Cerity Partners LLC Has $5.70 Million Stake in Reliance, Inc. (NYSE:RS)

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

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Janus Henderson Group PLC increased its position in shares of Reliance by 96.6% in the first quarter. Janus Henderson Group PLC now owns 4,981 shares of the industrial products company’s stock valued at $1,664,000 after acquiring an additional 2,447 shares during the last quarter. California State Teachers Retirement System increased its position in shares of Reliance by 6.1% during the 1st quarter. California State Teachers Retirement System now owns 122,254 shares of the industrial products company’s stock worth $40,855,000 after purchasing an additional 7,058 shares during the last quarter. Tidal Investments LLC raised its stake in shares of Reliance by 25.5% during the 1st quarter. Tidal Investments LLC now owns 7,236 shares of the industrial products company’s stock worth $2,425,000 after purchasing an additional 1,469 shares in the last quarter. Comerica Bank grew its stake in shares of Reliance by 2.7% in the first quarter. Comerica Bank now owns 32,217 shares of the industrial products company’s stock valued at $10,766,000 after buying an additional 854 shares in the last quarter. Finally, iA Global Asset Management Inc. increased its holdings in Reliance by 4.5% during the first quarter. iA Global Asset Management Inc. now owns 4,408 shares of the industrial products company’s stock worth $1,473,000 after buying an additional 188 shares during the last quarter. 79.26% of the stock is owned by institutional investors.

Analysts Set New Price Targets

RS has been the subject of a number of recent analyst reports. KeyCorp cut their price target on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research note 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 report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Reliance has a consensus rating of “Hold” and an average target price of $326.40.

Insiders Place Their Bets

In related news, CFO Arthur Ajemyan sold 6,332 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total value of $2,014,715.76. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP William A. Smith II sold 6,500 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $321.71, for a total value of $2,091,115.00. Following the transaction, the senior vice president now owns 16,849 shares in the company, valued at approximately $5,420,491.79. This trade represents a 27.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,832 shares of company stock worth $5,595,881 in the last 90 days. Company insiders own 0.69% of the company’s stock.

Reliance Stock Performance

NYSE RS opened at $322.75 on Thursday. The stock has a market cap of $17.47 billion, a PE ratio of 17.72 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 firm has a 50-day moving average of $297.02 and a 200-day moving average of $291.17. Reliance, Inc. has a 52-week low of $261.77 and a 52-week high of $342.20.

Reliance (NYSE:RS) last issued its quarterly earnings data 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). 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 quarter last year, the business earned $5.00 earnings per share. The company’s revenue was down 5.6% on a year-over-year basis. On average, sell-side analysts anticipate that Reliance, Inc. will post 16.42 EPS for the current year.

Reliance Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued 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 is 24.16%.

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.