Caisse DE Depot ET Placement DU Quebec Has $85.62 Million Stake in Reliance, Inc. (NYSE:RS)

Caisse DE Depot ET Placement DU Quebec grew its position in Reliance, Inc. (NYSE:RS) by 7.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 296,033 shares of the industrial products company’s stock after buying an additional 20,056 shares during the quarter. Caisse DE Depot ET Placement DU Quebec owned 0.55% of Reliance worth $85,616,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Innealta Capital LLC acquired a new stake in Reliance in the second quarter valued at about $28,000. UMB Bank n.a. boosted its stake in shares of Reliance by 27.0% in the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after purchasing an additional 53 shares in the last quarter. National Bank of Canada FI grew its holdings in shares of 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 last quarter. Brooklyn Investment Group acquired a new position in Reliance during the 3rd quarter worth approximately $78,000. Finally, International Assets Investment Management LLC acquired a new position in Reliance during the 2nd quarter worth approximately $117,000. Institutional investors own 79.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on RS shares. 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. BMO Capital Markets reduced their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $326.40.

Reliance Price Performance

Shares of NYSE:RS opened at $321.24 on Friday. 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 52 week low of $261.77 and a 52 week high of $342.20. The firm has a market cap of $17.39 billion, a PE ratio of 17.64 and a beta of 0.85. The firm’s fifty day moving average is $299.47 and its 200-day moving average is $291.80.

Reliance (NYSE:RS) last released its quarterly 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). Reliance had a net margin of 7.42% and a return on equity of 13.68%. The company had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.38 billion. During the same quarter last year, the firm posted $5.00 EPS. The company’s quarterly revenue was down 5.6% on a year-over-year basis. Sell-side analysts predict that Reliance, Inc. will post 16.42 earnings per share for the current year.

Reliance Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 1.37%. The ex-dividend date of this dividend is Friday, November 22nd. Reliance’s dividend payout ratio is presently 24.16%.

Insiders Place Their Bets

In other news, SVP William A. Smith II sold 6,500 shares of Reliance stock in a transaction dated 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 directly owns 16,849 shares of the company’s stock, valued at approximately $5,420,491.79. This trade represents a 27.84 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Mark V. Kaminski sold 5,000 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $298.01, for a total value of $1,490,050.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,832 shares of company stock worth $5,595,881. 0.69% of the stock is currently owned by 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.