Cerity Partners LLC Buys 1,172 Shares of Reliance, Inc. (NYSE:RS)

Cerity Partners LLC increased its stake in Reliance, Inc. (NYSE:RS) by 6.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,710 shares of the industrial products company’s stock after purchasing an additional 1,172 shares during the period. Cerity Partners LLC’s holdings in Reliance were worth $5,700,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Assetmark Inc. increased its stake in shares of Reliance by 24.2% in the 3rd quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company’s stock valued at $8,074,000 after buying an additional 5,431 shares during the period. Harbor Capital Advisors Inc. increased its position in Reliance by 292.7% in the second quarter. Harbor Capital Advisors Inc. now owns 3,593 shares of the industrial products company’s stock worth $1,026,000 after purchasing an additional 2,678 shares during the period. Janus Henderson Group PLC raised its holdings 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 worth $1,664,000 after purchasing an additional 2,447 shares during the last quarter. AXA S.A. lifted its position in Reliance by 5.4% during the 2nd quarter. AXA S.A. now owns 79,334 shares of the industrial products company’s stock valued at $22,658,000 after purchasing an additional 4,032 shares during the period. Finally, Virtu Financial LLC bought a new position in shares of Reliance in the 1st quarter valued at about $849,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. BMO Capital Markets dropped their price target on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. KeyCorp dropped their target price on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $326.40.

Reliance Stock Up 0.3 %

Reliance stock opened at $322.75 on Thursday. The firm has a market capitalization of $17.47 billion, a price-to-earnings ratio of 17.72 and a beta of 0.85. The company’s 50 day simple moving average is $297.02 and its 200 day simple moving average is $291.17. 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, Inc. has a fifty-two week low of $261.77 and a fifty-two week high of $342.20.

Reliance (NYSE:RS) last announced its quarterly earnings results 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). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The firm had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.38 billion. During the same period in the prior year, the business earned $5.00 earnings per share. The company’s revenue for the quarter was down 5.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Reliance, Inc. will post 16.42 EPS for the current year.

Reliance Announces Dividend

The firm 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 $1.10 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $4.40 dividend on an annualized basis and a yield of 1.36%. Reliance’s payout ratio is 24.16%.

Insiders Place Their Bets

In related news, CFO Arthur Ajemyan sold 6,332 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $318.18, for a total value of $2,014,715.76. Following the sale, the chief financial officer now directly owns 9,245 shares of the company’s stock, valued at approximately $2,941,574.10. The trade was a 40.65 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Mark V. Kaminski sold 5,000 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $298.01, for a total value of $1,490,050.00. The disclosure for this sale can be found here. Insiders sold 17,832 shares of company stock worth $5,595,881 over the last ninety days. 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.