Reliance, Inc. $RS Stock: MGO One Seven LLC Increases Position

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

A number of other hedge funds and other institutional investors also recently bought and sold shares of RS. Costello Asset Management INC acquired a new stake in shares of Reliance in the first quarter valued at about $30,000. N.E.W. Advisory Services LLC purchased a new stake in shares of Reliance in the second quarter valued at $37,000. Compass Financial Management LLC purchased a new stake in Reliance during the 2nd quarter worth about $46,000. Osterweis Capital Management Inc. purchased a new position in Reliance in the 2nd quarter valued at about $41,000. Finally, Reyes Financial Architecture Inc. purchased a new position in Reliance in the 3rd quarter valued at about $43,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Stock Down 0.6%

Shares of Reliance stock opened at $441.38 on Thursday. The business has a 50-day moving average of $403.93 and a 200-day moving average of $370.13. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.12 and a quick ratio of 2.22. The company has a market capitalization of $22.48 billion, a PE ratio of 20.58, a P/E/G ratio of 0.93 and a beta of 0.95. Reliance, Inc. has a 1-year low of $263.12 and a 1-year high of $454.93.

Reliance (NYSE:RS) last released its quarterly earnings results on Wednesday, October 21st. The industrial products company reported $8.02 earnings per share for the quarter, topping analysts’ consensus estimates of $6.83 by $1.19. The business had revenue of $5.21 billion during the quarter, compared to the consensus estimate of $4.74 billion. Reliance had a net margin of 6.38% and a return on equity of 15.31%. The business’s quarterly revenue was up 42.8% compared to the same quarter last year. During the same quarter last year, the company earned $3.64 earnings per share. As a group, equities analysts forecast that Reliance, Inc. will post 24.99 EPS for the current fiscal year.

Reliance Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 4th. Investors of record on Friday, November 20th will be paid a dividend of $1.25 per share. 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 23.31%.

Wall Street Analyst Weigh In

RS has been the topic of a number of analyst reports. Wells Fargo & Company raised their target price on shares of Reliance from $391.00 to $420.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 22nd. Barclays raised their price objective on Reliance from $420.00 to $445.00 and gave the stock an “equal weight” rating in a report on Monday, October 26th. Weiss Ratings lowered Reliance from a “buy (b)” rating to a “hold (c)” rating in a research note on Wednesday, October 28th. BMO Capital Markets boosted their target price on Reliance from $390.00 to $415.00 and gave the stock a “market perform” rating in a report on Monday, July 27th. Finally, JPMorgan Chase & Co. boosted their target price on Reliance from $400.00 to $420.00 and gave the stock a “neutral” rating in a report on Wednesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $400.29.

Insider Transactions at Reliance

In related news, COO Stephen Koch sold 8,334 shares of the firm’s stock in a transaction that occurred on Tuesday, October 27th. The stock was sold at an average price of $430.87, for a total value 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 document filed with the SEC, which is accessible through this hyperlink. 0.40% of the stock is owned by corporate insiders.

Reliance Company 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.