Assetmark Inc. Grows Position in Reliance, Inc. (NYSE:RS)

Assetmark Inc. increased its position in shares of Reliance, Inc. (NYSE:RS - Free Report) by 24.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 27,916 shares of the industrial products company's stock after buying an additional 5,431 shares during the period. Assetmark Inc. owned about 0.05% of Reliance worth $8,074,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Dimensional Fund Advisors LP boosted its stake in shares of Reliance by 4.8% in the 2nd 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. Acadian Asset Management LLC lifted its holdings in shares of Reliance by 20.8% in 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 during the last quarter. Principal Financial Group Inc. raised its holdings in Reliance by 19.7% in the 3rd quarter. Principal Financial Group Inc. now owns 472,730 shares of the industrial products company's stock valued at $136,718,000 after buying an additional 77,937 shares during the last quarter. Hsbc Holdings PLC grew its position in shares of Reliance by 78.5% during the 2nd 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 during the period. Finally, Victory Capital Management Inc. lifted its stake in Reliance by 21.1% during the 2nd quarter. Victory Capital Management Inc. now owns 202,628 shares of the industrial products company's stock valued at $57,871,000 after acquiring an additional 35,336 shares in the last quarter. Institutional investors own 79.26% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on RS shares. Wolfe Research downgraded Reliance from a "peer perform" rating to an "underperform" rating and set a $262.00 target price for the company. in a research report on Friday, July 26th. BMO Capital Markets cut their price target on Reliance from $340.00 to $330.00 and set an "outperform" rating for the company in a report on Friday, October 25th. Finally, KeyCorp decreased their target price on Reliance from $335.00 to $325.00 and set an "overweight" rating for the company in a research report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $326.40.

Reliance Stock Down 1.0 %

Shares of RS stock traded down $3.37 on Tuesday, hitting $319.81. The company's stock had a trading volume of 402,827 shares, compared to its average volume of 320,722. The firm's fifty day moving average price is $288.08 and its 200-day moving average price is $289.32. Reliance, Inc. has a fifty-two week low of $261.77 and a fifty-two week 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. The stock has a market capitalization of $17.31 billion, a price-to-earnings ratio of 17.76 and a beta of 0.85.

Reliance (NYSE:RS - Get Free Report) 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). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The company had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.38 billion. During the same period in the prior year, the company earned $5.00 EPS. The firm's revenue was down 5.6% on a year-over-year basis. Research analysts anticipate that Reliance, Inc. will post 16.65 EPS for the current year.

Reliance Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a dividend of $1.10 per share. The ex-dividend date is Friday, November 22nd. This represents a $4.40 annualized dividend and a yield of 1.38%. Reliance's payout ratio is currently 24.16%.

Insider Activity at Reliance

In other Reliance news, Director Mark V. Kaminski sold 5,000 shares of the company's stock in a transaction that occurred on 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 hyperlink. In other Reliance news, SVP William A. Smith II sold 6,500 shares of Reliance stock in a transaction that occurred on 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 transaction, the senior vice president now directly owns 16,849 shares in the company, valued at approximately $5,420,491.79. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Mark V. Kaminski sold 5,000 shares of the business's stock in a transaction on Monday, October 28th. The stock was sold at an average price of $298.01, for a total value of $1,490,050.00. The disclosure for this sale can be found here. Insiders have sold 17,832 shares of company stock valued at $5,595,881 over the last three months. 0.69% of the stock is owned by corporate insiders.

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.