Dana Investment Advisors Inc. Cuts Stake in Reliance, Inc. (NYSE:RS)

Dana Investment Advisors Inc. reduced its stake in shares of Reliance, Inc. (NYSE:RS - Free Report) by 11.3% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 12,833 shares of the industrial products company's stock after selling 1,635 shares during the period. Dana Investment Advisors Inc.'s holdings in Reliance were worth $3,455,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Quent Capital LLC raised 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 in the last quarter. Harbor Capital Advisors Inc. increased its holdings in shares of Reliance by 0.6% in the fourth quarter. Harbor Capital Advisors Inc. now owns 7,715 shares of the industrial products company's stock worth $2,077,000 after buying an additional 49 shares during the period. Janney Montgomery Scott LLC grew its stake in shares of Reliance by 0.3% in the third quarter. Janney Montgomery Scott LLC now owns 19,578 shares of the industrial products company's stock worth $5,662,000 after purchasing an additional 58 shares during the last quarter. CIBC Asset Management Inc grew its stake 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 during the last quarter. Finally, Covestor Ltd boosted its position in Reliance by 17.6% during the 3rd quarter. Covestor Ltd now owns 462 shares of the industrial products company's stock valued at $133,000 after acquiring an additional 69 shares in the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.

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Analyst Ratings Changes

Several analysts have weighed in on the company. KeyCorp lifted their price objective on Reliance from $321.00 to $327.00 and gave the company an "overweight" rating in a research report on Monday, February 24th. The Goldman Sachs Group assumed coverage on shares of Reliance in a research note on Monday, December 2nd. They set a "neutral" rating and a $341.00 target price for the company. Finally, Wolfe Research raised shares of Reliance from an "underperform" rating to a "peer perform" rating in a research report on Wednesday, January 8th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $329.17.

Reliance Trading Up 1.9 %

NYSE:RS traded up $5.39 on Friday, hitting $288.72. The stock had a trading volume of 379,892 shares, compared to its average volume of 432,554. The company has a quick ratio of 1.58, a current ratio of 3.21 and a debt-to-equity ratio of 0.10. The stock has a market cap of $15.29 billion, a price-to-earnings ratio of 18.70 and a beta of 0.87. The company has a fifty day moving average price of $285.62 and a two-hundred day moving average price of $289.94. 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 released 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 net margin of 6.33% and a return on equity of 11.87%. The company had revenue of $3.13 billion during the quarter, compared to analysts' expectations of $3.04 billion. Equities research analysts expect that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be issued a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 1.66%. The ex-dividend date of this dividend is Friday, March 7th. This is a boost from Reliance's previous quarterly dividend of $1.10. Reliance's payout ratio is 31.09%.

Insiders Place Their Bets

In other news, CEO Karla R. Lewis sold 31,136 shares of the company's stock in a transaction on 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 transaction, the chief executive officer now owns 90,230 shares in the company, valued at approximately $27,115,919.60. This represents a 25.65 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.69% of the stock is currently owned by company insiders.

Reliance Company 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.