World Investment Advisors LLC Acquires New Position in Reliance, Inc. (NYSE:RS)

World Investment Advisors LLC acquired a new stake in shares of Reliance, Inc. (NYSE:RS - Free Report) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor acquired 15,907 shares of the industrial products company's stock, valued at approximately $4,600,000.

Other institutional investors have also recently modified their holdings of the company. Assetmark Inc. increased its position in shares of Reliance by 24.2% during the 3rd quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company's stock valued at $8,074,000 after purchasing an additional 5,431 shares during the last quarter. AXA S.A. grew its position in Reliance by 5.4% during the 2nd quarter. AXA S.A. now owns 79,334 shares of the industrial products company's stock worth $22,658,000 after acquiring an additional 4,032 shares during the last quarter. Dearborn Partners LLC grew its position in Reliance by 4.1% during the 3rd quarter. Dearborn Partners LLC now owns 86,406 shares of the industrial products company's stock worth $24,989,000 after acquiring an additional 3,419 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Reliance by 38.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 14,244 shares of the industrial products company's stock worth $4,068,000 after acquiring an additional 3,992 shares during the last quarter. Finally, Prudential PLC grew its position in Reliance by 439.6% during the 2nd quarter. Prudential PLC now owns 14,225 shares of the industrial products company's stock worth $4,063,000 after acquiring an additional 11,589 shares during the last quarter. 79.26% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Activity at Reliance

In other Reliance 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 transaction of $1,490,050.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 sale, the senior vice president now owns 16,849 shares of the company's stock, valued at approximately $5,420,491.79. This represents a 27.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 21,724 shares of company stock valued at $6,856,500 in the last 90 days. Corporate insiders own 0.69% of the company's stock.

Reliance Stock Down 2.7 %

Shares of RS traded down $8.04 on Friday, reaching $293.39. The stock had a trading volume of 94,298 shares, compared to its average volume of 319,079. The firm has a market capitalization of $15.88 billion, a price-to-earnings ratio of 16.57 and a beta of 0.87. 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 company has a 50-day simple moving average of $303.42 and a 200-day simple moving average of $292.38. Reliance, Inc. has a 12-month low of $264.99 and a 12-month high of $342.20.

Reliance (NYSE:RS - Get Free Report) last released 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 analysts' expectations of $3.38 billion. During the same quarter in the previous year, the business earned $5.00 EPS. The company's revenue for the quarter was down 5.6% compared to the same quarter last year. Sell-side analysts predict that Reliance, Inc. will post 16.42 EPS for the current year.

Reliance Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date of this dividend was Friday, November 22nd. Reliance's dividend payout ratio (DPR) is presently 24.16%.

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.