Reliance, Inc. $RS Stock: Sumitomo Mitsui Trust Group Inc. Raises Stake

Sumitomo Mitsui Trust Group Inc. increased its position in Reliance, Inc. (NYSE:RS) by 3.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 116,337 shares of the industrial products company’s stock after buying an additional 4,142 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.23% of Reliance worth $44,761,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Costello Asset Management INC bought a new position in Reliance during the first quarter valued at $30,000. N.E.W. Advisory Services LLC purchased a new stake in shares of Reliance during the second quarter valued at approximately $37,000. Osterweis Capital Management Inc. purchased a new position in Reliance during the 2nd quarter valued at $41,000. Reyes Financial Architecture Inc. purchased a new position in Reliance during the 3rd quarter valued at about $43,000. Finally, Compass Financial Management LLC bought a new stake in shares of Reliance in the second quarter worth approximately $46,000. 79.26% of the stock is currently owned by institutional investors.

Reliance Price Performance

Shares of NYSE:RS opened at $441.38 on Thursday. The firm has a market capitalization of $22.48 billion, a PE ratio of 20.58, a PEG ratio of 0.93 and a beta of 0.95. The business’s 50 day moving average is $403.93 and its 200-day moving average is $370.13. Reliance, Inc. has a 1-year low of $263.12 and a 1-year high of $454.93. The company has a current ratio of 4.12, a quick ratio of 2.22 and a debt-to-equity ratio of 0.21.

Reliance (NYSE:RS) last issued its quarterly earnings results on Wednesday, October 21st. The industrial products company reported $8.02 earnings per share for the quarter, beating analysts’ consensus estimates of $6.83 by $1.19. The business had revenue of $5.21 billion during the quarter, compared to analyst estimates of $4.74 billion. Reliance had a net margin of 6.38% and a return on equity of 15.31%. Reliance’s revenue for the quarter was up 42.8% compared to the same quarter last year. During the same quarter last year, the business posted $3.64 earnings per share. Sell-side analysts predict that Reliance, Inc. will post 24.99 earnings per share for the current year.

Reliance Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 4th. Shareholders of record on Friday, November 20th will be paid a $1.25 dividend. The ex-dividend date is Friday, November 20th. This represents a $5.00 annualized dividend and a yield of 1.1%. Reliance’s dividend payout ratio is currently 23.31%.

Insider Buying and Selling at Reliance

In other news, COO Stephen Koch sold 8,334 shares of the company’s stock in a transaction that occurred on Tuesday, October 27th. The shares were sold at an average price of $430.87, for a total transaction of $3,590,870.58. Following the completion of the sale, the chief operating officer owned 8,209 shares of the company’s stock, valued at approximately $3,537,011.83. This represents a 50.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

RS has been the topic of several research analyst reports. KeyCorp upped their price objective on Reliance from $421.00 to $437.00 and gave the company an “overweight” rating in a research report on Monday, October 26th. Wall Street Zen raised Reliance from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 31st. JPMorgan Chase & Co. boosted their target price on Reliance from $400.00 to $420.00 and gave the company a “neutral” rating in a report on Wednesday, October 28th. Wells Fargo & Company upped their price objective on shares of Reliance from $391.00 to $420.00 and gave the company an “equal weight” rating in a research note on Thursday, October 22nd. Finally, BMO Capital Markets lifted their target price on Reliance from $390.00 to $415.00 and gave the stock a “market perform” rating in a research report on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $400.29.

Reliance Profile

Reliance, Inc (NYSE: RS) is a diversified metals service center company that supplies processed metal products and related services to industrial manufacturers, fabricators, and other commercial customers. Its product offerings include carbon steel, stainless steel, aluminum, copper, brass, and other specialty metals.

The company provides value-added processing services such as cutting, slitting, leveling, blanking, machining, forming, and precision sawing. These services allow customers to purchase metals in customized sizes and specifications, helping reduce their need for in-house processing and inventory management.

Founded in 1939, Reliance serves a broad range of industries, including nonresidential construction, transportation, aerospace and defense, energy, electronics, machinery, and general manufacturing.