Federated Hermes Inc. Sells 1,056 Shares of Reliance, Inc. (NYSE:RS)

Federated Hermes Inc. decreased its holdings in shares of Reliance, Inc. (NYSE:RS - Free Report) by 6.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 16,440 shares of the industrial products company's stock after selling 1,056 shares during the period. Federated Hermes Inc.'s holdings in Reliance were worth $4,427,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of RS. Envestnet Asset Management Inc. grew its position in Reliance by 22.4% during the fourth quarter. Envestnet Asset Management Inc. now owns 73,902 shares of the industrial products company's stock valued at $19,899,000 after acquiring an additional 13,506 shares during the last quarter. Resona Asset Management Co. Ltd. bought a new stake in Reliance during the 4th quarter valued at approximately $4,472,000. Wells Fargo & Company MN grew its stake in Reliance by 18.3% in the fourth quarter. Wells Fargo & Company MN now owns 70,186 shares of the industrial products company's stock worth $18,898,000 after purchasing an additional 10,841 shares during the period. Landscape Capital Management L.L.C. grew its position in shares of Reliance by 226.6% in the 4th quarter. Landscape Capital Management L.L.C. now owns 4,279 shares of the industrial products company's stock worth $1,152,000 after buying an additional 2,969 shares during the period. Finally, Bryce Point Capital LLC bought a new position in shares of Reliance during the fourth quarter valued at approximately $1,412,000. Hedge funds and other institutional investors own 79.26% of the company's stock.

Reliance Price Performance

Shares of RS stock traded down $1.48 on Tuesday, hitting $276.85. 163,647 shares of the stock traded hands, compared to its average volume of 399,882. 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 firm has a 50 day simple moving average of $285.52 and a two-hundred day simple moving average of $289.89. The firm has a market cap of $14.64 billion, a price-to-earnings ratio of 17.93 and a beta of 0.83. Reliance, Inc. has a 52 week low of $250.07 and a 52 week high of $326.87.

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

Reliance Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were given a dividend of $1.20 per share. This is an increase from Reliance's previous quarterly dividend of $1.10. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date of this dividend was Friday, March 7th. Reliance's dividend payout ratio is currently 31.09%.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. KeyCorp lifted their target price on shares of Reliance from $321.00 to $327.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. Wolfe Research raised Reliance from an "underperform" rating to a "peer perform" rating in a research report on Wednesday, January 8th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $319.00.

Insiders Place Their Bets

In other news, CEO Karla R. Lewis sold 31,136 shares of the 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 sale, 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 legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.69% of the company's stock.

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.