Cynosure Group LLC Has $439,000 Holdings in Reliance, Inc. (NYSE:RS)

Cynosure Group LLC increased its stake in shares of Reliance, Inc. (NYSE:RS) by 13.5% during the third quarter, HoldingsChannel.com reports. The fund owned 1,518 shares of the industrial products company’s stock after purchasing an additional 180 shares during the period. Cynosure Group LLC’s holdings in Reliance were worth $439,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Innealta Capital LLC acquired a new stake in shares of Reliance in the second quarter worth $28,000. UMB Bank n.a. grew its position in Reliance by 27.0% in the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock worth $72,000 after purchasing an additional 53 shares during the last quarter. Brooklyn Investment Group bought a new position in shares of Reliance during the 3rd quarter worth about $78,000. National Bank of Canada FI increased its holdings in shares of Reliance by 17.9% during 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 during the period. Finally, International Assets Investment Management LLC acquired a new position in shares of Reliance during the second quarter valued at about $117,000. 79.26% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on RS shares. KeyCorp decreased 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 reduced their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $326.40.

Reliance Price Performance

Shares of RS stock opened at $322.75 on Thursday. The firm has a market cap of $17.47 billion, a price-to-earnings ratio of 17.72 and a beta of 0.85. The stock’s fifty day simple moving average is $297.02 and its 200 day simple moving average is $291.17. Reliance, Inc. has a one year low of $261.77 and a one year high of $342.20. 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 (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 the consensus estimate of $3.66 by ($0.02). The firm had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. The firm’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same period in the previous year, the company posted $5.00 EPS. On average, analysts expect that Reliance, Inc. will post 16.42 earnings per share for the current fiscal year.

Reliance Dividend Announcement

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 $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 1.36%. The ex-dividend date is Friday, November 22nd. Reliance’s payout ratio is currently 24.16%.

Insider Buying and Selling

In related news, SVP William A. Smith II sold 6,500 shares of the company’s stock in a transaction dated 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 owns 16,849 shares in the company, valued at $5,420,491.79. This represents a 27.84 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Arthur Ajemyan sold 6,332 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $318.18, for a total transaction of $2,014,715.76. Following the sale, the chief financial officer now directly owns 9,245 shares in the company, valued at $2,941,574.10. This trade represents a 40.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,832 shares of company stock worth $5,595,881 in the last three months. Insiders own 0.69% of the company’s stock.

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.