Metis Global Partners LLC Acquires 956 Shares of Reliance, Inc. (NYSE:RS)

Metis Global Partners LLC raised its holdings in Reliance, Inc. (NYSE:RS) by 37.5% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,508 shares of the industrial products company’s stock after buying an additional 956 shares during the quarter. Metis Global Partners LLC’s holdings in Reliance were worth $1,015,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in RS. Bessemer Group Inc. grew its position 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 in the last quarter. CANADA LIFE ASSURANCE Co grew its holdings in shares of Reliance by 24.2% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 107,735 shares of the industrial products company’s stock worth $36,005,000 after purchasing an additional 20,981 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new stake in shares of Reliance during the first quarter valued at approximately $1,637,000. Harbor Capital Advisors Inc. raised its stake 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 in the last quarter. Finally, Assetmark Inc. lifted its position in Reliance by 24.2% in the third quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company’s stock worth $8,074,000 after purchasing an additional 5,431 shares during the period. 79.26% of the stock is owned by institutional investors.

Reliance Stock Performance

NYSE RS opened at $310.44 on Monday. The firm has a market cap of $16.80 billion, a price-to-earnings ratio of 17.05 and a beta of 0.85. Reliance, Inc. has a 1-year low of $261.77 and a 1-year high of $342.20. The company has a 50 day moving average of $291.32 and a 200-day moving average of $290.01. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12.

Reliance (NYSE:RS) last announced its earnings results on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $3.38 billion. During the same quarter in the previous year, the company posted $5.00 EPS. Reliance’s revenue for the quarter was down 5.6% on a year-over-year basis. On average, equities analysts forecast that Reliance, Inc. will post 16.45 earnings per share for the current fiscal year.

Reliance Announces Dividend

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

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on RS shares. Wolfe Research cut 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 note on Friday, July 26th. KeyCorp cut their price target on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research note on Monday, October 14th. Finally, BMO Capital Markets dropped their target price on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a 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 given a buy rating to the stock. According to MarketBeat, Reliance currently has an average rating of “Hold” and a consensus target price of $326.40.

Insider Transactions at Reliance

In related news, SVP William A. Smith II sold 6,500 shares of Reliance stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $321.71, for a total value of $2,091,115.00. Following the completion of the sale, the senior vice president now directly owns 16,849 shares in the company, valued at $5,420,491.79. This trade represents a 27.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mark V. Kaminski sold 5,000 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $298.01, for a total transaction of $1,490,050.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,832 shares of company stock worth $5,595,881. Corporate insiders own 0.69% of the company’s stock.

Reliance 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.