Tidal Investments LLC Raises Position in Reliance, Inc. (NYSE:RS)

Tidal Investments LLC lifted its stake in Reliance, Inc. (NYSE:RS) by 10.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,396 shares of the industrial products company’s stock after purchasing an additional 691 shares during the period. Tidal Investments LLC’s holdings in Reliance were worth $2,139,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Hsbc Holdings PLC raised its stake in Reliance by 78.5% during the 2nd quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock worth $82,816,000 after acquiring an additional 127,422 shares during the period. International Assets Investment Management LLC raised its position in shares of Reliance by 27,269.0% during the 3rd quarter. International Assets Investment Management LLC now owns 112,213 shares of the industrial products company’s stock valued at $32,453,000 after purchasing an additional 111,803 shares during the period. Principal Financial Group Inc. raised 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 valued at $136,718,000 after purchasing an additional 77,937 shares during the period. KBC Group NV lifted its stake in shares of Reliance by 68.8% during the 3rd quarter. KBC Group NV now owns 139,660 shares of the industrial products company’s stock valued at $40,391,000 after buying an additional 56,933 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Reliance by 4.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,168,880 shares of the industrial products company’s stock worth $333,809,000 after buying an additional 53,747 shares during the period. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Reliance Stock Performance

NYSE RS opened at $288.00 on Tuesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. Reliance, Inc. has a 1-year low of $264.99 and a 1-year high of $342.20. The business has a 50 day simple moving average of $303.70 and a two-hundred day simple moving average of $292.15. The stock has a market capitalization of $15.59 billion, a PE ratio of 15.82 and a beta of 0.87.

Reliance (NYSE:RS) last posted 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). The business had revenue of $3.42 billion during the quarter, compared to analysts’ expectations of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. The company’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same period last year, the business posted $5.00 earnings per share. On average, research analysts predict that Reliance, Inc. will post 16.42 EPS for the current fiscal year.

Reliance Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were issued a $1.10 dividend. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.53%. Reliance’s dividend payout ratio (DPR) is presently 24.16%.

Insider Activity

In related news, Director Mark V. Kaminski sold 5,000 shares of the stock in a transaction 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Arthur Ajemyan sold 6,332 shares of Reliance stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total transaction of $2,014,715.76. Following the transaction, the chief financial officer now directly owns 9,245 shares of the company’s stock, valued at $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. In the last three months, insiders have sold 21,724 shares of company stock worth $6,856,500. 0.69% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have commented on RS. KeyCorp decreased their price target on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. The Goldman Sachs Group started coverage on Reliance in a research note on Monday, December 2nd. They set a “neutral” rating and a $341.00 target price on the stock. Finally, BMO Capital Markets lowered their price target 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, four have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus 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.