SpiderRock Advisors LLC Acquires New Stake in Reliance, Inc. (NYSE:RS)

SpiderRock Advisors LLC acquired a new stake in Reliance, Inc. (NYSE:RS - Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 2,444 shares of the industrial products company's stock, valued at approximately $707,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Innealta Capital LLC purchased a new position in shares of Reliance during the 2nd quarter worth approximately $28,000. UMB Bank n.a. raised its holdings in Reliance by 27.0% during the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company's stock worth $72,000 after purchasing an additional 53 shares during the last quarter. National Bank of Canada FI boosted its position in Reliance by 17.9% during the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company's stock worth $76,000 after purchasing an additional 41 shares in the last quarter. Headlands Technologies LLC purchased a new position in shares of Reliance in the first quarter valued at $86,000. Finally, International Assets Investment Management LLC purchased a new stake in shares of Reliance in the 2nd quarter worth about $117,000. 79.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on RS shares. BMO Capital Markets decreased their price target on shares of Reliance from $340.00 to $330.00 and set an "outperform" rating on the stock in a research note on Friday, October 25th. KeyCorp reduced their price target on Reliance from $335.00 to $325.00 and set an "overweight" rating on the stock in a research note on Monday, October 14th. Finally, Wolfe Research lowered Reliance from a "peer perform" rating to an "underperform" rating and set a $262.00 target price for the company. in a research note on Friday, July 26th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $326.40.

Reliance Price Performance

Shares of NYSE RS traded up $3.87 during trading on Monday, hitting $324.49. The company had a trading volume of 158,606 shares, compared to its average volume of 319,537. The company has a market cap of $17.56 billion, a P/E ratio of 17.61 and a beta of 0.85. 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's 50-day moving average is $287.35 and its 200 day moving average is $289.10. Reliance, Inc. has a 52 week low of $261.77 and a 52 week high of $342.20.

Reliance (NYSE:RS - Get Free Report) last issued its earnings results on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing analysts' consensus estimates of $3.66 by ($0.02). Reliance had a net margin of 7.42% and a return on equity of 13.68%. The firm had revenue of $3.42 billion during the quarter, compared to analyst estimates of $3.38 billion. During the same quarter in the previous year, the company posted $5.00 earnings per share. The business's revenue for the quarter was down 5.6% compared to the same quarter last year. Equities research analysts predict that Reliance, Inc. will post 16.65 earnings per share for the current fiscal year.

Reliance Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be given a $1.10 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.36%. Reliance's payout ratio is 24.16%.

Insider Transactions at Reliance

In related news, Director Mark V. Kaminski sold 5,000 shares of the business's stock in a transaction dated 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 at the SEC website. In other news, Director Mark V. Kaminski sold 5,000 shares of the firm's stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $298.01, for a total transaction of $1,490,050.00. The sale 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 business's stock in a transaction dated 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 completion of the transaction, the senior vice president now directly owns 16,849 shares in the company, valued at $5,420,491.79. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 17,832 shares of company stock worth $5,595,881. 0.69% of the stock is 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.