Reliance, Inc. (NYSE:RS) Shares Acquired by Fisher Asset Management LLC

Fisher Asset Management LLC lifted its holdings in Reliance, Inc. (NYSE:RS) by 4.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,518 shares of the industrial products company’s stock after purchasing an additional 296 shares during the quarter. Fisher Asset Management LLC’s holdings in Reliance were worth $1,885,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Swedbank AB boosted its holdings in Reliance by 38.4% in the third quarter. Swedbank AB now owns 42,881 shares of the industrial products company’s stock worth $12,402,000 after acquiring an additional 11,887 shares in the last quarter. Cerity Partners LLC boosted its stake in Reliance by 6.3% in the 3rd quarter. Cerity Partners LLC now owns 19,710 shares of the industrial products company’s stock worth $5,700,000 after purchasing an additional 1,172 shares in the last quarter. Citigroup Inc. grew its position in Reliance by 9.0% during the 3rd quarter. Citigroup Inc. now owns 47,179 shares of the industrial products company’s stock worth $13,645,000 after purchasing an additional 3,901 shares during the last quarter. Raymond James Trust N.A. acquired a new position in Reliance during the 3rd quarter valued at approximately $304,000. Finally, Landscape Capital Management L.L.C. purchased a new position in shares of Reliance in the third quarter worth $379,000. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Reliance Price Performance

NYSE:RS opened at $321.24 on Friday. The firm’s fifty day moving average is $298.67 and its two-hundred day moving average is $291.61. The firm has a market cap of $17.39 billion, a price-to-earnings 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. Reliance, Inc. has a one year low of $261.77 and a one year high of $342.20.

Reliance (NYSE:RS) last issued its 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). The company had revenue of $3.42 billion during the quarter, compared to analysts’ expectations of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. The firm’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $5.00 EPS. Research analysts expect that Reliance, Inc. will post 16.42 EPS for the current year.

Reliance Announces Dividend

The company 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 dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 1.37%. The ex-dividend date is Friday, November 22nd. Reliance’s dividend payout ratio (DPR) is 24.16%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on RS shares. KeyCorp cut 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. BMO Capital Markets cut their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $326.40.

Insider Activity at Reliance

In other news, CFO Arthur Ajemyan sold 6,332 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total value of $2,014,715.76. Following the completion of the sale, the chief financial officer now directly owns 9,245 shares in the company, valued at $2,941,574.10. The trade was a 40.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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 value of $2,091,115.00. Following the transaction, the senior vice president now owns 16,849 shares in the company, valued at $5,420,491.79. This trade represents a 27.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 17,832 shares of company stock worth $5,595,881 in the last three months. Company insiders own 0.69% of the company’s stock.

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.