Assetmark Inc. Purchases 5,431 Shares of Reliance, Inc. (NYSE:RS)

Assetmark Inc. raised its position in Reliance, Inc. (NYSE:RS) by 24.2% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 27,916 shares of the industrial products company’s stock after purchasing an additional 5,431 shares during the period. Assetmark Inc. owned approximately 0.05% of Reliance worth $8,074,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the company. Trust Point Inc. lifted its holdings 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 purchasing an additional 34 shares in the last quarter. National Bank of Canada FI lifted its stake 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 buying an additional 41 shares in the last quarter. Fulton Bank N.A. boosted its holdings in shares of Reliance by 3.1% in the third quarter. Fulton Bank N.A. now owns 1,570 shares of the industrial products company’s stock valued at $454,000 after buying an additional 47 shares during the period. Consolidated Planning Corp boosted its holdings 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 valued at $215,000 after buying an additional 50 shares during the period. Finally, UMB Bank n.a. increased 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 acquiring an additional 53 shares in the last quarter. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Mark V. Kaminski sold 5,000 shares of Reliance stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Reliance news, Director Mark V. Kaminski sold 5,000 shares of the firm’s stock in a transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP William A. Smith II sold 6,500 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $321.71, for a total transaction 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 approximately $5,420,491.79. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 17,832 shares of company stock valued at $5,595,881. 0.69% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on RS. KeyCorp reduced their target price on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research note on Monday, October 14th. Wolfe Research cut Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective for the company. in a research report on Friday, July 26th. Finally, BMO Capital Markets dropped their target price 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 given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $326.40.

Reliance Price Performance

NYSE:RS opened at $323.33 on Tuesday. The stock’s 50-day simple moving average is $288.08 and its 200 day simple moving average is $289.32. Reliance, Inc. has a 52-week low of $261.77 and a 52-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 cap of $17.50 billion, a P/E ratio of 17.76 and a beta of 0.85.

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). The company had revenue of $3.42 billion during the quarter, compared to analyst estimates of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. The company’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same period in the previous year, the company posted $5.00 EPS. As a group, sell-side analysts forecast that Reliance, Inc. will post 16.65 EPS for the current fiscal year.

Reliance Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a dividend of $1.10 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $4.40 annualized dividend and a dividend yield of 1.36%. Reliance’s dividend payout ratio is presently 24.16%.

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.