Versant Capital Management Inc Boosts Stock Position in Reliance, Inc. (NYSE:RS)

Versant Capital Management Inc boosted its holdings in shares of Reliance, Inc. (NYSE:RSFree Report) by 157.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 214 shares of the industrial products company’s stock after purchasing an additional 131 shares during the period. Versant Capital Management Inc’s holdings in Reliance were worth $58,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of RS. Quarry LP purchased a new position in shares of Reliance during the third quarter valued at approximately $41,000. UMB Bank n.a. boosted its holdings 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 acquiring an additional 53 shares in the last quarter. National Bank of Canada FI increased its position in Reliance by 17.9% during the 2nd quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after purchasing an additional 41 shares during the period. Brooklyn Investment Group bought a new position in Reliance in the 3rd quarter worth $78,000. Finally, Covestor Ltd lifted its position in shares of Reliance by 17.6% in 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 during the period. Institutional investors own 79.26% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on RS. BMO Capital Markets reduced their price target on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. KeyCorp decreased their target price on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research report on Monday, October 14th. Finally, The Goldman Sachs Group started coverage on Reliance in a research note on Monday, December 2nd. They issued a “neutral” rating and a $341.00 target price for the company. One investment 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, Reliance presently has an average rating of “Hold” and a consensus price target of $328.83.

Read Our Latest Research Report on RS

Insider Transactions at Reliance

In other Reliance news, CFO Arthur Ajemyan sold 6,332 shares of the business’s stock in a transaction dated 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 transaction, the chief financial officer now owns 9,245 shares of the company’s stock, valued at approximately $2,941,574.10. The trade was a 40.65 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mark V. Kaminski sold 5,000 shares of the firm’s stock in a transaction dated 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. Over the last 90 days, insiders have sold 21,724 shares of company stock worth $6,856,500. Corporate insiders own 0.69% of the company’s stock.

Reliance Stock Performance

Reliance stock opened at $267.75 on Monday. Reliance, Inc. has a twelve month low of $256.98 and a twelve month high of $342.20. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $14.49 billion, a P/E ratio of 14.70 and a beta of 0.91. The stock’s 50 day moving average is $297.94 and its 200 day moving average is $290.52.

Reliance (NYSE:RSGet Free Report) last released its earnings results on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). The company had revenue of $3.42 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the prior year, the company posted $5.00 earnings per share. On average, equities research analysts predict that Reliance, Inc. will post 16.42 earnings per share for the current fiscal year.

Reliance Dividend Announcement

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

About Reliance

(Free Report)

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.

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Institutional Ownership by Quarter for Reliance (NYSE:RS)

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