Cooper Creek Partners Management LLC Buys Shares of 55,873 Reliance, Inc. (NYSE:RS)

Cooper Creek Partners Management LLC acquired a new position in shares of Reliance, Inc. (NYSE:RS - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 55,873 shares of the industrial products company's stock, valued at approximately $15,044,000. Cooper Creek Partners Management LLC owned approximately 0.10% of Reliance as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of RS. Versant Capital Management Inc grew its position in Reliance by 157.8% during the 4th quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company's stock worth $58,000 after purchasing an additional 131 shares in the last quarter. Jones Financial Companies Lllp raised its position in Reliance by 1,216.0% during the fourth quarter. Jones Financial Companies Lllp now owns 329 shares of the industrial products company's stock valued at $89,000 after buying an additional 304 shares during the period. Providence First Trust Co purchased a new stake in Reliance in the 4th quarter worth about $90,000. UMB Bank n.a. boosted its position in Reliance by 41.8% during the 4th quarter. UMB Bank n.a. now owns 353 shares of the industrial products company's stock worth $95,000 after acquiring an additional 104 shares during the period. Finally, Abound Wealth Management grew its stake in Reliance by 35,700.0% during the 4th quarter. Abound Wealth Management now owns 358 shares of the industrial products company's stock valued at $96,000 after acquiring an additional 357 shares in the last quarter. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

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Reliance Stock Down 0.5 %

RS stock traded down $1.48 during trading hours on Tuesday, hitting $276.85. The company's stock had a trading volume of 163,647 shares, compared to its average volume of 399,883. The stock has a 50 day moving average price of $285.52 and a two-hundred day moving average price of $289.89. Reliance, Inc. has a 12 month low of $250.07 and a 12 month high of $326.87. The company has a market capitalization of $14.64 billion, a PE ratio of 17.93 and a beta of 0.83. 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 (NYSE:RS - Get Free Report) last issued its quarterly earnings data on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.74 by ($0.52). Reliance had a return on equity of 11.87% and a net margin of 6.33%. The business had revenue of $3.13 billion during the quarter, compared to the consensus estimate of $3.04 billion. On average, equities research analysts expect that Reliance, Inc. will post 16.98 earnings per share for the current year.

Reliance Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.73%. This is an increase from Reliance's previous quarterly dividend of $1.10. The ex-dividend date was Friday, March 7th. Reliance's dividend payout ratio (DPR) is presently 31.09%.

Insiders Place Their Bets

In related news, CEO Karla R. Lewis sold 31,136 shares of the company's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $300.52, for a total transaction of $9,356,990.72. Following the completion of the sale, the chief executive officer now directly owns 90,230 shares of the company's stock, valued at approximately $27,115,919.60. This represents a 25.65 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.69% of the company's stock.

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.