Kovitz Investment Group Partners LLC Has $1.90 Million Position in Reliance, Inc. (NYSE:RS)

Kovitz Investment Group Partners LLC grew its position in Reliance, Inc. (NYSE:RS) by 12.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,258 shares of the industrial products company’s stock after purchasing an additional 703 shares during the period. Kovitz Investment Group Partners LLC’s holdings in Reliance were worth $1,904,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RS. Innealta Capital LLC acquired a new stake in Reliance during the 2nd quarter worth $28,000. Quarry LP bought a new stake in shares of Reliance in the third quarter worth about $41,000. UMB Bank n.a. raised its position in shares of Reliance by 27.0% during the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock worth $72,000 after purchasing an additional 53 shares during the period. National Bank of Canada FI lifted 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 in the last quarter. Finally, Brooklyn Investment Group bought a new position in shares of Reliance during the 3rd quarter valued at about $78,000. 79.26% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

RS has been the topic of several research analyst reports. The Goldman Sachs Group began coverage on shares of Reliance in a report on Monday, December 2nd. They set a “neutral” rating and a $341.00 target price on the stock. KeyCorp dropped their price objective on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. Finally, BMO Capital Markets reduced their target price on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $328.83.

Insider Activity

In related news, Director Mark V. Kaminski sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $298.01, for a total transaction of $1,490,050.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP William A. Smith II sold 6,500 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $321.71, for a total value of $2,091,115.00. Following the sale, the senior vice president now directly owns 16,849 shares of the company’s stock, valued at $5,420,491.79. This represents a 27.84 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,724 shares of company stock valued at $6,856,500. 0.69% of the stock is owned by insiders.

Reliance Stock Performance

Shares of RS stock opened at $308.22 on Tuesday. The firm has a market cap of $16.68 billion, a PE ratio of 16.93 and a beta of 0.87. Reliance, Inc. has a 12 month low of $261.77 and a 12 month high of $342.20. The company’s fifty day simple moving average is $302.24 and its 200-day simple moving average is $292.19. 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 posted its quarterly earnings data 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 business had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. The company’s quarterly revenue was down 5.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.00 earnings per share. Equities research analysts expect that Reliance, Inc. will post 16.42 EPS for the current fiscal 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. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date was Friday, November 22nd. Reliance’s dividend payout ratio is currently 24.16%.

Reliance Company 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.