Commerce Bank Has $1.08 Million Stake in Reliance, Inc. (NYSE:RS)

Commerce Bank lifted its holdings in shares of Reliance, Inc. (NYSE:RS) by 3.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,746 shares of the industrial products company’s stock after purchasing an additional 131 shares during the quarter. Commerce Bank’s holdings in Reliance were worth $1,083,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of RS. Innealta Capital LLC acquired a new stake in Reliance during the 2nd quarter worth approximately $28,000. UMB Bank n.a. raised its holdings in shares of Reliance by 27.0% during the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock worth $72,000 after acquiring an additional 53 shares during the period. National Bank of Canada FI lifted its position in Reliance by 17.9% in the 2nd quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after acquiring an additional 41 shares in the last quarter. International Assets Investment Management LLC acquired a new position in Reliance in the 2nd quarter worth $117,000. Finally, Covestor Ltd increased its holdings in Reliance by 17.6% during the 3rd quarter. Covestor Ltd now owns 462 shares of the industrial products company’s stock worth $133,000 after purchasing an additional 69 shares in the last quarter. Institutional investors own 79.26% of the company’s stock.

Reliance Price Performance

Shares of RS opened at $319.27 on Monday. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12. The company’s fifty day simple moving average is $295.33 and its 200 day simple moving average is $290.77. Reliance, Inc. has a 1-year low of $261.77 and a 1-year high of $342.20. The company has a market cap of $17.28 billion, a price-to-earnings ratio of 17.53 and a beta of 0.85.

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 the consensus estimate of $3.66 by ($0.02). The firm had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. The firm’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $5.00 earnings per share. On average, research analysts forecast that Reliance, Inc. will post 16.45 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The business also recently declared 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. The ex-dividend date is Friday, November 22nd. This represents a $4.40 dividend on an annualized basis and a yield of 1.38%. Reliance’s dividend payout ratio (DPR) is currently 24.16%.

Insider Activity at Reliance

In related news, Director Mark V. Kaminski sold 5,000 shares of Reliance stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $298.01, for a total value of $1,490,050.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Arthur Ajemyan sold 6,332 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 9,245 shares of the company’s stock, 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. Over the last ninety days, insiders sold 17,832 shares of company stock worth $5,595,881. Company insiders own 0.69% of the company’s stock.

Analyst Upgrades and Downgrades

RS has been the topic of a number of research reports. KeyCorp cut 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 price objective 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 issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $326.40.

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.