SpiderRock Advisors LLC Makes New Investment in Reliance, Inc. (NYSE:RS)

SpiderRock Advisors LLC acquired a new stake in Reliance, Inc. (NYSE:RS) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,444 shares of the industrial products company’s stock, valued at approximately $707,000.

A number of other hedge funds have also modified their holdings of the business. Envestnet Portfolio Solutions Inc. grew its holdings in shares of Reliance by 8.9% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 988 shares of the industrial products company’s stock worth $330,000 after buying an additional 81 shares during the last quarter. Empowered Funds LLC purchased a new position in shares of Reliance in the 1st quarter valued at approximately $421,000. SG Americas Securities LLC increased its holdings in shares of Reliance by 98.8% in the first quarter. SG Americas Securities LLC now owns 2,368 shares of the industrial products company’s stock valued at $791,000 after purchasing an additional 1,177 shares during the period. Atomi Financial Group Inc. raised its stake in shares of Reliance by 14.8% during the first quarter. Atomi Financial Group Inc. now owns 901 shares of the industrial products company’s stock worth $301,000 after purchasing an additional 116 shares during the last quarter. Finally, Sei Investments Co. lifted its holdings in shares of Reliance by 13.1% during the first quarter. Sei Investments Co. now owns 51,053 shares of the industrial products company’s stock worth $17,062,000 after purchasing an additional 5,902 shares during the period. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Reliance

In other Reliance news, SVP William A. Smith II sold 6,500 shares of the company’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 $5,420,491.79. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Arthur Ajemyan sold 6,332 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $318.18, for a total value of $2,014,715.76. Following the completion of the transaction, the chief financial officer now owns 9,245 shares of the company’s stock, valued at approximately $2,941,574.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP William A. Smith II sold 6,500 shares of the firm’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 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 corporate insiders.

Analysts Set New Price Targets

RS has been the topic of several recent research reports. KeyCorp dropped their price objective on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research note 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 report on Friday, July 26th. Finally, BMO Capital Markets reduced their price objective 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 equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $326.40.

Reliance Stock Down 0.1 %

RS stock opened at $320.62 on Monday. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12. The company’s 50-day moving average price is $287.35 and its 200 day moving average price is $289.10. Reliance, Inc. has a 52 week low of $261.77 and a 52 week high of $342.20. The company has a market cap of $17.35 billion, a P/E ratio of 17.61 and a beta of 0.85.

Reliance (NYSE:RS) last announced its quarterly 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 for the quarter, compared to analysts’ expectations of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. Reliance’s revenue was down 5.6% compared to the same quarter last year. During the same period last year, the firm earned $5.00 EPS. On average, research analysts expect 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. Investors of record on Friday, November 22nd will be paid 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 yield of 1.37%. Reliance’s payout ratio is 24.16%.

About Reliance

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.