Nomura Asset Management Co. Ltd. Buys 3,784 Shares of Reliance, Inc. (NYSE:RS)

Nomura Asset Management Co. Ltd. raised its stake in Reliance, Inc. (NYSE:RS - Free Report) by 15.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,008 shares of the industrial products company's stock after acquiring an additional 3,784 shares during the quarter. Nomura Asset Management Co. Ltd. owned about 0.05% of Reliance worth $8,389,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Innealta Capital LLC acquired a new stake in Reliance in the 2nd quarter valued at approximately $28,000. Quarry LP bought a new stake in Reliance during the third quarter worth $41,000. UMB Bank n.a. raised its holdings in shares of Reliance by 27.0% in the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company's stock valued at $72,000 after purchasing an additional 53 shares during the period. Brooklyn Investment Group acquired a new position in Reliance during the third quarter worth approximately $78,000. Finally, National Bank of Canada FI lifted its position in shares of Reliance by 17.9% in the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company's stock valued at $76,000 after buying an additional 41 shares during the last quarter. 79.26% of the stock is owned by institutional investors.

Reliance Stock Down 3.1 %

RS stock traded down $9.27 during midday trading on Friday, reaching $292.16. 263,375 shares of the company's stock traded hands, compared to its average volume of 319,810. Reliance, Inc. has a 52 week low of $264.99 and a 52 week high of $342.20. The company has a market cap of $15.81 billion, a price-to-earnings ratio of 16.57 and a beta of 0.87. The firm's fifty day moving average price is $303.42 and its 200-day moving average price is $292.38. 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 - Get Free Report) 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). The firm 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 business's revenue for the quarter was down 5.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.00 EPS. As a group, sell-side analysts forecast that Reliance, Inc. will post 16.42 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were given a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date was Friday, November 22nd. Reliance's payout ratio is presently 24.16%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RS. BMO Capital Markets reduced their price objective on Reliance from $340.00 to $330.00 and set an "outperform" rating for the company in a report on Friday, October 25th. KeyCorp decreased their target price on Reliance from $335.00 to $325.00 and set an "overweight" rating on the stock in a research report on Monday, October 14th. Finally, The Goldman Sachs Group assumed coverage on Reliance in a report on Monday, December 2nd. They set a "neutral" rating and a $341.00 price objective on the stock. One analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Reliance has a consensus rating of "Hold" and a consensus price target of $328.83.

Insider Activity

In related news, CFO Arthur Ajemyan sold 6,332 shares of Reliance stock in a transaction dated 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 completion of the sale, the chief financial officer now directly owns 9,245 shares in the company, valued at approximately $2,941,574.10. This trade represents a 40.65 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP William A. Smith II sold 6,500 shares of the stock in a transaction on Wednesday, November 6th. The shares were 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 $5,420,491.79. The trade was a 27.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,724 shares of company stock valued at $6,856,500. 0.69% of the stock is currently 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.