Citigroup Inc. Acquires 3,901 Shares of Reliance, Inc. (NYSE:RS)

Citigroup Inc. lifted its holdings in Reliance, Inc. (NYSE:RS) by 9.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 47,179 shares of the industrial products company’s stock after buying an additional 3,901 shares during the period. Citigroup Inc. owned about 0.09% of Reliance worth $13,645,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Innealta Capital LLC purchased a new position in Reliance during the second quarter worth $28,000. UMB Bank n.a. boosted 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 during the period. National Bank of Canada FI grew its holdings in Reliance by 17.9% during the 2nd quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $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 worth about $117,000. Finally, Covestor Ltd lifted its stake in Reliance by 17.6% in the third 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. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Reliance Trading Up 0.2 %

Shares of NYSE RS opened at $322.58 on Friday. Reliance, Inc. has a twelve month low of $261.77 and a twelve month high of $342.20. The firm has a market cap of $17.46 billion, a PE ratio of 17.71 and a beta of 0.85. The business has a fifty day simple moving average of $297.94 and a two-hundred day simple moving average of $291.39. 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 (NYSE:RS) last released its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 earnings per share for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). The business had revenue of $3.42 billion during 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%. The firm’s revenue was down 5.6% compared to the same quarter last year. During the same period last year, the company earned $5.00 earnings per share. Analysts expect that Reliance, Inc. will post 16.42 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. This represents a $4.40 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date of this dividend is Friday, November 22nd. Reliance’s dividend payout ratio (DPR) is 24.16%.

Analysts Set New Price Targets

Several equities research analysts have recently 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 report on Monday, October 14th. BMO Capital Markets decreased their target price on 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 given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Reliance has an average rating of “Hold” and a consensus target price of $326.40.

Insider Buying and Selling at Reliance

In other Reliance news, Director Mark V. Kaminski sold 5,000 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $298.01, for a total transaction of $1,490,050.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Arthur Ajemyan sold 6,332 shares of Reliance stock in a transaction that occurred on Wednesday, November 6th. The stock was 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 directly owns 9,245 shares in the company, valued at approximately $2,941,574.10. The trade was a 40.65 % 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 valued at $5,595,881. 0.69% of the stock is currently owned by corporate insiders.

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.