Edgestream Partners L.P. Raises Stock Holdings in Reliance, Inc. (NYSE:RS)

Edgestream Partners L.P. raised its stake in Reliance, Inc. (NYSE:RS) by 3,329.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 27,370 shares of the industrial products company’s stock after purchasing an additional 26,572 shares during the period. Edgestream Partners L.P. owned 0.05% of Reliance worth $7,916,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Innealta Capital LLC acquired a new position in shares of Reliance during the second quarter worth $28,000. UMB Bank n.a. increased its position in Reliance by 27.0% during the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after buying an additional 53 shares in the last quarter. Brooklyn Investment Group acquired a new position in Reliance during the 3rd quarter valued at about $78,000. National Bank of Canada FI raised its stake in Reliance by 17.9% in the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after buying an additional 41 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in Reliance in the second quarter worth about $117,000. 79.26% of the stock is currently owned by institutional investors.

Reliance Trading Down 0.4 %

Shares of NYSE:RS opened at $321.24 on Friday. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. Reliance, Inc. has a 52-week low of $261.77 and a 52-week high of $342.20. The stock has a market cap of $17.39 billion, a price-to-earnings ratio of 17.64 and a beta of 0.85. The business has a 50-day moving average price of $298.67 and a 200-day moving average price of $291.61.

Reliance (NYSE:RS) last issued its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share 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 business had revenue of $3.42 billion during the quarter, compared to analyst estimates of $3.38 billion. During the same quarter last year, the company posted $5.00 EPS. Reliance’s quarterly revenue was down 5.6% compared to the same quarter last year. Equities analysts predict that Reliance, Inc. will post 16.42 EPS for the current year.

Reliance Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 1.37%. The ex-dividend date is Friday, November 22nd. Reliance’s payout ratio is 24.16%.

Insiders Place Their Bets

In other Reliance news, Director Mark V. Kaminski sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $298.01, for a total value of $1,490,050.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Arthur Ajemyan sold 6,332 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total value of $2,014,715.76. Following the completion of the sale, the chief financial officer now owns 9,245 shares in the company, valued at approximately $2,941,574.10. This represents a 40.65 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 17,832 shares of company stock valued at $5,595,881. Company insiders own 0.69% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on RS shares. BMO Capital Markets cut their price objective 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 dropped their target price on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. 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’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $326.40.

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.