is Friday, November 22nd. Reliance’s dividend payout ratio is presently 24.16%.

Wall Street Analyst Weigh In

Several research firms have recently commented on RS. KeyCorp decreased their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a report on Monday, October 14th. BMO Capital Markets decreased their price target on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $326.40.

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.