Sumitomo Mitsui Trust Group Inc. Buys 1,696 Shares of Reliance, Inc. (NYSE:RS)

Sumitomo Mitsui Trust Group Inc. grew its position in shares of Reliance, Inc. (NYSE:RS - Free Report) by 1.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 127,806 shares of the industrial products company's stock after acquiring an additional 1,696 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.24% of Reliance worth $36,963,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of RS. Envestnet Portfolio Solutions Inc. boosted its holdings in Reliance by 8.9% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 988 shares of the industrial products company's stock worth $330,000 after acquiring an additional 81 shares during the last quarter. Empowered Funds LLC purchased a new position in Reliance during the 1st quarter worth $421,000. Bleakley Financial Group LLC purchased a new position in Reliance during the 1st quarter worth $237,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Reliance by 10.1% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 30,181 shares of the industrial products company's stock worth $10,086,000 after acquiring an additional 2,761 shares during the last quarter. Finally, Blair William & Co. IL purchased a new position in shares of Reliance in the 1st quarter worth about $300,000. 79.26% of the stock is owned by hedge funds and other institutional investors.

Reliance Stock Performance

NYSE RS traded up $0.47 during trading on Friday, hitting $310.44. 318,556 shares of the company's stock traded hands, compared to its average volume of 340,195. The stock has a market capitalization of $16.80 billion, a price-to-earnings ratio of 17.05 and a beta of 0.85. Reliance, Inc. has a 12-month low of $261.77 and a 12-month high of $342.20. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 3.31. The business has a 50 day moving average of $291.32 and a 200-day moving average of $290.01.

Reliance (NYSE:RS - Get Free Report) last released its quarterly earnings data 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 business had revenue of $3.42 billion for 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%. Reliance's revenue for the quarter was down 5.6% compared to the same quarter last year. During the same period last year, the company earned $5.00 earnings per share. As a group, equities research analysts anticipate that Reliance, Inc. will post 16.45 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 1.42%. The ex-dividend date is Friday, November 22nd. Reliance's dividend payout ratio (DPR) is presently 24.16%.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Reliance

In other news, SVP William A. Smith II sold 6,500 shares of the company's stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the sale, the senior vice president now directly owns 16,849 shares in the company, valued at $5,420,491.79. This represents a 27.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 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 value of $1,490,050.00. The disclosure for this sale can be found here. Insiders have sold a total of 17,832 shares of company stock valued at $5,595,881 over the last three months. 0.69% of the stock is currently owned by 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.