Envestnet Asset Management Inc. Grows Stock Holdings in Reliance, Inc. (NYSE:RS)

Envestnet Asset Management Inc. increased its position in shares of Reliance, Inc. (NYSE:RS - Free Report) by 22.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 73,902 shares of the industrial products company's stock after purchasing an additional 13,506 shares during the period. Envestnet Asset Management Inc. owned 0.14% of Reliance worth $19,899,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Pacer Advisors Inc. raised its holdings in Reliance by 6,311.2% during the fourth quarter. Pacer Advisors Inc. now owns 816,465 shares of the industrial products company's stock valued at $219,841,000 after acquiring an additional 803,730 shares during the period. Norges Bank purchased a new stake in shares of Reliance during the fourth quarter worth about $186,255,000. American Century Companies Inc. raised its stake in Reliance by 1,127.9% during the 4th quarter. American Century Companies Inc. now owns 426,986 shares of the industrial products company's stock valued at $114,971,000 after purchasing an additional 392,213 shares during the period. Principal Financial Group Inc. boosted its stake in Reliance by 53.5% in the 4th quarter. Principal Financial Group Inc. now owns 725,685 shares of the industrial products company's stock worth $195,402,000 after purchasing an additional 252,955 shares during the period. Finally, Edge Capital Group LLC bought a new position in Reliance in the 4th quarter worth approximately $46,979,000. Hedge funds and other institutional investors own 79.26% of the company's stock.

Analyst Ratings Changes

RS has been the topic of several research analyst reports. Wolfe Research raised shares of Reliance from an "underperform" rating to a "peer perform" rating in a report on Wednesday, January 8th. KeyCorp boosted their price target on shares of Reliance from $321.00 to $327.00 and gave the stock 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 issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $319.00.

Reliance Price Performance

RS stock traded up $1.77 during trading on Friday, hitting $276.97. 272,553 shares of the company's stock traded hands, compared to its average volume of 402,392. The business has a fifty day simple moving average of $284.80 and a 200 day simple moving average of $289.64. Reliance, Inc. has a 52 week low of $250.07 and a 52 week 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. The stock has a market capitalization of $14.65 billion, a price-to-earnings ratio of 17.94 and a beta of 0.83.

Reliance (NYSE:RS - Get Free Report) last issued its quarterly earnings data on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share for the quarter, missing the consensus estimate of $2.74 by ($0.52). The company had revenue of $3.13 billion for the quarter, compared to the consensus estimate of $3.04 billion. Reliance had a return on equity of 11.87% and a net margin of 6.33%. As a group, research analysts expect that Reliance, Inc. will post 16.98 EPS for the current fiscal year.

Reliance Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 1.73%. This is a positive change from Reliance's previous quarterly dividend of $1.10. The ex-dividend date was Friday, March 7th. Reliance's payout ratio is presently 31.09%.

Insider Buying and Selling at Reliance

In other 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 value of $9,356,990.72. Following the sale, the chief executive officer now directly owns 90,230 shares in the company, 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 SEC, which can be accessed through the SEC website. Company insiders own 0.35% of the company's stock.

About Reliance

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.