Mirae Asset Global Investments Co. Ltd. Purchases 4,537 Shares of Reliance, Inc. (NYSE:RS)

Mirae Asset Global Investments Co. Ltd. raised its stake in Reliance, Inc. (NYSE:RS - Free Report) by 112.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,569 shares of the industrial products company's stock after buying an additional 4,537 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Reliance were worth $2,482,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in RS. State of Michigan Retirement System grew its holdings in shares of Reliance by 2.1% during the 1st quarter. State of Michigan Retirement System now owns 14,897 shares of the industrial products company's stock valued at $4,978,000 after purchasing an additional 300 shares during the last quarter. Norden Group LLC bought a new position in shares of Reliance during the 1st quarter valued at $355,000. First Trust Direct Indexing L.P. grew its holdings in shares of Reliance by 10.4% during the 1st quarter. First Trust Direct Indexing L.P. now owns 1,282 shares of the industrial products company's stock valued at $429,000 after purchasing an additional 121 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in shares of Reliance by 94.4% during the 1st quarter. BNP Paribas Financial Markets now owns 53,539 shares of the industrial products company's stock valued at $17,892,000 after purchasing an additional 25,998 shares during the last quarter. Finally, Capstone Investment Advisors LLC grew its holdings in shares of Reliance by 193.0% during the 1st quarter. Capstone Investment Advisors LLC now owns 2,394 shares of the industrial products company's stock valued at $800,000 after purchasing an additional 1,577 shares during the last quarter. Institutional investors own 79.26% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. KeyCorp dropped their price target 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. Wolfe Research cut shares of Reliance from a "peer perform" rating to an "underperform" rating and set a $262.00 price target for the company. in a research report on Friday, July 26th. Finally, BMO Capital Markets dropped their price target on shares of Reliance from $340.00 to $330.00 and set an "outperform" rating for the company in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $326.40.

Reliance Trading Down 1.1 %

Shares of NYSE:RS traded down $3.25 on Thursday, hitting $286.34. The company had a trading volume of 244,625 shares, compared to its average volume of 318,086. The firm's 50-day simple moving average is $284.42 and its two-hundred day simple moving average is $290.12. Reliance, Inc. has a 1 year low of $251.46 and a 1 year high of $342.20. 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 has a market capitalization of $15.75 billion, a price-to-earnings ratio of 15.73 and a beta of 0.85.

Reliance (NYSE:RS - Get Free Report) last posted 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 company had revenue of $3.42 billion during the quarter, compared to analysts' expectations of $3.38 billion. During the same period in the prior year, the business posted $5.00 earnings per share. The company's revenue for the quarter was down 5.6% on a year-over-year basis. Equities analysts anticipate that Reliance, Inc. will post 16.96 earnings per share for the current fiscal year.

Reliance Announces Dividend

The firm 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 of this dividend is Friday, November 22nd. This represents a $4.40 dividend on an annualized basis and a yield of 1.54%. Reliance's dividend payout ratio (DPR) is currently 24.16%.

Insider Activity at Reliance

In related news, Director Mark V. Kaminski sold 5,000 shares of Reliance 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.69% of the stock is currently 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.