Reliance, Inc. (NYSE:RS) Stake Lowered by Fisher Asset Management LLC

Fisher Asset Management LLC cut its holdings in Reliance, Inc. (NYSE:RS - Free Report) by 53.2% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 3,051 shares of the industrial products company's stock after selling 3,467 shares during the period. Fisher Asset Management LLC's holdings in Reliance were worth $822,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the business. Quarry LP purchased a new stake in Reliance in the third quarter valued at approximately $41,000. Versant Capital Management Inc boosted its holdings 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 valued at $58,000 after purchasing an additional 131 shares during the last quarter. Brooklyn Investment Group purchased a new stake in shares of Reliance during the 3rd quarter valued at $78,000. UMB Bank n.a. increased 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 worth $95,000 after buying an additional 104 shares during the last quarter. Finally, Abound Wealth Management increased its holdings in shares of Reliance by 35,700.0% during 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 last quarter. Hedge funds and other institutional investors own 79.26% of the company's stock.

Reliance Stock Up 1.9 %

Reliance stock traded up $5.39 during midday trading on Friday, hitting $288.72. 379,892 shares of the company were exchanged, compared to its average volume of 432,554. 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, Inc. has a fifty-two week low of $256.98 and a fifty-two week high of $342.20. The company's fifty day moving average price is $285.62 and its 200-day moving average price is $289.94. The company has a market cap of $15.29 billion, a PE ratio of 18.70 and a beta of 0.87.

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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 the consensus estimate of $2.74 by ($0.52). The firm had revenue of $3.13 billion for the quarter, compared to analysts' expectations of $3.04 billion. Reliance had a return on equity of 11.87% and a net margin of 6.33%. On average, research analysts predict that Reliance, Inc. will post 16.98 EPS for the current fiscal year.

Reliance Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be given a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.66%. This is a positive change from Reliance's previous quarterly dividend of $1.10. The ex-dividend date is Friday, March 7th. Reliance's dividend payout ratio is presently 31.09%.

Insider Activity

In other Reliance 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 transaction of $9,356,990.72. Following the transaction, the chief executive officer now owns 90,230 shares of the company's stock, valued at $27,115,919.60. This trade represents a 25.65 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.69% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on RS. KeyCorp lifted their target price on Reliance from $321.00 to $327.00 and gave the company an "overweight" rating in a report on Monday, February 24th. The Goldman Sachs Group initiated coverage on Reliance in a research note on Monday, December 2nd. They issued a "neutral" rating and a $341.00 price objective on the stock. Finally, Wolfe Research upgraded Reliance from an "underperform" rating to a "peer perform" rating in a report on Wednesday, January 8th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $329.17.

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.