Reliance, Inc. (NYSE:RS) Shares Purchased by Nordea Investment Management AB

Nordea Investment Management AB boosted its position in Reliance, Inc. (NYSE:RS) by 11.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,951 shares of the industrial products company’s stock after buying an additional 489 shares during the quarter. Nordea Investment Management AB’s holdings in Reliance were worth $1,332,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in RS. Hsbc Holdings PLC raised its stake in shares of Reliance by 78.5% in the 2nd quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock valued at $82,816,000 after purchasing an additional 127,422 shares in the last quarter. International Assets Investment Management LLC raised its stake in shares of Reliance by 27,269.0% in the 3rd quarter. International Assets Investment Management LLC now owns 112,213 shares of the industrial products company’s stock valued at $32,453,000 after purchasing an additional 111,803 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Reliance by 19.7% in the 3rd quarter. Principal Financial Group Inc. now owns 472,730 shares of the industrial products company’s stock valued at $136,718,000 after purchasing an additional 77,937 shares in the last quarter. KBC Group NV raised its stake in shares of Reliance by 68.8% in the 3rd quarter. KBC Group NV now owns 139,660 shares of the industrial products company’s stock valued at $40,391,000 after purchasing an additional 56,933 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Reliance by 4.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,168,880 shares of the industrial products company’s stock valued at $333,809,000 after purchasing an additional 53,747 shares in the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Stock Up 0.1 %

RS stock opened at $267.72 on Monday. Reliance, Inc. has a 12 month low of $256.98 and a 12 month high of $342.20. The firm has a market cap of $14.49 billion, a PE ratio of 14.70 and a beta of 0.91. The firm has a 50 day simple moving average of $295.72 and a 200 day simple moving average of $290.07. 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 released its earnings results on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing the consensus estimate of $3.66 by ($0.02). Reliance had a net margin of 7.42% and a return on equity of 13.68%. The business had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. During the same period in the prior year, the company earned $5.00 earnings per share. The firm’s revenue for the quarter was down 5.6% on a year-over-year basis. Equities research analysts forecast that Reliance, Inc. will post 16.42 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were paid a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 1.64%. The ex-dividend date was Friday, November 22nd. Reliance’s dividend payout ratio is presently 24.16%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RS. BMO Capital Markets cut their target price on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. The Goldman Sachs Group began coverage on shares of Reliance in a research note on Monday, December 2nd. They issued a “neutral” rating and a $341.00 target price on the stock. Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. Finally, KeyCorp lowered their price objective 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. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Reliance has a consensus rating of “Hold” and a consensus price target of $328.83.

Insider Activity at Reliance

In related news, CEO Karla R. Lewis sold 3,892 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $323.90, for a total value of $1,260,618.80. Following the completion of the sale, the chief executive officer now owns 85,117 shares in the company, valued at approximately $27,569,396.30. This represents a 4.37 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mark V. Kaminski sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $298.01, for a total transaction of $1,490,050.00. The disclosure for this sale can be found here. Insiders sold a total of 21,724 shares of company stock valued at $6,856,500 over the last ninety days. Insiders own 0.69% of the company’s stock.

About Reliance

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.