Reliance, Inc. $RS Stake Lifted by MGO One Seven LLC

MGO One Seven LLC lifted its position in shares of Reliance, Inc. (NYSE:RS) by 34.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,765 shares of the industrial products company’s stock after purchasing an additional 1,221 shares during the quarter. MGO One Seven LLC’s holdings in Reliance were worth $1,833,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. XXEC Inc. purchased a new stake in shares of Reliance in the second quarter valued at approximately $127,493,000. BlackRock Inc. acquired a new position in shares of Reliance during the 2nd quarter worth approximately $2,171,081,000. Bank of New York Mellon Corp purchased a new position in shares of Reliance during the 2nd quarter valued at approximately $176,913,000. William Blair Investment Management LLC acquired a new stake in Reliance in the 2nd quarter valued at $142,900,000. Finally, Corient Private Wealth LP acquired a new stake in Reliance in the 2nd quarter valued at $129,799,000. 79.26% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, COO Stephen Koch sold 8,334 shares of the firm’s stock in a transaction dated Tuesday, October 27th. The stock was sold at an average price of $430.87, for a total transaction of $3,590,870.58. Following the sale, the chief operating officer owned 8,209 shares of the company’s stock, valued at approximately $3,537,011.83. This trade represents a 50.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.40% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on RS. BMO Capital Markets increased their price objective on Reliance from $390.00 to $415.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. Wall Street Zen raised shares of Reliance from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 31st. Wells Fargo & Company upped their target price on shares of Reliance from $391.00 to $420.00 and gave the stock an “equal weight” rating in a report on Thursday, October 22nd. Weiss Ratings lowered shares of Reliance from a “buy (b)” rating to a “hold (c)” rating in a report on Wednesday, October 28th. Finally, Citigroup reiterated a “neutral” rating on shares of Reliance in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Reliance presently has an average rating of “Hold” and a consensus target price of $400.29.

Reliance Stock Down 0.6%

NYSE:RS opened at $441.38 on Thursday. Reliance, Inc. has a 52 week low of $263.12 and a 52 week high of $454.93. The stock’s fifty day moving average is $403.93 and its two-hundred day moving average is $370.13. The stock has a market capitalization of $22.48 billion, a price-to-earnings ratio of 20.58, a price-to-earnings-growth ratio of 0.93 and a beta of 0.95. The company has a quick ratio of 2.22, a current ratio of 4.12 and a debt-to-equity ratio of 0.21.

Reliance (NYSE:RS) last posted its quarterly earnings data on Wednesday, October 21st. The industrial products company reported $8.02 EPS for the quarter, beating the consensus estimate 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%. The business’s revenue for the quarter was up 42.8% compared to the same quarter last year. During the same quarter last year, the firm posted $3.64 earnings per share. Research analysts anticipate that Reliance, Inc. will post 24.99 EPS for the current year.

Reliance Dividend Announcement

The firm also recently declared 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 dividend on an annualized basis and a yield of 1.1%. Reliance’s dividend payout ratio (DPR) is currently 23.31%.

About Reliance

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.