Intech Investment Management LLC Purchases 36,647 Shares of Reliance, Inc. (NYSE:RS)

Intech Investment Management LLC boosted its stake in Reliance, Inc. (NYSE:RS) by 255.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 50,996 shares of the industrial products company’s stock after purchasing an additional 36,647 shares during the period. Intech Investment Management LLC’s holdings in Reliance were worth $14,749,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RS. Dimensional Fund Advisors LP lifted its stake in shares of 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 valued at $333,809,000 after purchasing an additional 53,747 shares during the period. Principal Financial Group Inc. boosted its holdings in 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 acquiring an additional 77,937 shares during the last quarter. Hsbc Holdings PLC increased its stake in 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 last quarter. Victory Capital Management Inc. grew its holdings in shares of Reliance by 0.3% in the third quarter. Victory Capital Management Inc. now owns 203,156 shares of the industrial products company’s stock valued at $58,755,000 after acquiring an additional 528 shares in the last quarter. Finally, Copeland Capital Management LLC increased its position in shares of Reliance by 0.4% during the third quarter. Copeland Capital Management LLC now owns 195,141 shares of the industrial products company’s stock valued at $56,437,000 after acquiring an additional 714 shares during the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RS. BMO Capital Markets lowered their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Wolfe Research cut shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective on the stock. in a research report on Friday, July 26th. Finally, KeyCorp reduced their target price on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research note on Monday, October 14th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $326.40.

Reliance Trading Up 0.9 %

Shares of RS opened at $316.35 on Friday. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $17.12 billion, a P/E ratio of 17.37 and a beta of 0.85. Reliance, Inc. has a twelve month low of $261.77 and a twelve month high of $342.20. The firm has a fifty day simple moving average of $294.51 and a two-hundred day simple moving average of $290.63.

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). Reliance had a net margin of 7.42% and a return on equity of 13.68%. The business had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.38 billion. During the same quarter in the prior year, the company earned $5.00 EPS. Reliance’s revenue was down 5.6% compared to the same quarter last year. On average, research analysts anticipate that Reliance, Inc. will post 16.45 EPS for the current year.

Reliance Dividend Announcement

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 given a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 1.39%. The ex-dividend date of this dividend is Friday, November 22nd. Reliance’s dividend payout ratio is currently 24.16%.

Insider Activity at Reliance

In other Reliance news, Director Mark V. Kaminski sold 5,000 shares of Reliance stock in a transaction on Monday, October 28th. The stock was sold at an average price of $298.01, for a total value of $1,490,050.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP William A. Smith II sold 6,500 shares of the business’s 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. The trade was a 27.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,832 shares of company stock worth $5,595,881 over the last ninety days. 0.69% of the stock is owned by corporate insiders.

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.