Allstate Corp Makes New Investment in Reliance, Inc. (NYSE:RS)

Allstate Corp acquired a new position in Reliance, Inc. (NYSE:RS - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,676 shares of the industrial products company's stock, valued at approximately $451,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Proficio Capital Partners LLC acquired a new position in shares of Reliance during the 4th quarter worth $7,352,000. Toronto Dominion Bank boosted its holdings in Reliance by 26.7% during the third quarter. Toronto Dominion Bank now owns 8,198 shares of the industrial products company's stock worth $2,371,000 after buying an additional 1,729 shares in the last quarter. Pure Financial Advisors LLC grew its position in Reliance by 232.9% during the fourth quarter. Pure Financial Advisors LLC now owns 9,281 shares of the industrial products company's stock worth $2,499,000 after buying an additional 6,493 shares during the period. World Investment Advisors LLC acquired a new stake in shares of Reliance during the 3rd quarter valued at approximately $4,600,000. Finally, Nordea Investment Management AB boosted its stake in shares of Reliance by 11.0% during the 4th quarter. Nordea Investment Management AB now owns 4,951 shares of the industrial products company's stock worth $1,332,000 after acquiring an additional 489 shares in the last quarter. Institutional investors and hedge funds own 79.26% of the company's stock.

Insider Buying and Selling

In related news, CEO Karla R. Lewis sold 31,136 shares of the stock in a transaction dated 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 directly owns 90,230 shares in the company, valued at approximately $27,115,919.60. This represents a 25.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.69% of the stock is owned by company insiders.

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Reliance Price Performance

RS stock traded down $18.24 on Thursday, reaching $275.66. The company had a trading volume of 409,213 shares, compared to its average volume of 390,392. The company's fifty day moving average is $288.88 and its 200 day moving average is $290.74. The company has a market cap of $14.60 billion, a P/E ratio of 17.85 and a beta of 0.87. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 3.21. Reliance, Inc. has a 1 year low of $256.98 and a 1 year high of $342.20.

Reliance (NYSE:RS - Get Free Report) last posted its quarterly earnings data 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). The company had revenue of $3.13 billion for the quarter, compared to analysts' expectations of $3.04 billion. Reliance had a return on equity of 11.87% and a net margin of 6.33%. On average, research analysts forecast that Reliance, Inc. will post 16.98 earnings per share for the current year.

Reliance Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were paid a dividend of $1.20 per share. This is an increase from Reliance's previous quarterly dividend of $1.10. The ex-dividend date was Friday, March 7th. This represents a $4.80 annualized dividend and a dividend yield of 1.74%. Reliance's dividend payout ratio is presently 31.09%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on RS. Wolfe Research raised Reliance from an "underperform" rating to a "peer perform" rating in a research note on Wednesday, January 8th. KeyCorp raised their price target on Reliance from $321.00 to $327.00 and gave the company an "overweight" rating in a research report on Monday, February 24th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $329.17.

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.