Reliance, Inc. $RS Stock: Pictet Asset Management Holding SA Trims Stake

Pictet Asset Management Holding SA cut its stake in Reliance, Inc. (NYSE:RS) by 14.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 42,248 shares of the industrial products company’s stock after selling 7,139 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Reliance were worth $16,256,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in RS. Investment Management Corp VA ADV increased its position in shares of Reliance by 8.3% during the 3rd quarter. Investment Management Corp VA ADV now owns 1,836 shares of the industrial products company’s stock valued at $706,000 after purchasing an additional 140 shares during the last quarter. Parallel Advisors LLC boosted its stake in shares of Reliance by 4.7% during the 3rd quarter. Parallel Advisors LLC now owns 2,057 shares of the industrial products company’s stock worth $791,000 after acquiring an additional 92 shares during the last quarter. CenterBook Partners LP grew its position in shares of Reliance by 297.1% during the 3rd quarter. CenterBook Partners LP now owns 9,057 shares of the industrial products company’s stock valued at $3,485,000 after acquiring an additional 6,776 shares during the period. Heritage Family Offices LLP bought a new position in Reliance in the 3rd quarter worth $175,000. Finally, Kestra Advisory Services LLC bought a new stake in Reliance during the third quarter valued at about $299,000. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Reliance news, COO Stephen Koch sold 8,334 shares of the business’s stock in a transaction dated Tuesday, October 27th. The shares were sold at an average price of $430.87, for a total value of $3,590,870.58. Following the completion of the sale, the chief operating officer directly owned 8,209 shares of the company’s stock, valued at $3,537,011.83. The trade was a 50.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.40% of the stock is owned by insiders.

Top Reliance Stories

Here are a few of the latest stories about RS:

• Positive Sentiment: Barclays upgraded Reliance from “equal weight” to “overweight” and raised its price target to $507 from $445, implying 17% upside from the cited $433.49 price. Tickerreport coverage
• Positive Sentiment: A Zacks article names Reliance among momentum-stock picks, alongside Arrow Electronics and PBF Energy, citing momentum after recent pullbacks. Zacks article
• Neutral Sentiment: A Yahoo Finance article asks whether Reliance can repeat its performance over the past five years; the headline provides historical-performance context but no specific new company catalyst. Yahoo Finance article

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on RS. BMO Capital Markets lifted their price objective on Reliance from $390.00 to $415.00 and gave the company a “market perform” rating in a research report on Monday, July 27th. Wells Fargo & Company increased their price target on Reliance from $391.00 to $420.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 22nd. Barclays upgraded Reliance from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $445.00 to $507.00 in a research report on Thursday. JPMorgan Chase & Co. upped their price target on Reliance from $400.00 to $420.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 28th. Finally, Weiss Ratings lowered shares of Reliance from a “buy (b)” rating to a “hold (c)” rating in a research report on Wednesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $415.50.

Reliance Stock Performance

NYSE:RS opened at $433.49 on Friday. The firm has a market capitalization of $22.08 billion, a PE ratio of 20.21, a PEG ratio of 0.85 and a beta of 0.95. The stock’s fifty day moving average is $407.93 and its 200 day moving average is $373.04. Reliance, Inc. has a fifty-two week low of $263.12 and a fifty-two week high of $454.93. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.22 and a current ratio of 4.12.

Reliance (NYSE:RS) last announced its earnings results on Wednesday, October 21st. The industrial products company reported $8.02 earnings per share for the quarter, beating the consensus estimate of $6.83 by $1.19. Reliance had a net margin of 6.38% and a return on equity of 15.31%. The business had revenue of $5.21 billion for the quarter, compared to the consensus estimate of $4.74 billion. During the same quarter in the prior year, the firm posted $3.64 earnings per share. The business’s revenue for the quarter was up 42.8% on a year-over-year basis. On average, sell-side analysts anticipate that Reliance, Inc. will post 26.54 earnings per share for the current year.

Reliance Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 4th. Stockholders of record on Friday, November 20th will be issued a $1.25 dividend. The ex-dividend date is Friday, November 20th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.2%. Reliance’s dividend payout ratio is presently 23.31%.

About Reliance

Reliance, Inc. is a metal service center company that distributes metals and provides processing services to customers across a range of industries. Its products include carbon steel, stainless steel, aluminum, alloy steel, brass, copper and other metals. The company processes materials to customer specifications through services such as cutting, sawing, slitting, machining, forming and laser, plasma or waterjet cutting. These services help customers prepare metal for use in manufacturing, construction, transportation, energy and other applications.