Oppenheimer & Co. Inc. Acquires 85 Shares of Reliance, Inc. (NYSE:RS)

Oppenheimer & Co. Inc. raised its holdings in Reliance, Inc. (NYSE:RS) by 10.8% in the third quarter, Holdings Channel reports. The fund owned 872 shares of the industrial products company’s stock after acquiring an additional 85 shares during the period. Oppenheimer & Co. Inc.’s holdings in Reliance were worth $252,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of RS. Victory Capital Management Inc. boosted its holdings in shares of Reliance by 0.3% in the third quarter. Victory Capital Management Inc. now owns 203,156 shares of the industrial products company’s stock valued at $58,755,000 after buying an additional 528 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its position in Reliance by 1.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 127,806 shares of the industrial products company’s stock valued at $36,963,000 after acquiring an additional 1,696 shares in the last quarter. United Capital Management of KS Inc. boosted its stake in Reliance by 3.2% in the 3rd quarter. United Capital Management of KS Inc. now owns 30,737 shares of the industrial products company’s stock worth $8,890,000 after purchasing an additional 943 shares during the period. Crossmark Global Holdings Inc. increased its holdings in Reliance by 21.6% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 4,437 shares of the industrial products company’s stock worth $1,284,000 after purchasing an additional 788 shares in the last quarter. Finally, Covestor Ltd raised its stake in shares of Reliance by 17.6% in the 3rd quarter. Covestor Ltd now owns 462 shares of the industrial products company’s stock valued at $133,000 after purchasing an additional 69 shares during the period. 79.26% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on RS. KeyCorp reduced their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research report on Monday, October 14th. BMO Capital Markets reduced their price target on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Finally, Wolfe Research cut shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target for the company. in a research note on Friday, July 26th. One equities research 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. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $326.40.

Reliance Price Performance

NYSE:RS opened at $319.27 on Friday. Reliance, Inc. has a 52-week low of $261.77 and a 52-week high of $342.20. The company has a market cap of $17.28 billion, a P/E ratio of 17.53 and a beta of 0.85. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 3.31. The stock’s 50-day simple moving average is $294.51 and its 200 day simple moving average is $290.63.

Reliance (NYSE:RS) last posted 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 company had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. During the same period last year, the firm earned $5.00 EPS. The firm’s revenue for the quarter was down 5.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Reliance, Inc. will post 16.45 EPS for the current fiscal year.

Reliance Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 1.38%. The ex-dividend date of this dividend is Friday, November 22nd. Reliance’s dividend payout ratio (DPR) is currently 24.16%.

Insider Buying and Selling at Reliance

In other Reliance news, SVP William A. Smith II sold 6,500 shares of Reliance stock in a transaction on 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 completion of the transaction, the senior vice president now directly owns 16,849 shares of the company’s stock, valued at $5,420,491.79. The trade was a 27.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Arthur Ajemyan sold 6,332 shares of the company’s stock in a transaction on 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 in the company, valued at approximately $2,941,574.10. This represents a 40.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,832 shares of company stock worth $5,595,881 over the last quarter. 0.69% of the stock is currently owned by 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.