Burney Co. Sells 23,783 Shares of Reliance, Inc. (NYSE:RS)

Burney Co. trimmed its holdings in shares of Reliance, Inc. (NYSE:RS - Free Report) by 34.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 45,047 shares of the industrial products company's stock after selling 23,783 shares during the period. Burney Co. owned about 0.08% of Reliance worth $12,129,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Hsbc Holdings PLC lifted its holdings in shares of Reliance by 78.5% in the second quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company's stock valued at $82,816,000 after purchasing an additional 127,422 shares in the last quarter. International Assets Investment Management LLC boosted its position in Reliance by 27,269.0% during the 3rd quarter. International Assets Investment Management LLC now owns 112,213 shares of the industrial products company's stock worth $32,453,000 after acquiring an additional 111,803 shares during the period. Principal Financial Group Inc. grew its stake in Reliance by 19.7% during the 3rd quarter. Principal Financial Group Inc. now owns 472,730 shares of the industrial products company's stock valued at $136,718,000 after acquiring an additional 77,937 shares in the last quarter. KBC Group NV grew its stake in Reliance by 68.8% during the 3rd quarter. KBC Group NV now owns 139,660 shares of the industrial products company's stock valued at $40,391,000 after acquiring an additional 56,933 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Reliance by 4.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,168,880 shares of the industrial products company's stock valued at $333,809,000 after purchasing an additional 53,747 shares during the period. Institutional investors and hedge funds own 79.26% of the company's stock.

Insider Buying and Selling

In related news, CFO Arthur Ajemyan sold 6,332 shares of the company's stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $318.18, for a total transaction of $2,014,715.76. Following the completion of the transaction, the chief financial officer now directly owns 9,245 shares in the company, valued at $2,941,574.10. This represents a 40.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Mark V. Kaminski sold 5,000 shares of the firm's stock in a transaction on Monday, October 28th. The stock was sold at an average price of $298.01, for a total transaction of $1,490,050.00. The disclosure for this sale can be found here. Insiders have sold 21,724 shares of company stock worth $6,856,500 in the last quarter. 0.69% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Wolfe Research raised shares of Reliance from an "underperform" rating to a "peer perform" rating in a research report on Wednesday, January 8th. BMO Capital Markets lowered their price target on shares of Reliance from $340.00 to $330.00 and set an "outperform" rating on the stock in a report on Friday, October 25th. The Goldman Sachs Group started coverage on Reliance in a report on Monday, December 2nd. They set a "neutral" rating and a $341.00 price objective for the company. Finally, KeyCorp lowered their target price on Reliance from $335.00 to $325.00 and set an "overweight" rating on the stock in a research note on Monday, October 14th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $328.83.

Reliance Stock Up 1.8 %

Shares of RS stock traded up $4.91 on Wednesday, hitting $282.67. The company's stock had a trading volume of 329,333 shares, compared to its average volume of 457,173. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. The stock has a market capitalization of $15.30 billion, a price-to-earnings ratio of 15.52 and a beta of 0.91. Reliance, Inc. has a fifty-two week low of $256.98 and a fifty-two week high of $342.20. The firm's fifty day moving average price is $295.17 and its 200-day moving average price is $289.97.

Reliance (NYSE:RS - Get Free Report) last announced its earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.66 by ($0.02). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The company had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.38 billion. During the same period in the previous year, the company earned $5.00 EPS. The firm's revenue for the quarter was down 5.6% compared to the same quarter last year. Research analysts anticipate that Reliance, Inc. will post 16.42 EPS for the current year.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were issued a $1.10 dividend. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $4.40 annualized dividend and a yield of 1.56%. Reliance's dividend payout ratio (DPR) is presently 24.16%.

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.