Dynamic Technology Lab Private Ltd Takes $429,000 Position in Reliance, Inc. (NYSE:RS)

Dynamic Technology Lab Private Ltd bought a new position in Reliance, Inc. (NYSE:RS) in the 3rd quarter, HoldingsChannel.com reports. The firm bought 1,482 shares of the industrial products company’s stock, valued at approximately $429,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RS. Janus Henderson Group PLC lifted its position in Reliance by 96.6% in the first quarter. Janus Henderson Group PLC now owns 4,981 shares of the industrial products company’s stock worth $1,664,000 after purchasing an additional 2,447 shares during the period. Swedbank AB bought a new position in shares of Reliance during the first quarter valued at $10,356,000. Cetera Investment Advisers lifted its holdings in shares of Reliance by 79.3% during the first quarter. Cetera Investment Advisers now owns 10,162 shares of the industrial products company’s stock valued at $3,396,000 after acquiring an additional 4,494 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Reliance by 17.2% during the second quarter. GAMMA Investing LLC now owns 585 shares of the industrial products company’s stock valued at $167,000 after acquiring an additional 86 shares during the period. Finally, Fulton Bank N.A. lifted its holdings in shares of Reliance by 10.3% during the second quarter. Fulton Bank N.A. now owns 1,523 shares of the industrial products company’s stock valued at $435,000 after acquiring an additional 142 shares during the period. 79.26% of the stock is owned by institutional investors.

Reliance Stock Performance

Shares of NYSE:RS opened at $321.24 on Friday. Reliance, Inc. has a twelve month low of $261.77 and a twelve month high of $342.20. The firm has a market cap of $17.39 billion, a PE 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. The business has a fifty day moving average of $298.67 and a 200-day moving average of $291.61.

Reliance (NYSE:RS) last announced its earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share 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 business had revenue of $3.42 billion during the quarter, compared to analyst estimates of $3.38 billion. During the same quarter last year, the business posted $5.00 earnings per share. The business’s quarterly revenue was down 5.6% compared to the same quarter last year. On average, equities research analysts predict that Reliance, Inc. will post 16.42 EPS for the current fiscal year.

Reliance Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a $1.10 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $4.40 dividend on an annualized basis and a yield of 1.37%. Reliance’s payout ratio is 24.16%.

Insider Buying and Selling

In related news, Director Mark V. Kaminski sold 5,000 shares of Reliance stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $298.01, for a total value of $1,490,050.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP William A. Smith II sold 6,500 shares of Reliance stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $321.71, for a total value of $2,091,115.00. Following the completion of the sale, the senior vice president now owns 16,849 shares of the company’s stock, valued at approximately $5,420,491.79. The trade was a 27.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,832 shares of company stock worth $5,595,881 over the last three months. 0.69% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

RS has been the subject of a number of analyst reports. BMO Capital Markets cut their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a report on Friday, October 25th. KeyCorp cut 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. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target 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.