Reliance, Inc. (NYSE:RS) Shares Bought by Nordea Investment Management AB

Nordea Investment Management AB grew its stake in shares of Reliance, Inc. (NYSE:RS) by 11.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,951 shares of the industrial products company’s stock after acquiring an additional 489 shares during the period. Nordea Investment Management AB’s holdings in Reliance were worth $1,332,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of RS. Everence Capital Management Inc. acquired a new position in shares of Reliance during the 4th quarter worth approximately $302,000. GAMMA Investing LLC raised its position in shares of Reliance by 18.1% during the 4th quarter. GAMMA Investing LLC now owns 823 shares of the industrial products company’s stock worth $222,000 after purchasing an additional 126 shares during the last quarter. Versant Capital Management Inc raised its position in shares of Reliance by 157.8% during the 4th quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock worth $58,000 after purchasing an additional 131 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Reliance by 0.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 285,871 shares of the industrial products company’s stock worth $82,677,000 after purchasing an additional 1,499 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Reliance by 19.7% during the 3rd quarter. Principal Financial Group Inc. now owns 472,730 shares of the industrial products company’s stock worth $136,718,000 after purchasing an additional 77,937 shares during the last quarter. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Reliance Stock Up 0.1 %

Shares of NYSE RS opened at $267.72 on Monday. Reliance, Inc. has a 52-week low of $256.98 and a 52-week high of $342.20. The firm has a fifty day moving average of $295.72 and a 200-day moving average of $290.07. The stock has a market capitalization of $14.49 billion, a PE ratio of 14.70 and a beta of 0.91. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12.

Reliance (NYSE:RS) last announced 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 net margin of 7.42% and a return on equity of 13.68%. The company had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.38 billion. During the same period in the prior year, the firm earned $5.00 earnings per share. The firm’s quarterly revenue was down 5.6% on a year-over-year basis. On average, analysts anticipate that Reliance, Inc. will post 16.42 EPS for the current year.

Reliance Announces Dividend

The business also recently disclosed 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 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%.

Analyst Ratings Changes

RS has been the subject of several research reports. BMO Capital Markets cut their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. KeyCorp lowered their target price 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. Wolfe Research raised shares of Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. Finally, The Goldman Sachs Group initiated coverage on shares of Reliance in a research note on Monday, December 2nd. They issued a “neutral” rating and a $341.00 target price for the company. Five analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $328.83.

Insider Activity at Reliance

In related news, CEO Karla R. Lewis sold 3,892 shares of Reliance stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $323.90, for a total transaction of $1,260,618.80. Following the transaction, the chief executive officer now owns 85,117 shares in the company, valued at approximately $27,569,396.30. The trade was a 4.37 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Mark V. Kaminski sold 5,000 shares of Reliance stock in a transaction on 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. In the last 90 days, insiders have sold 21,724 shares of company stock worth $6,856,500. 0.69% of the stock is currently owned by corporate insiders.

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.