Bank of New York Mellon Corp Has $135.55 Million Holdings in Reliance, Inc. (NYSE:RS)

Bank of New York Mellon Corp increased its stake in Reliance, Inc. (NYSE:RS - Free Report) by 5.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 503,400 shares of the industrial products company's stock after purchasing an additional 25,750 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.93% of Reliance worth $135,546,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Quent Capital LLC boosted its position in shares of Reliance by 4.1% in the fourth quarter. Quent Capital LLC now owns 941 shares of the industrial products company's stock worth $253,000 after buying an additional 37 shares during the period. Harbor Capital Advisors Inc. grew its stake in Reliance by 0.6% during the 4th quarter. Harbor Capital Advisors Inc. now owns 7,715 shares of the industrial products company's stock valued at $2,077,000 after acquiring an additional 49 shares in the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of Reliance by 0.3% in the 3rd quarter. Janney Montgomery Scott LLC now owns 19,578 shares of the industrial products company's stock valued at $5,662,000 after purchasing an additional 58 shares during the period. CIBC Asset Management Inc lifted its position in shares of Reliance by 2.3% in the fourth quarter. CIBC Asset Management Inc now owns 2,694 shares of the industrial products company's stock worth $725,000 after purchasing an additional 60 shares in the last quarter. Finally, Covestor Ltd lifted its position in shares of Reliance by 17.6% in the third quarter. Covestor Ltd now owns 462 shares of the industrial products company's stock worth $133,000 after purchasing an additional 69 shares in the last quarter. Institutional investors and hedge funds own 79.26% of the company's stock.

Insider Activity at Reliance

In related news, CEO Karla R. Lewis sold 31,136 shares of the business's 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 completion of the transaction, the chief executive officer now owns 90,230 shares of the company's stock, valued at approximately $27,115,919.60. The trade was a 25.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.69% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on RS shares. Wolfe Research upgraded shares of Reliance from an "underperform" rating to a "peer perform" rating in a research note on Wednesday, January 8th. KeyCorp increased their price objective on Reliance from $321.00 to $327.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. Finally, The Goldman Sachs Group started coverage on 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 assigned a buy rating to the stock. Based on data from MarketBeat, Reliance currently has a consensus rating of "Hold" and a consensus price target of $329.17.

Reliance Stock Down 1.7 %

Reliance stock traded down $5.05 during mid-day trading on Tuesday, hitting $283.97. 282,438 shares of the company's stock were exchanged, compared to its average volume of 426,126. Reliance, Inc. has a 1-year low of $256.98 and a 1-year high of $342.20. The stock has a 50 day moving average of $284.56 and a two-hundred day moving average of $289.90. The stock has a market cap of $15.37 billion, a P/E ratio of 18.40 and a beta of 0.91. The company has a current ratio of 3.21, a quick ratio of 1.58 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 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 for the quarter, compared to analyst estimates of $3.04 billion. As a group, analysts anticipate that Reliance, Inc. will post 16.98 EPS for the current fiscal year.

Reliance Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be issued a dividend of $1.20 per share. This is an increase from Reliance's previous quarterly dividend of $1.10. This represents a $4.80 annualized dividend and a dividend yield of 1.69%. The ex-dividend date is Friday, March 7th. Reliance's dividend payout ratio is currently 31.09%.

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.