Natixis Advisors LLC Sells 1,730 Shares of Reliance, Inc. (NYSE:RS)

Natixis Advisors LLC reduced its position in shares of Reliance, Inc. (NYSE:RS) by 8.2% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 19,373 shares of the industrial products company’s stock after selling 1,730 shares during the quarter. Natixis Advisors LLC’s holdings in Reliance were worth $5,603,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RS. Bessemer Group Inc. increased its position in Reliance by 2,870.9% during the 1st quarter. Bessemer Group Inc. now owns 3,981 shares of the industrial products company’s stock valued at $1,331,000 after purchasing an additional 3,847 shares during the period. Zurich Insurance Group Ltd FI purchased a new position in Reliance during the 1st quarter valued at $1,637,000. Assetmark Inc. increased its position in 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 period. Harbor Capital Advisors Inc. increased its position in Reliance by 292.7% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 3,593 shares of the industrial products company’s stock valued at $1,026,000 after purchasing an additional 2,678 shares during the period. Finally, Janus Henderson Group PLC increased its position in Reliance by 96.6% during the 1st quarter. Janus Henderson Group PLC now owns 4,981 shares of the industrial products company’s stock valued at $1,664,000 after purchasing an additional 2,447 shares during the period. 79.26% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on RS shares. Wolfe Research downgraded shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective on the stock. in a research report on Friday, July 26th. BMO Capital Markets reduced their target price on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Finally, KeyCorp reduced 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 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 MarketBeat, Reliance currently has a consensus rating of “Hold” and an average target price of $326.40.

Insider Buying and Selling at Reliance

In other news, Director Mark V. Kaminski sold 5,000 shares of the 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 legal filing with the SEC, which is available at the SEC website. Also, SVP William A. Smith II sold 6,500 shares of the 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 in the company, 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. In the last 90 days, insiders have sold 17,832 shares of company stock worth $5,595,881. Company insiders own 0.69% of the company’s stock.

Reliance Stock Performance

Shares of Reliance stock opened at $319.27 on Friday. The stock has a market cap of $17.28 billion, a price-to-earnings ratio of 17.53 and a beta of 0.85. The firm’s 50-day moving average is $294.51 and its 200 day moving average is $290.63. Reliance, Inc. has a 1 year low of $261.77 and a 1 year 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.

Reliance (NYSE:RS) last posted its earnings results 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). The company had revenue of $3.42 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the company posted $5.00 EPS. Sell-side analysts anticipate that Reliance, Inc. will post 16.45 EPS for the current fiscal year.

Reliance Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 1.38%. The ex-dividend date is Friday, November 22nd. Reliance’s dividend payout ratio is currently 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.