King Luther Capital Management Corp Has $37.08 Million Stock Holdings in Reliance, Inc. (NYSE:RS)

King Luther Capital Management Corp boosted its holdings in shares of Reliance, Inc. (NYSE:RS) by 0.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 128,193 shares of the industrial products company’s stock after buying an additional 375 shares during the period. King Luther Capital Management Corp’s holdings in Reliance were worth $37,075,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Bessemer Group Inc. raised its holdings in Reliance by 2,870.9% during the first quarter. Bessemer Group Inc. now owns 3,981 shares of the industrial products company’s stock worth $1,331,000 after buying an additional 3,847 shares during the last quarter. Zurich Insurance Group Ltd FI purchased a new stake in shares of Reliance in the first quarter valued at about $1,637,000. Assetmark Inc. raised its holdings in shares of Reliance by 24.2% in the third quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company’s stock valued at $8,074,000 after purchasing an additional 5,431 shares during the last quarter. Harbor Capital Advisors Inc. raised its holdings in shares of Reliance by 292.7% in the second quarter. Harbor Capital Advisors Inc. now owns 3,593 shares of the industrial products company’s stock valued at $1,026,000 after purchasing an additional 2,678 shares during the last quarter. Finally, Janus Henderson Group PLC raised its holdings in shares of Reliance by 96.6% in the first quarter. Janus Henderson Group PLC now owns 4,981 shares of the industrial products company’s stock valued at $1,664,000 after purchasing an additional 2,447 shares during the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Arthur Ajemyan sold 6,332 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $318.18, for a total value of $2,014,715.76. Following the completion of the transaction, the chief financial officer now directly owns 9,245 shares of the company’s stock, valued at approximately $2,941,574.10. This trade represents a 40.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP William A. Smith II sold 6,500 shares of the firm’s stock in a transaction 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 completion of the transaction, the senior vice president now directly owns 16,849 shares of the company’s stock, valued at approximately $5,420,491.79. This trade represents a 27.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,832 shares of company stock worth $5,595,881 in the last three months. 0.69% of the stock is owned by company insiders.

Reliance Stock Performance

NYSE:RS opened at $313.56 on Thursday. Reliance, Inc. has a twelve month low of $261.77 and a twelve month high of $342.20. The stock has a market cap of $16.97 billion, a P/E ratio of 17.22 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. The firm’s fifty day simple moving average is $293.66 and its 200 day simple moving average is $290.45.

Reliance (NYSE:RS) last issued 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). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The business had revenue of $3.42 billion during the quarter, compared to analysts’ expectations of $3.38 billion. During the same period last year, the firm posted $5.00 EPS. Reliance’s quarterly revenue was down 5.6% compared to the same quarter last year. As a group, research analysts predict that Reliance, Inc. will post 16.45 EPS for the current year.

Reliance Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be paid a dividend of $1.10 per share. The ex-dividend date is Friday, November 22nd. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.40%. Reliance’s dividend payout ratio (DPR) is presently 24.16%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. BMO Capital Markets lowered their target price on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Wolfe Research lowered shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective for the company. in a research report on Friday, July 26th. Finally, KeyCorp lowered their target price on shares of 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 given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $326.40.

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.