First Trust Advisors LP Raises Holdings in Reliance, Inc. (NYSE:RS)

First Trust Advisors LP raised its position in shares of Reliance, Inc. (NYSE:RS - Free Report) by 15.5% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,382,916 shares of the industrial products company's stock after buying an additional 185,873 shares during the period. First Trust Advisors LP owned about 2.56% of Reliance worth $372,364,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Versant Capital Management Inc raised its position in shares of Reliance by 157.8% in the 4th quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company's stock worth $58,000 after acquiring an additional 131 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in Reliance by 1,216.0% in the fourth quarter. Jones Financial Companies Lllp now owns 329 shares of the industrial products company's stock worth $89,000 after purchasing an additional 304 shares in the last quarter. Providence First Trust Co purchased a new position in Reliance during the fourth quarter valued at $90,000. UMB Bank n.a. boosted its holdings in shares of Reliance by 41.8% during the 4th quarter. UMB Bank n.a. now owns 353 shares of the industrial products company's stock valued at $95,000 after buying an additional 104 shares in the last quarter. Finally, Abound Wealth Management grew its position in shares of Reliance by 35,700.0% in the 4th quarter. Abound Wealth Management now owns 358 shares of the industrial products company's stock worth $96,000 after buying an additional 357 shares during the period. Hedge funds and other institutional investors own 79.26% of the company's stock.

Reliance Stock Performance

Shares of Reliance stock traded up $3.09 during trading on Wednesday, hitting $283.18. 344,989 shares of the company's stock traded hands, compared to its average volume of 402,058. Reliance, Inc. has a 1 year low of $250.07 and a 1 year high of $326.87. The business has a 50-day simple moving average of $284.27 and a 200-day simple moving average of $289.57. 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 stock has a market capitalization of $14.98 billion, a P/E ratio of 18.34 and a beta of 0.83.

Reliance (NYSE:RS - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The industrial products company reported $3.77 EPS for the quarter, topping analysts' consensus estimates of $3.61 by $0.16. Reliance had a net margin of 6.33% and a return on equity of 11.87%. As a group, analysts forecast that Reliance, Inc. will post 16.98 EPS for the current year.

Reliance Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were issued a dividend of $1.20 per share. This is a positive change from Reliance's previous quarterly dividend of $1.10. This represents a $4.80 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date of this dividend was Friday, March 7th. Reliance's dividend payout ratio (DPR) is 31.09%.

Insider Activity at Reliance

In related news, CEO Karla R. Lewis sold 31,136 shares of Reliance 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 directly owns 90,230 shares of the company's stock, valued at approximately $27,115,919.60. The trade was a 25.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.35% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Wolfe Research raised shares of Reliance from an "underperform" rating to a "peer perform" rating in a research note on Wednesday, January 8th. KeyCorp lifted their price objective on Reliance from $321.00 to $327.00 and gave the company an "overweight" rating in a research note on Monday, February 24th. Four 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 stock has an average rating of "Hold" and an average target price of $319.00.

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.