Corient Private Wealth LLC lowered its stake in shares of Reliance, Inc. (NYSE:RS - Free Report) by 5.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 356,252 shares of the industrial products company's stock after selling 18,667 shares during the quarter. Corient Private Wealth LLC owned 0.66% of Reliance worth $95,925,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Quarry LP purchased a new stake in shares of Reliance during the 3rd quarter valued at $41,000. Versant Capital Management Inc grew its holdings in shares of Reliance by 157.8% during the 4th quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company's stock valued at $58,000 after purchasing an additional 131 shares during the last quarter. Brooklyn Investment Group bought a new position in shares of Reliance during the 3rd quarter valued at $78,000. Jones Financial Companies Lllp grew its holdings in shares of Reliance by 1,216.0% during the 4th quarter. Jones Financial Companies Lllp now owns 329 shares of the industrial products company's stock valued at $89,000 after purchasing an additional 304 shares during the last quarter. Finally, Providence First Trust Co bought a new position in shares of Reliance during the 4th quarter valued at $90,000. Hedge funds and other institutional investors own 79.26% of the company's stock.
Insider Transactions at Reliance
In other news, CEO Karla R. Lewis sold 31,136 shares of the firm's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $300.52, for a total value of $9,356,990.72. Following the completion of the sale, the chief executive officer now directly owns 90,230 shares of the company's stock, valued at approximately $27,115,919.60. This trade represents a 25.65 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.69% of the company's stock.
Analyst Upgrades and Downgrades
Several research firms recently commented on RS. The Goldman Sachs Group began coverage on shares of Reliance in a report on Monday, December 2nd. They set a "neutral" rating and a $341.00 target price on the stock. Wolfe Research raised shares of Reliance from an "underperform" rating to a "peer perform" rating in a report on Wednesday, January 8th. Finally, KeyCorp increased their target price on shares of Reliance from $321.00 to $327.00 and gave the company an "overweight" rating in a report on Monday, February 24th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $329.17.
View Our Latest Analysis on Reliance
Reliance Trading Down 0.5 %
Reliance stock traded down $1.29 during trading hours on Thursday, reaching $281.77. The stock had a trading volume of 524,181 shares, compared to its average volume of 357,164. The stock has a market cap of $14.93 billion, a PE ratio of 18.25 and a beta of 0.87. Reliance, Inc. has a 52 week low of $256.98 and a 52 week high of $342.20. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.21 and a quick ratio of 1.58. The company has a fifty day simple moving average of $287.60 and a 200-day simple moving average of $289.86.
Reliance (NYSE:RS - Get Free Report) last announced its quarterly earnings results on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.74 by ($0.52). Reliance had a return on equity of 11.87% and a net margin of 6.33%. The firm had revenue of $3.13 billion during the quarter, compared to the consensus estimate of $3.04 billion. Analysts forecast that Reliance, Inc. will post 16.98 EPS for the current fiscal year.
Reliance Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be given a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 1.70%. This is a boost from Reliance's previous quarterly dividend of $1.10. The ex-dividend date of this dividend is Friday, March 7th. Reliance's dividend payout ratio (DPR) is currently 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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