Brooklyn Investment Group Takes $78,000 Position in Reliance, Inc. (NYSE:RS)

Brooklyn Investment Group purchased a new position in Reliance, Inc. (NYSE:RS) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 269 shares of the industrial products company’s stock, valued at approximately $78,000.

Other institutional investors have also modified their holdings of the company. Innealta Capital LLC acquired a new position in Reliance in the 2nd quarter valued at $28,000. UMB Bank n.a. increased its stake in shares of Reliance by 27.0% during the 3rd 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 in the last quarter. National Bank of Canada FI raised its position in shares of Reliance by 17.9% during the 2nd 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 during the last quarter. International Assets Investment Management LLC purchased a new stake in Reliance in the 2nd quarter valued at approximately $117,000. Finally, Covestor Ltd boosted its stake in shares of Reliance by 17.6% during the 3rd quarter. Covestor Ltd now owns 462 shares of the industrial products company’s stock worth $133,000 after purchasing an additional 69 shares during the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Reliance Price Performance

NYSE RS opened at $322.58 on Friday. Reliance, Inc. has a 12 month low of $261.77 and a 12 month high of $342.20. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. The firm has a market capitalization of $17.46 billion, a PE ratio of 17.71 and a beta of 0.85. The company’s 50 day simple moving average is $297.94 and its 200 day simple moving average is $291.39.

Reliance (NYSE:RS) last posted its quarterly earnings data 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). The company had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. Reliance’s revenue was down 5.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.00 EPS. As a group, equities research analysts forecast that Reliance, Inc. will post 16.42 EPS for the current fiscal year.

Reliance Dividend Announcement

The company 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. This represents a $4.40 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date is Friday, November 22nd. Reliance’s dividend payout ratio is 24.16%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. 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. BMO Capital Markets lowered their price target on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $326.40.

Insider Buying and Selling

In other news, CFO Arthur Ajemyan sold 6,332 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $318.18, for a total transaction 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. This represents a 40.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $2,091,115.00. Following the transaction, the senior vice president now directly owns 16,849 shares of the company’s stock, valued at $5,420,491.79. This represents a 27.84 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,832 shares of company stock valued at $5,595,881. Company insiders own 0.69% of the company’s stock.

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.