Reliance, Inc. (NYSE:RS) Shares Sold by Advisors Asset Management Inc.

Advisors Asset Management Inc. lessened its holdings in shares of Reliance, Inc. (NYSE:RS - Free Report) by 9.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 16,017 shares of the industrial products company's stock after selling 1,576 shares during the quarter. Advisors Asset Management Inc.'s holdings in Reliance were worth $4,313,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the business. Oppenheimer & Co. Inc. raised its holdings in shares of Reliance by 10.8% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 872 shares of the industrial products company's stock valued at $252,000 after buying an additional 85 shares during the period. CIBC Asset Management Inc boosted its position in Reliance by 2.4% in the 3rd quarter. CIBC Asset Management Inc now owns 2,634 shares of the industrial products company's stock valued at $762,000 after buying an additional 62 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Reliance during the third quarter valued at about $634,000. Commerce Bank grew its stake in shares of Reliance by 3.6% during the third quarter. Commerce Bank now owns 3,746 shares of the industrial products company's stock valued at $1,083,000 after acquiring an additional 131 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Reliance during the third quarter worth about $4,186,000. Hedge funds and other institutional investors own 79.26% of the company's stock.

Reliance Stock Performance

Shares of NYSE:RS traded up $5.91 on Tuesday, reaching $293.30. 420,929 shares of the company's stock were exchanged, compared to its average volume of 369,592. The business's 50-day moving average is $288.33 and its two-hundred day moving average is $290.08. 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 fifty-two week low of $256.98 and a fifty-two week high of $342.20. The firm has a market capitalization of $15.54 billion, a price-to-earnings ratio of 19.00 and a beta of 0.87.

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Reliance (NYSE:RS - Get Free Report) last released its quarterly earnings data on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $3.04 billion. As a group, equities research analysts forecast that Reliance, Inc. will post 16.98 EPS 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 given a dividend of $1.20 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $4.80 dividend on an annualized basis and a yield of 1.64%. This is a positive change from Reliance's previous quarterly dividend of $1.10. Reliance's payout ratio is currently 31.09%.

Analysts Set New Price Targets

RS has been the subject of a number of recent analyst reports. KeyCorp raised their price target 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. Wolfe Research raised shares of Reliance from an "underperform" rating to a "peer perform" rating in a report on Wednesday, January 8th. Finally, The Goldman Sachs Group began coverage on shares of Reliance in a research note on Monday, December 2nd. They issued a "neutral" rating and a $341.00 target price on the stock. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $329.17.

Insider Buying and Selling

In other Reliance news, CEO Karla R. Lewis sold 31,136 shares of the company's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $300.52, for a total value of $9,356,990.72. Following the completion of the transaction, the chief executive officer now owns 90,230 shares in the company, valued at approximately $27,115,919.60. This represents a 25.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.69% of the stock is owned by company insiders.

About Reliance

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.