Paloma Partners Management Co Takes $1.50 Million Position in Reliance, Inc. (NYSE:RS)

Paloma Partners Management Co purchased a new position in shares of Reliance, Inc. (NYSE:RS) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 5,201 shares of the industrial products company’s stock, valued at approximately $1,504,000.

Several other large investors have also bought and sold shares of the business. Innealta Capital LLC bought a new stake in shares of Reliance during the 2nd quarter valued at $28,000. UMB Bank n.a. lifted its stake in Reliance by 27.0% in the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after buying an additional 53 shares during the period. Brooklyn Investment Group bought a new position in Reliance during the third quarter worth about $78,000. National Bank of Canada FI grew its position in shares of Reliance by 17.9% during the 2nd quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock worth $76,000 after buying an additional 41 shares during the period. Finally, International Assets Investment Management LLC acquired a new stake in shares of Reliance in the 2nd quarter valued at approximately $117,000. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Reliance Stock Performance

RS opened at $319.70 on Tuesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. The company has a market capitalization of $17.30 billion, a price-to-earnings ratio of 17.56 and a beta of 0.87. The business’s 50-day moving average price is $299.47 and its two-hundred day moving average price is $291.77. Reliance, Inc. has a 1 year low of $261.77 and a 1 year high of $342.20.

Reliance (NYSE:RS) last released 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). 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 company’s revenue was down 5.6% compared to the same quarter last year. During the same period last year, the company earned $5.00 EPS. Equities analysts expect that Reliance, Inc. will post 16.42 EPS for the current fiscal year.

Reliance Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a dividend of $1.10 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.38%. Reliance’s dividend payout ratio is 24.16%.

Analyst Ratings Changes

RS has been the subject of a number of analyst reports. KeyCorp decreased their price objective on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a report on Monday, October 14th. BMO Capital Markets lowered their price objective on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Finally, The Goldman Sachs Group began coverage on Reliance in a report on Monday. They set a “neutral” rating and a $341.00 target price on the stock. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Reliance presently has an average rating of “Hold” and a consensus price target of $328.83.

Insider Activity

In related news, CFO Arthur Ajemyan sold 6,332 shares of the firm’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 completion of the transaction, the chief financial officer now directly owns 9,245 shares of the company’s stock, valued at approximately $2,941,574.10. This trade represents a 40.65 % decrease in their ownership of the stock. The transaction was disclosed in a 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 on Monday, October 28th. The stock was 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 17,832 shares of company stock worth $5,595,881 in the last quarter. Corporate insiders own 0.69% of the company’s stock.

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.