JPMorgan Chase & Co. Purchases 1,499 Shares of Reliance, Inc. (NYSE:RS)

JPMorgan Chase & Co. lifted its position in Reliance, Inc. (NYSE:RS) by 0.5% during the 3rd quarter, HoldingsChannel reports. The firm owned 285,871 shares of the industrial products company’s stock after buying an additional 1,499 shares during the period. JPMorgan Chase & Co.’s holdings in Reliance were worth $82,677,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Trust Point Inc. increased its stake in Reliance by 3.6% in the 3rd quarter. Trust Point Inc. now owns 972 shares of the industrial products company’s stock worth $281,000 after acquiring an additional 34 shares during the last quarter. National Bank of Canada FI increased its position in shares of Reliance by 17.9% in the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock worth $76,000 after purchasing an additional 41 shares during the last quarter. Fulton Bank N.A. raised its stake in 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 purchasing an additional 47 shares in the last quarter. Consolidated Planning Corp lifted its position in Reliance by 7.1% during the second quarter. Consolidated Planning Corp now owns 752 shares of the industrial products company’s stock valued at $215,000 after purchasing an additional 50 shares during the last quarter. Finally, UMB Bank n.a. grew its stake in Reliance by 27.0% in 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 in the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Reliance Stock Down 1.0 %

RS opened at $266.61 on Friday. Reliance, Inc. has a 12 month low of $256.98 and a 12 month high of $342.20. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12. The business’s 50-day moving average price is $298.25 and its 200-day moving average price is $290.53. The company has a market cap of $14.43 billion, a P/E ratio of 14.64 and a beta of 0.87.

Reliance (NYSE:RS) last announced 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). The company had revenue of $3.42 billion during the quarter, compared to analysts’ expectations of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. Reliance’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same period last year, the firm earned $5.00 earnings per share. On average, equities analysts expect that Reliance, Inc. will post 16.42 EPS for the current year.

Reliance Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were given a dividend of $1.10 per share. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $4.40 annualized dividend and a yield of 1.65%. Reliance’s payout ratio is currently 24.16%.

Insider Buying and Selling at Reliance

In other Reliance news, CEO Karla R. Lewis sold 3,892 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $323.90, for a total value of $1,260,618.80. Following the completion of the transaction, the chief executive officer now directly owns 85,117 shares in the company, valued at approximately $27,569,396.30. This represents a 4.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Arthur Ajemyan sold 6,332 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total transaction of $2,014,715.76. Following the completion of the sale, the chief financial officer now directly owns 9,245 shares of the company’s stock, valued at approximately $2,941,574.10. This represents a 40.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,724 shares of company stock valued at $6,856,500 in the last quarter. Company insiders own 0.69% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.