Dai ichi Life Insurance Company Ltd Sells 5,351 Shares of Reliance, Inc. (NYSE:RS)

Dai ichi Life Insurance Company Ltd lessened its position in shares of Reliance, Inc. (NYSE:RS) by 30.3% in the 3rd quarter, HoldingsChannel reports. The fund owned 12,316 shares of the industrial products company’s stock after selling 5,351 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Reliance were worth $3,562,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Trust Point Inc. grew its holdings in shares of Reliance by 3.6% during the third quarter. Trust Point Inc. now owns 972 shares of the industrial products company’s stock valued at $281,000 after buying an additional 34 shares during the last quarter. National Bank of Canada FI boosted its position in Reliance by 17.9% in the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after buying an additional 41 shares during the last quarter. Fulton Bank N.A. increased its holdings in Reliance by 3.1% in the 3rd quarter. Fulton Bank N.A. now owns 1,570 shares of the industrial products company’s stock worth $454,000 after buying an additional 47 shares during the period. Consolidated Planning Corp raised its position in Reliance by 7.1% during the 2nd quarter. Consolidated Planning Corp now owns 752 shares of the industrial products company’s stock worth $215,000 after buying an additional 50 shares during the last quarter. Finally, UMB Bank n.a. lifted its stake in Reliance by 27.0% during the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after acquiring an additional 53 shares during the period. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Reliance Price Performance

Shares of NYSE RS opened at $322.10 on Wednesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. The stock has a market capitalization of $17.43 billion, a price-to-earnings ratio of 17.69 and a beta of 0.85. The firm’s 50 day simple moving average is $296.20 and its 200-day simple moving average is $290.96. 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 data on Thursday, October 24th. The industrial products company reported $3.64 earnings per share for the quarter, missing analysts’ consensus estimates 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 during 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% on a year-over-year basis. Analysts expect that Reliance, Inc. will post 16.42 EPS for the current year.

Reliance Announces Dividend

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

Insider Buying and Selling at Reliance

In related news, Director Mark V. Kaminski sold 5,000 shares of the company’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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Arthur Ajemyan sold 6,332 shares of Reliance stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total value of $2,014,715.76. Following the completion of the sale, the chief financial officer now owns 9,245 shares in the company, valued at approximately $2,941,574.10. The trade was a 40.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,832 shares of company stock valued at $5,595,881. Company insiders own 0.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. BMO Capital Markets cut their price objective on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. KeyCorp lowered their price target on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average 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.