UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 64,101 Shares of Reliance, Inc. (NYSE:RS)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed its stake in Reliance, Inc. (NYSE:RS) by 13.0% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 429,083 shares of the industrial products company’s stock after selling 64,101 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.79% of Reliance worth $124,095,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in RS. Cynosure Group LLC boosted its holdings in shares of Reliance by 13.5% during the 3rd quarter. Cynosure Group LLC now owns 1,518 shares of the industrial products company’s stock worth $439,000 after buying an additional 180 shares during the period. Brooklyn Investment Group acquired a new position in Reliance during the 3rd quarter worth $78,000. Loomis Sayles & Co. L P boosted its holdings in Reliance by 1.2% during the third quarter. Loomis Sayles & Co. L P now owns 46,573 shares of the industrial products company’s stock valued at $13,469,000 after acquiring an additional 572 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Reliance in the third quarter valued at about $429,000. Finally, Fisher Asset Management LLC boosted its stake in Reliance by 4.8% during the 3rd quarter. Fisher Asset Management LLC now owns 6,518 shares of the industrial products company’s stock valued at $1,885,000 after purchasing an additional 296 shares during the period. Institutional investors own 79.26% of the company’s stock.

Insider Activity at Reliance

In related news, CFO Arthur Ajemyan sold 6,332 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $318.18, for a total transaction of $2,014,715.76. Following the transaction, the chief financial officer now owns 9,245 shares in the company, valued at $2,941,574.10. This represents a 40.65 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mark V. Kaminski sold 5,000 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $298.01, for a total transaction of $1,490,050.00. The disclosure for this sale can be found here. Insiders sold 17,832 shares of company stock valued at $5,595,881 in the last ninety days. Insiders own 0.69% of the company’s stock.

Reliance Stock Performance

RS opened at $321.24 on Monday. Reliance, Inc. has a 1 year low of $261.77 and a 1 year 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 stock’s 50 day simple moving average is $299.47 and its 200-day simple moving average is $291.80. The stock has a market cap of $17.39 billion, a PE ratio of 17.64 and a beta of 0.85.

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). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The business had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.38 billion. During the same quarter in the prior year, the business earned $5.00 EPS. The firm’s revenue for the quarter was down 5.6% on a year-over-year basis. Sell-side analysts forecast that Reliance, Inc. will post 16.42 EPS for the current year.

Reliance Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date of this dividend is Friday, November 22nd. Reliance’s dividend payout ratio (DPR) is currently 24.16%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. BMO Capital Markets cut their price target on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a report on Friday, October 25th. KeyCorp cut 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. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Reliance has a consensus rating of “Hold” and a consensus price target of $326.40.

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.