International Assets Investment Management LLC Boosts Stake in Reliance, Inc. (NYSE:RS)

International Assets Investment Management LLC lifted its holdings in shares of Reliance, Inc. (NYSE:RS) by 27,269.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 112,213 shares of the industrial products company’s stock after buying an additional 111,803 shares during the period. International Assets Investment Management LLC owned approximately 0.20% of Reliance worth $32,453,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Trust Point Inc. grew its position in shares of Reliance by 3.6% during the 3rd quarter. Trust Point Inc. now owns 972 shares of the industrial products company’s stock valued at $281,000 after acquiring an additional 34 shares during the period. National Bank of Canada FI grew its holdings in Reliance by 17.9% during the second 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. Fulton Bank N.A. increased its position in Reliance by 3.1% in the third quarter. Fulton Bank N.A. now owns 1,570 shares of the industrial products company’s stock worth $454,000 after buying an additional 47 shares in the last quarter. Consolidated Planning Corp raised its stake in shares of Reliance by 7.1% in the second quarter. Consolidated Planning Corp now owns 752 shares of the industrial products company’s stock worth $215,000 after buying an additional 50 shares during the period. Finally, UMB Bank n.a. lifted its position in shares of Reliance by 27.0% during the 3rd 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 in the last quarter. 79.26% of the stock is currently owned by institutional investors.

Reliance Price Performance

Shares of NYSE:RS opened at $297.54 on Tuesday. The firm has a market cap of $16.37 billion, a price-to-earnings ratio of 16.34 and a beta of 0.85. The firm has a fifty day moving average price of $283.99 and a 200 day moving average price of $290.34. Reliance, Inc. has a fifty-two week low of $249.29 and a fifty-two week high of $342.20. 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 (NYSE:RS) last released its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 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 the consensus estimate of $3.38 billion. During the same period last year, the company earned $5.00 EPS. The firm’s revenue for the quarter was down 5.6% on a year-over-year basis. As a group, sell-side analysts expect that Reliance, Inc. will post 16.96 earnings per share for the current fiscal year.

Reliance Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date of this dividend is Friday, November 22nd. Reliance’s payout ratio is 24.16%.

Analyst Ratings Changes

RS has been the topic of a number of recent analyst reports. KeyCorp decreased their target price on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research note on Monday, October 14th. Wolfe Research cut shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price on the stock. in a research note on Friday, July 26th. Finally, BMO Capital Markets cut their price target on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Reliance currently has an average rating of “Hold” and an average price target of $326.40.

Reliance 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.