Reliance, Inc. (NYSE:RS) Shares Bought by Concentric Capital Strategies LP

Concentric Capital Strategies LP raised its stake in shares of Reliance, Inc. (NYSE:RS) by 97.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,667 shares of the industrial products company’s stock after purchasing an additional 16,086 shares during the quarter. Concentric Capital Strategies LP owned about 0.06% of Reliance worth $9,448,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Innealta Capital LLC acquired a new stake in Reliance during the 2nd quarter worth about $28,000. UMB Bank n.a. raised its position in Reliance by 27.0% during the third 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 in the last quarter. Brooklyn Investment Group acquired a new position in Reliance in the third quarter valued at approximately $78,000. National Bank of Canada FI boosted its position in Reliance by 17.9% in the 2nd quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock worth $76,000 after purchasing an additional 41 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in shares of Reliance during the 2nd quarter worth approximately $117,000. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Insider Activity

In related news, Director Mark V. Kaminski sold 5,000 shares of Reliance stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $298.01, for a total transaction of $1,490,050.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Arthur Ajemyan sold 6,332 shares of the company’s stock in a transaction 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 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 disclosure for this sale can be found here. Insiders sold 17,832 shares of company stock worth $5,595,881 over the last three months. Insiders own 0.69% of the company’s stock.

Reliance Stock Down 0.4 %

RS stock opened at $321.24 on Monday. The stock has a market capitalization of $17.39 billion, a P/E ratio of 17.64 and a beta of 0.85. Reliance, Inc. has a 52 week low of $261.77 and a 52 week high of $342.20. The firm has a 50-day simple moving average of $299.47 and a 200-day simple moving average of $291.80. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12.

Reliance (NYSE:RS) last announced 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 firm had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. Reliance’s revenue was down 5.6% compared to the same quarter last year. During the same period in the previous year, the company earned $5.00 EPS. Equities analysts forecast that Reliance, Inc. will post 16.42 earnings per share for the current fiscal year.

Reliance Announces Dividend

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

Analyst Ratings Changes

RS has been the topic of a number of recent analyst reports. BMO Capital Markets lowered their price target on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. 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 analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Reliance currently has an average rating of “Hold” and a consensus target price of $326.40.

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.