ExodusPoint Capital Management LP Sells 36,201 Shares of Reliance, Inc. (NYSE:RS)

ExodusPoint Capital Management LP decreased its stake in Reliance, Inc. (NYSE:RS - Free Report) by 55.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 28,547 shares of the industrial products company's stock after selling 36,201 shares during the period. ExodusPoint Capital Management LP owned 0.05% of Reliance worth $7,687,000 as of its most recent filing with the Securities and Exchange Commission.

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

Insider Buying and Selling

In other Reliance news, CEO Karla R. Lewis sold 31,136 shares of the company's 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 completion of the transaction, the chief executive officer now owns 90,230 shares of the company's stock, valued at $27,115,919.60. This represents a 25.65 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.69% of the stock is owned by corporate insiders.

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Wall Street Analysts Forecast Growth

RS has been the subject of several research reports. KeyCorp increased their price objective on Reliance from $321.00 to $327.00 and gave the company an "overweight" rating in a report on Monday, February 24th. Wolfe Research upgraded 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's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $329.17.

Reliance Price Performance

NYSE RS traded down $6.21 during trading hours on Thursday, reaching $274.07. 193,346 shares of the stock traded hands, compared to its average volume of 396,832. The stock has a 50 day simple moving average of $286.07 and a two-hundred day simple moving average of $290.20. Reliance, Inc. has a 1 year low of $250.07 and a 1 year high of $334.77. 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 market cap of $14.52 billion, a price-to-earnings ratio of 17.74 and a beta of 0.83.

Reliance (NYSE:RS - Get Free Report) last announced its quarterly earnings data on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share 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 business had revenue of $3.13 billion during the quarter, compared to the consensus estimate of $3.04 billion. On average, analysts predict 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 was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.75%. The ex-dividend date was Friday, March 7th. This is a positive change from Reliance's previous quarterly dividend of $1.10. Reliance's payout ratio is 31.09%.

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.