KBC Group NV Purchases 56,933 Shares of Reliance, Inc. (NYSE:RS)

KBC Group NV boosted its position in Reliance, Inc. (NYSE:RS) by 68.8% during the third quarter, Holdings Channel reports. The institutional investor owned 139,660 shares of the industrial products company’s stock after purchasing an additional 56,933 shares during the quarter. KBC Group NV’s holdings in Reliance were worth $40,391,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its position in Reliance by 4.8% during 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 in the last quarter. Acadian Asset Management LLC raised its holdings in Reliance by 20.8% during the first quarter. Acadian Asset Management LLC now owns 1,072,200 shares of the industrial products company’s stock worth $358,270,000 after acquiring an additional 184,509 shares in the last quarter. Principal Financial Group Inc. boosted its position in Reliance by 19.7% during the third 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 last quarter. Hsbc Holdings PLC grew its stake in Reliance by 78.5% in the second quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock valued at $82,816,000 after purchasing an additional 127,422 shares in the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of Reliance by 0.3% during the 3rd quarter. Victory Capital Management Inc. now owns 203,156 shares of the industrial products company’s stock worth $58,755,000 after purchasing an additional 528 shares during the last quarter. Institutional investors own 79.26% of the company’s stock.

Insiders Place Their Bets

In other Reliance 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 legal filing 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 value of $2,014,715.76. Following the sale, the chief financial officer now directly owns 9,245 shares of the company’s stock, 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 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.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Wolfe Research downgraded Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective for the company. in a report on Friday, July 26th. BMO Capital Markets dropped their price target on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Finally, KeyCorp decreased their price objective on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $326.40.

Reliance Stock Down 0.9 %

RS stock opened at $310.04 on Friday. Reliance, Inc. has a 1-year low of $261.77 and a 1-year high of $342.20. The business’s 50 day simple moving average is $290.57 and its 200 day simple moving average is $289.83. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12. The firm has a market capitalization of $16.78 billion, a PE ratio of 17.03 and a beta of 0.85.

Reliance (NYSE:RS) last released its quarterly earnings data 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 company had revenue of $3.42 billion for 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 company’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same period last year, the firm earned $5.00 earnings per share. As a group, research analysts anticipate that Reliance, Inc. will post 16.45 EPS for the current year.

Reliance Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a $1.10 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $4.40 annualized dividend and a yield of 1.42%. Reliance’s dividend payout ratio is currently 24.16%.

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.