JPMorgan Chase & Co. Purchases 1,499 Shares of Reliance, Inc. (NYSE:RS)

JPMorgan Chase & Co. grew its position in shares of Reliance, Inc. (NYSE:RS) by 0.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 285,871 shares of the industrial products company’s stock after acquiring an additional 1,499 shares during the quarter. JPMorgan Chase & Co. owned about 0.53% of Reliance worth $82,677,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of RS. Dimensional Fund Advisors LP raised its holdings in Reliance by 4.8% during the second quarter. Dimensional Fund Advisors LP now owns 1,168,880 shares of the industrial products company’s stock worth $333,809,000 after buying an additional 53,747 shares during the last quarter. Principal Financial Group Inc. lifted its position in 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 acquiring an additional 77,937 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its stake in Reliance by 7.3% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 296,033 shares of the industrial products company’s stock valued at $85,616,000 after purchasing an additional 20,056 shares during the last quarter. Hsbc Holdings PLC increased its holdings in Reliance by 78.5% during the 2nd quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock worth $82,816,000 after purchasing an additional 127,422 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of Reliance by 0.3% in the third quarter. Victory Capital Management Inc. now owns 203,156 shares of the industrial products company’s stock worth $58,755,000 after purchasing an additional 528 shares during the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Karla R. Lewis sold 3,892 shares of the firm’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 transaction, the chief executive officer now directly owns 85,117 shares of the company’s stock, valued at approximately $27,569,396.30. This trade represents a 4.37 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction of $2,014,715.76. Following the sale, the chief financial officer now directly owns 9,245 shares in the company, valued at $2,941,574.10. The trade was a 40.65 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,724 shares of company stock valued at $6,856,500. 0.69% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on RS shares. KeyCorp decreased their price target on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a report on Monday, October 14th. The Goldman Sachs Group initiated coverage on shares of Reliance in a report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 target price for the company. Finally, BMO Capital Markets cut their price target on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $328.83.

Reliance Price Performance

RS opened at $266.61 on Friday. The firm has a market cap of $14.43 billion, a P/E ratio of 14.64 and a beta of 0.87. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 3.31. Reliance, Inc. has a fifty-two week low of $256.98 and a fifty-two week high of $342.20. The firm has a 50-day moving average of $298.25 and a 200 day moving average of $290.53.

Reliance (NYSE:RS) last issued its quarterly earnings results 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 analysts’ expectations of $3.38 billion. During the same quarter in the previous year, the business earned $5.00 EPS. The company’s revenue for the quarter was down 5.6% on a year-over-year basis. On average, research analysts expect that Reliance, Inc. will post 16.42 EPS for the current year.

Reliance Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were paid a dividend of $1.10 per share. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $4.40 annualized dividend and a dividend yield of 1.65%. Reliance’s 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.