Advisors Asset Management Inc. Has $5.09 Million Holdings in Reliance, Inc. (NYSE:RS)

Advisors Asset Management Inc. increased its stake in Reliance, Inc. (NYSE:RS) by 5.9% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 17,593 shares of the industrial products company’s stock after purchasing an additional 980 shares during the quarter. Advisors Asset Management Inc.’s holdings in Reliance were worth $5,088,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Reliance in the 3rd quarter valued at approximately $4,186,000. Commerce Bank lifted its holdings in Reliance by 3.6% during the 3rd quarter. Commerce Bank now owns 3,746 shares of the industrial products company’s stock valued at $1,083,000 after purchasing an additional 131 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in Reliance during the 3rd quarter valued at $634,000. Archer Investment Corp lifted its holdings in Reliance by 307.9% during the 3rd quarter. Archer Investment Corp now owns 1,285 shares of the industrial products company’s stock valued at $372,000 after purchasing an additional 970 shares during the last quarter. Finally, Dearborn Partners LLC lifted its holdings in Reliance by 4.1% during the 3rd quarter. Dearborn Partners LLC now owns 86,406 shares of the industrial products company’s stock valued at $24,989,000 after purchasing an additional 3,419 shares during the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Insider Transactions at Reliance

In related news, CFO Arthur Ajemyan sold 6,332 shares of the firm’s stock in a transaction on 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 transaction, the chief financial officer now owns 9,245 shares in the company, valued at approximately $2,941,574.10. This trade represents a 40.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP William A. Smith II sold 6,500 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $321.71, for a total value of $2,091,115.00. Following the completion of the transaction, the senior vice president now owns 16,849 shares in the company, valued at $5,420,491.79. The trade was a 27.84 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,832 shares of company stock valued at $5,595,881. 0.69% of the stock is currently owned by corporate insiders.

Reliance Stock Up 0.9 %

RS opened at $316.35 on Friday. Reliance, Inc. has a fifty-two week low of $261.77 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. The company has a market capitalization of $17.12 billion, a P/E ratio of 17.37 and a beta of 0.85. The stock has a fifty day moving average of $294.51 and a 200-day moving average of $290.63.

Reliance (NYSE:RS) last posted its 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). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The firm had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. During the same period in the prior year, the business posted $5.00 EPS. The firm’s quarterly revenue was down 5.6% compared to the same quarter last year. On average, equities analysts expect that Reliance, Inc. will post 16.45 EPS for the current year.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be issued a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date of this dividend is Friday, November 22nd. Reliance’s dividend payout ratio is currently 24.16%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on RS shares. 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 report on Friday, October 25th. KeyCorp cut 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. Finally, Wolfe Research downgraded Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target for the company. in a report on Friday, July 26th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $326.40.

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.