Sequoia Financial Advisors LLC Has $711,000 Holdings in Reliance, Inc. (NYSE:RS)

Sequoia Financial Advisors LLC lifted its position in Reliance, Inc. (NYSE:RS) by 26.4% in the third quarter, HoldingsChannel.com reports. The firm owned 2,458 shares of the industrial products company’s stock after acquiring an additional 513 shares during the period. Sequoia Financial Advisors LLC’s holdings in Reliance were worth $711,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RS. Innealta Capital LLC acquired a new stake in Reliance during the second quarter valued at approximately $28,000. 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 worth $72,000 after buying an additional 53 shares during the period. Headlands Technologies LLC acquired a new stake in Reliance in the 1st quarter valued at $86,000. National Bank of Canada FI grew its position in Reliance by 17.9% in the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after acquiring an additional 41 shares during the period. Finally, Fidelis Capital Partners LLC acquired a new position in Reliance during the first quarter worth $125,000. 79.26% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RS. KeyCorp lowered their target price 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. Wolfe Research cut shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective on the stock. in a research note on Friday, July 26th. Finally, BMO Capital Markets cut 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. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $326.40.

Reliance Stock Down 3.5 %

Shares of NYSE:RS opened at $283.54 on Friday. The company has a quick ratio of 2.43, a current ratio of 5.02 and a debt-to-equity ratio of 0.15. The firm has a market cap of $15.60 billion, a P/E ratio of 14.47 and a beta of 0.85. Reliance, Inc. has a 12 month low of $237.14 and a 12 month high of $342.20. The company’s 50-day moving average price is $283.64 and its two-hundred day moving average price is $290.87.

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 the consensus estimate of $3.66 by ($0.02). Reliance had a net margin of 7.99% and a return on equity of 14.73%. 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 earnings per share. Reliance’s revenue for the quarter was down 5.6% compared to the same quarter last year. As a group, research analysts forecast that Reliance, Inc. will post 17.16 EPS for the current fiscal 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 given a dividend of $1.10 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.55%. Reliance’s payout ratio is currently 22.46%.

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.