Connor Clark & Lunn Investment Management Ltd. Purchases New Holdings in Reliance, Inc. (NYSE:RS)

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Reliance, Inc. (NYSE:RS) in the 3rd quarter, according to its most recent filing with the SEC. The fund acquired 14,475 shares of the industrial products company’s stock, valued at approximately $4,186,000.

Other hedge funds have also made changes to their positions in the company. Hsbc Holdings PLC lifted its stake in shares of Reliance by 78.5% in the second quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock worth $82,816,000 after buying an additional 127,422 shares in the last quarter. International Assets Investment Management LLC lifted its stake in Reliance by 27,269.0% in the 3rd quarter. International Assets Investment Management LLC now owns 112,213 shares of the industrial products company’s stock worth $32,453,000 after purchasing an additional 111,803 shares in the last quarter. Principal Financial Group Inc. boosted its holdings 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 worth $136,718,000 after purchasing an additional 77,937 shares during the last quarter. KBC Group NV grew its position in shares of Reliance by 68.8% in the third quarter. KBC Group NV now owns 139,660 shares of the industrial products company’s stock valued at $40,391,000 after purchasing an additional 56,933 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Reliance by 4.8% in the second 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 last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in 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. KeyCorp lowered their price target on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. One research 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’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $326.40.

Reliance Price Performance

NYSE:RS opened at $319.27 on Friday. Reliance, Inc. has a 52 week low of $261.77 and a 52 week high of $342.20. The stock’s fifty day moving average is $295.33 and its two-hundred day moving average is $290.78. The company has a market capitalization of $17.28 billion, a P/E ratio of 17.53 and a beta of 0.85. 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 issued its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing the consensus estimate 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 net margin of 7.42% and a return on equity of 13.68%. The firm’s quarterly revenue was down 5.6% on a year-over-year basis. During the same quarter last year, the firm posted $5.00 earnings per share. Equities analysts expect that Reliance, Inc. will post 16.45 EPS for the current year.

Reliance Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a $1.10 dividend. The ex-dividend date is Friday, November 22nd. This represents a $4.40 annualized dividend and a yield of 1.38%. Reliance’s dividend payout ratio (DPR) is presently 24.16%.

Insider Buying and Selling at Reliance

In other Reliance news, Director Mark V. Kaminski sold 5,000 shares of Reliance stock in a transaction dated 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 filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Arthur Ajemyan sold 6,332 shares of the stock in a transaction dated 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 sale, the chief financial officer now directly owns 9,245 shares in the company, valued at $2,941,574.10. This represents a 40.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,832 shares of company stock valued at $5,595,881 over the last quarter. 0.69% of the stock is owned by company insiders.

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.