Farringdon Capital Ltd. Buys Shares of 1,063 Reliance, Inc. (NYSE:RS)

Farringdon Capital Ltd. purchased a new position in shares of Reliance, Inc. (NYSE:RS - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,063 shares of the industrial products company's stock, valued at approximately $286,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in RS. NewEdge Advisors LLC boosted its position in shares of Reliance by 142.6% during the 4th quarter. NewEdge Advisors LLC now owns 1,548 shares of the industrial products company's stock worth $417,000 after purchasing an additional 910 shares during the period. Evergreen Capital Management LLC boosted its position in Reliance by 19.2% in the 4th quarter. Evergreen Capital Management LLC now owns 1,897 shares of the industrial products company's stock valued at $511,000 after buying an additional 305 shares during the period. Ontario Teachers Pension Plan Board boosted its position in Reliance by 46.8% in the 4th quarter. Ontario Teachers Pension Plan Board now owns 8,543 shares of the industrial products company's stock valued at $2,300,000 after buying an additional 2,724 shares during the period. Aware Super Pty Ltd as trustee of Aware Super purchased a new position in Reliance in the 4th quarter valued at approximately $10,560,000. Finally, XTX Topco Ltd boosted its position in Reliance by 2.5% in the 4th quarter. XTX Topco Ltd now owns 6,008 shares of the industrial products company's stock valued at $1,618,000 after buying an additional 148 shares during the period. Institutional investors and hedge funds own 79.26% of the company's stock.

Insiders Place Their Bets

In other Reliance news, CEO Karla R. Lewis sold 31,136 shares of Reliance stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $300.52, for a total transaction of $9,356,990.72. Following the transaction, the chief executive officer now owns 90,230 shares of the company's stock, valued at $27,115,919.60. The trade was a 25.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.35% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have commented on RS shares. Wolfe Research raised shares of Reliance from an "underperform" rating to a "peer perform" rating in a research report on Wednesday, January 8th. KeyCorp lifted their price objective on shares of Reliance from $321.00 to $327.00 and gave the stock an "overweight" rating in a research report on Monday, February 24th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $319.00.

Reliance Stock Performance

RS traded up $2.47 on Thursday, reaching $285.58. The company had a trading volume of 142,416 shares, compared to its average volume of 446,781. The company has a quick ratio of 1.58, a current ratio of 3.21 and a debt-to-equity ratio of 0.10. Reliance, Inc. has a 1 year low of $250.07 and a 1 year high of $326.87. The stock has a market capitalization of $15.10 billion, a PE ratio of 18.50 and a beta of 0.83. The stock has a 50-day moving average price of $283.98 and a 200-day moving average price of $289.53.

Reliance (NYSE:RS - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The industrial products company reported $3.77 earnings per share for the quarter, beating the consensus estimate of $3.66 by $0.11. The business had revenue of $3.48 billion during the quarter, compared to the consensus estimate of $3.44 billion. Reliance had a return on equity of 11.87% and a net margin of 6.33%. As a group, research analysts forecast that Reliance, Inc. will post 16.98 EPS for the current fiscal year.

Reliance Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were given a dividend of $1.20 per share. This is a positive change from Reliance's previous quarterly dividend of $1.10. The ex-dividend date of this dividend was Friday, March 7th. This represents a $4.80 annualized dividend and a yield of 1.68%. Reliance's payout ratio is 31.09%.

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.