Blueshift Asset Management LLC Has $333,000 Stock Position in Reliance, Inc. (NYSE:RS)

Blueshift Asset Management LLC lowered its stake in Reliance, Inc. (NYSE:RS) by 34.8% in the third quarter, Holdings Channel.com reports. The institutional investor owned 1,150 shares of the industrial products company’s stock after selling 615 shares during the quarter. Blueshift Asset Management LLC’s holdings in Reliance were worth $333,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in RS. Assetmark Inc. lifted its stake in shares of Reliance by 24.2% in the third quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company’s stock worth $8,074,000 after buying an additional 5,431 shares during the last quarter. Harbor Capital Advisors Inc. raised its position in shares of Reliance by 292.7% during the second quarter. Harbor Capital Advisors Inc. now owns 3,593 shares of the industrial products company’s stock valued at $1,026,000 after buying an additional 2,678 shares during the last quarter. Janus Henderson Group PLC lifted its stake in shares of Reliance by 96.6% in the first quarter. Janus Henderson Group PLC now owns 4,981 shares of the industrial products company’s stock valued at $1,664,000 after buying an additional 2,447 shares during the period. AXA S.A. grew its position in Reliance by 5.4% during the second quarter. AXA S.A. now owns 79,334 shares of the industrial products company’s stock worth $22,658,000 after buying an additional 4,032 shares in the last quarter. Finally, Cetera Investment Advisers increased its stake in Reliance by 79.3% during the first quarter. Cetera Investment Advisers now owns 10,162 shares of the industrial products company’s stock valued at $3,396,000 after acquiring an additional 4,494 shares during the period. Institutional investors own 79.26% of the company’s stock.

Reliance Trading Up 0.2 %

RS stock opened at $322.58 on Friday. 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 firm has a market cap of $17.46 billion, a P/E ratio of 17.71 and a beta of 0.85. Reliance, Inc. has a 1-year low of $261.77 and a 1-year high of $342.20. The business’s 50 day moving average is $297.94 and its 200-day moving average is $291.39.

Reliance (NYSE:RS) last released its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (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 for the quarter, compared to analyst estimates of $3.38 billion. During the same quarter in the prior year, the company earned $5.00 earnings per share. The business’s revenue was down 5.6% compared to the same quarter last year. Equities analysts anticipate that Reliance, Inc. will post 16.42 earnings per share for the current fiscal year.

Reliance Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders 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 dividend yield of 1.36%. The ex-dividend date is Friday, November 22nd. Reliance’s payout ratio is 24.16%.

Insider Activity

In related news, Director Mark V. Kaminski sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $298.01, for a total value of $1,490,050.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP William A. Smith II sold 6,500 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the senior vice president now owns 16,849 shares of the company’s stock, valued at $5,420,491.79. This trade represents a 27.84 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,832 shares of company stock worth $5,595,881. Insiders own 0.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on RS shares. KeyCorp decreased their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. 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. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Reliance currently has a consensus rating of “Hold” and a consensus price target of $326.40.

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.