CANADA LIFE ASSURANCE Co cut its stake in shares of Reliance, Inc. (NYSE:RS - Free Report) by 17.1% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 97,032 shares of the industrial products company's stock after selling 20,036 shares during the period. CANADA LIFE ASSURANCE Co owned about 0.18% of Reliance worth $26,143,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in the stock. Barclays PLC increased its holdings in Reliance by 10.7% in the third quarter. Barclays PLC now owns 76,131 shares of the industrial products company's stock worth $22,017,000 after buying an additional 7,373 shares during the last quarter. World Investment Advisors LLC acquired a new stake in shares of Reliance in the third quarter valued at about $4,600,000. Tidal Investments LLC boosted its stake in Reliance by 10.3% during the 3rd quarter. Tidal Investments LLC now owns 7,396 shares of the industrial products company's stock valued at $2,139,000 after purchasing an additional 691 shares during the period. Franklin Resources Inc. grew its holdings in Reliance by 4.5% in the 3rd quarter. Franklin Resources Inc. now owns 112,065 shares of the industrial products company's stock valued at $32,909,000 after buying an additional 4,821 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position 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 acquiring an additional 77,937 shares during the period. 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 that occurred on 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 sale, the chief executive officer now directly owns 90,230 shares in the company, valued at $27,115,919.60. This represents a 25.65 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.35% of the stock is currently owned by corporate insiders.
Analyst Upgrades and Downgrades
Several research firms recently commented on RS. 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 target price on shares of Reliance from $321.00 to $327.00 and gave the company an "overweight" rating in a research note on Monday, February 24th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $319.00.
Check Out Our Latest Research Report on RS
Reliance Price Performance
Shares of NYSE:RS traded up $1.92 during midday trading on Thursday, reaching $285.03. 367,206 shares of the company's stock were exchanged, compared to its average volume of 402,591. The firm has a market capitalization of $15.07 billion, a PE ratio of 18.46 and a beta of 0.83. The company's 50 day simple moving average is $283.98 and its two-hundred day simple moving average is $289.53. Reliance, Inc. has a 12 month low of $250.07 and a 12 month high of $326.87. 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 (NYSE:RS - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The industrial products company reported $3.77 earnings per share for the quarter, beating the consensus estimate of $3.66 by $0.11. The company had revenue of $3.48 billion for the quarter, compared to analyst estimates of $3.44 billion. Reliance had a return on equity of 11.87% and a net margin of 6.33%. Equities research analysts expect that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.
Reliance Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 23rd will be issued a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 1.68%. The ex-dividend date of this dividend is Friday, May 23rd. Reliance's payout ratio is 31.09%.
About Reliance
(
Free Report)
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.
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