Edge Capital Group LLC Acquires Shares of 174,473 Reliance, Inc. (NYSE:RS)

Edge Capital Group LLC purchased a new stake in Reliance, Inc. (NYSE:RS - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 174,473 shares of the industrial products company's stock, valued at approximately $46,979,000. Reliance makes up approximately 2.5% of Edge Capital Group LLC's holdings, making the stock its 8th largest position. Edge Capital Group LLC owned approximately 0.32% of Reliance as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of RS. Quent Capital LLC raised its stake in Reliance by 4.1% during the 4th quarter. Quent Capital LLC now owns 941 shares of the industrial products company's stock valued at $253,000 after purchasing an additional 37 shares during the period. Harbor Capital Advisors Inc. raised 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 purchasing an additional 49 shares during the period. Janney Montgomery Scott LLC raised its stake in Reliance by 0.3% during 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 raised its stake in Reliance by 2.3% during the 4th quarter. CIBC Asset Management Inc now owns 2,694 shares of the industrial products company's stock valued at $725,000 after purchasing an additional 60 shares during the period. Finally, Covestor Ltd raised its stake 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 purchasing an additional 69 shares during the period. Institutional investors own 79.26% of the company's stock.

Insider Activity

In other news, CEO Karla R. Lewis sold 31,136 shares of the company's stock in a transaction dated Monday, February 24th. The shares were 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. This represents a 25.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.69% of the stock is owned by company insiders.

Reliance Stock Up 0.3 %

NYSE:RS traded up $0.74 during trading hours on Thursday, reaching $295.03. The company's stock had a trading volume of 277,014 shares, compared to its average volume of 430,898. The company has a market cap of $15.97 billion, a price-to-earnings ratio of 19.11 and a beta of 0.90. Reliance, Inc. has a one year low of $256.98 and a one year high of $342.20. The business's 50-day moving average is $283.62 and its 200-day moving average is $289.62. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.21 and a quick ratio of 1.58.

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 firm had revenue of $3.13 billion for the quarter, compared to the consensus estimate of $3.04 billion. Equities research analysts predict that Reliance, Inc. will post 16.98 EPS for the current 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 dividend on an annualized basis and a yield of 1.63%. 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 is 31.09%.

Wall Street Analyst Weigh In

RS has been the topic of several research analyst reports. Wolfe Research upgraded shares of Reliance from an "underperform" rating to a "peer perform" rating in a report on Wednesday, January 8th. The Goldman Sachs Group initiated coverage on shares of Reliance in a report on Monday, December 2nd. They set a "neutral" rating and a $341.00 price target on the stock. Finally, KeyCorp boosted their price target on shares of Reliance from $321.00 to $327.00 and gave the company an "overweight" rating in a report on Monday. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $329.17.

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.