Reliance, Inc. (NYSE:RS) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC decreased its holdings in shares of Reliance, Inc. (NYSE:RS - Free Report) by 95.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,196 shares of the industrial products company's stock after selling 22,491 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Reliance were worth $322,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Pacer Advisors Inc. grew its holdings in shares of Reliance by 6,311.2% in the fourth quarter. Pacer Advisors Inc. now owns 816,465 shares of the industrial products company's stock valued at $219,841,000 after purchasing an additional 803,730 shares during the period. International Assets Investment Management LLC grew its holdings in shares of Reliance by 27,269.0% in the third quarter. International Assets Investment Management LLC now owns 112,213 shares of the industrial products company's stock valued at $32,453,000 after purchasing an additional 111,803 shares during the period. Woodward Diversified Capital LLC purchased a new stake in shares of Reliance in the fourth quarter valued at about $21,015,000. Principal Financial Group Inc. grew its holdings in shares of Reliance by 19.7% in the third quarter. Principal Financial Group Inc. now owns 472,730 shares of the industrial products company's stock valued at $136,718,000 after purchasing an additional 77,937 shares during the period. Finally, KBC Group NV grew its holdings in shares of Reliance by 68.8% in the third quarter. KBC Group NV now owns 139,660 shares of the industrial products company's stock valued at $40,391,000 after purchasing an additional 56,933 shares during the period. Hedge funds and other institutional investors own 79.26% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on RS shares. KeyCorp upped their price objective on shares of Reliance from $321.00 to $327.00 and gave the company an "overweight" rating in a 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 initiated coverage on shares of Reliance in a report on Monday, December 2nd. They issued a "neutral" rating and a $341.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $329.17.

Insider Transactions at Reliance

In other news, CEO Karla R. Lewis sold 31,136 shares of the stock in a transaction dated 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 sale, the chief executive officer now owns 90,230 shares of the company's stock, valued at approximately $27,115,919.60. This represents a 25.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.69% of the company's stock.

Reliance Trading Up 0.8 %

NYSE RS traded up $2.36 during trading hours on Friday, reaching $297.36. The company had a trading volume of 418,884 shares, compared to its average volume of 430,589. The stock has a 50-day moving average of $283.62 and a 200 day moving average of $289.62. Reliance, Inc. has a 1-year low of $256.98 and a 1-year high of $342.20. The company has a current ratio of 3.21, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $16.09 billion, a P/E ratio of 19.26 and a beta of 0.91.

Reliance (NYSE:RS - Get Free Report) last posted its earnings results on Wednesday, February 19th. The industrial products company reported $2.22 EPS for the quarter, missing analysts' consensus estimates of $2.74 by ($0.52). Reliance had a net margin of 6.33% and a return on equity of 11.87%. The company had revenue of $3.13 billion during the quarter, compared to analyst estimates of $3.04 billion. As a group, research analysts anticipate that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend is Friday, March 7th. This is a boost from Reliance's previous quarterly dividend of $1.10. Reliance's dividend payout ratio is currently 31.09%.

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.