Centiva Capital LP Raises Holdings in Reliance, Inc. (NYSE:RS)

Centiva Capital LP lifted its stake in Reliance, Inc. (NYSE:RS) by 81.2% during the third quarter, Holdings Channel reports. The institutional investor owned 10,051 shares of the industrial products company’s stock after acquiring an additional 4,505 shares during the quarter. Centiva Capital LP’s holdings in Reliance were worth $2,907,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the stock. Concentric Capital Strategies LP boosted its position in Reliance by 97.0% during the third quarter. Concentric Capital Strategies LP now owns 32,667 shares of the industrial products company’s stock worth $9,448,000 after purchasing an additional 16,086 shares in the last quarter. Paloma Partners Management Co purchased a new position in Reliance during the third quarter worth approximately $1,504,000. Edgestream Partners L.P. boosted its position in Reliance by 3,329.8% during the third quarter. Edgestream Partners L.P. now owns 27,370 shares of the industrial products company’s stock worth $7,916,000 after purchasing an additional 26,572 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its position in Reliance by 7.3% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 296,033 shares of the industrial products company’s stock worth $85,616,000 after purchasing an additional 20,056 shares in the last quarter. Finally, Verition Fund Management LLC boosted its position in Reliance by 973.3% during the third quarter. Verition Fund Management LLC now owns 10,046 shares of the industrial products company’s stock worth $2,905,000 after purchasing an additional 9,110 shares in the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on RS. The Goldman Sachs Group initiated coverage on Reliance in a research report on Monday. They set a “neutral” rating and a $341.00 price target on the stock. KeyCorp reduced their target price on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a report on Monday, October 14th. Finally, BMO Capital Markets reduced their target price on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a report on Friday, October 25th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $328.83.

Reliance Price Performance

Reliance stock opened at $319.70 on Tuesday. 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 has a market cap of $17.30 billion, a P/E ratio of 17.56 and a beta of 0.87. The company has a 50-day moving average price of $299.47 and a 200 day moving average price of $291.77. Reliance, Inc. has a 12-month low of $261.77 and a 12-month high of $342.20.

Reliance (NYSE:RS) last released its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing the consensus estimate of $3.66 by ($0.02). Reliance had a net margin of 7.42% and a return on equity of 13.68%. The firm had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.38 billion. During the same period in the previous year, the firm posted $5.00 EPS. The firm’s quarterly revenue was down 5.6% compared to the same quarter last year. Sell-side analysts anticipate that Reliance, Inc. will post 16.42 earnings per share for the current year.

Reliance Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a $1.10 dividend. The ex-dividend date is Friday, November 22nd. This represents a $4.40 dividend on an annualized basis and a yield of 1.38%. Reliance’s payout ratio is currently 24.16%.

Insiders Place Their Bets

In related news, 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 transaction, the chief financial officer now directly owns 9,245 shares in the company, valued at $2,941,574.10. This trade represents a 40.65 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Mark V. Kaminski sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was 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 a total of 17,832 shares of company stock valued at $5,595,881 over the last 90 days. 0.69% of the stock is owned by company insiders.

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.