Harbor Capital Advisors Inc. Increases Stock Position in Reliance, Inc. (NYSE:RS)

Harbor Capital Advisors Inc. boosted its holdings in Reliance, Inc. (NYSE:RS) by 0.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,715 shares of the industrial products company’s stock after purchasing an additional 49 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Reliance were worth $2,077,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of RS. Toronto Dominion Bank raised its holdings in shares of Reliance by 26.7% in the third quarter. Toronto Dominion Bank now owns 8,198 shares of the industrial products company’s stock valued at $2,371,000 after buying an additional 1,729 shares during the last quarter. Assetmark Inc. raised its stake in Reliance by 24.2% during the 3rd quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company’s stock valued at $8,074,000 after acquiring an additional 5,431 shares during the last quarter. AXA S.A. lifted its position in Reliance by 5.4% during the 2nd quarter. AXA S.A. now owns 79,334 shares of the industrial products company’s stock worth $22,658,000 after acquiring an additional 4,032 shares during the period. Dearborn Partners LLC grew its stake in shares of Reliance by 4.1% in the 3rd quarter. Dearborn Partners LLC now owns 86,406 shares of the industrial products company’s stock valued at $24,989,000 after purchasing an additional 3,419 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Reliance by 1.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 127,806 shares of the industrial products company’s stock valued at $36,963,000 after purchasing an additional 1,696 shares during the period. Institutional investors and hedge funds own 79.26% of the company’s stock.

Insider Activity at Reliance

In other news, SVP William A. Smith II sold 6,500 shares of the company’s stock in a transaction on 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 sale, the senior vice president now directly owns 16,849 shares in the company, valued at $5,420,491.79. This represents a 27.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Karla R. Lewis sold 3,892 shares of Reliance stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $323.90, for a total value of $1,260,618.80. Following the sale, the chief executive officer now owns 85,117 shares of the company’s stock, valued at approximately $27,569,396.30. This represents a 4.37 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 21,724 shares of company stock valued at $6,856,500. Insiders own 0.69% of the company’s stock.

Wall Street Analyst Weigh In

RS has been the subject of several recent research reports. Wolfe Research raised Reliance from an “underperform” rating to a “peer perform” rating in a report on Wednesday. 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. 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 price target for the company. Finally, BMO Capital Markets lowered their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $328.83.

Reliance Stock Up 0.1 %

RS stock opened at $267.72 on Friday. 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 company’s 50-day moving average price is $295.72 and its 200 day moving average price is $290.02. Reliance, Inc. has a 52 week low of $256.98 and a 52 week high of $342.20. The company has a market cap of $14.49 billion, a P/E ratio of 14.70 and a beta of 0.91.

Reliance (NYSE:RS) last released its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). The firm had revenue of $3.42 billion during 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 business’s revenue was down 5.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.00 EPS. On average, research analysts expect that Reliance, Inc. will post 16.42 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were given a $1.10 dividend. The ex-dividend date was Friday, November 22nd. This represents a $4.40 annualized dividend and a dividend yield of 1.64%. Reliance’s dividend payout ratio is presently 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.