Independent Advisor Alliance Takes $369,000 Position in Reliance, Inc. (NYSE:RS)

Independent Advisor Alliance bought a new position in Reliance, Inc. (NYSE:RS - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 1,369 shares of the industrial products company's stock, valued at approximately $369,000.

Several other hedge funds have also added to or reduced their stakes in RS. Quarry LP bought a new position in Reliance in the 3rd quarter worth about $41,000. Versant Capital Management Inc grew its position in Reliance by 157.8% during 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 Reliance during the 3rd quarter valued at about $78,000. Jones Financial Companies Lllp grew its position in Reliance by 1,216.0% during the 4th quarter. Jones Financial Companies Lllp now owns 329 shares of the industrial products company's stock valued at $89,000 after purchasing an additional 304 shares during the last quarter. Finally, Providence First Trust Co purchased a new stake in Reliance during the 4th quarter valued at about $90,000. 79.26% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Reliance news, CEO Karla R. Lewis sold 31,136 shares of the firm's stock in a transaction that occurred on 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 sale, the chief executive officer now owns 90,230 shares in the company, valued at approximately $27,115,919.60. This trade represents a 25.65 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.69% of the stock is currently owned by insiders.

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Analysts Set New Price Targets

Several analysts recently commented on RS shares. Wolfe Research raised shares of Reliance from an "underperform" rating to a "peer perform" rating in a research report on Wednesday, January 8th. The Goldman Sachs Group started coverage on shares of Reliance in a research report on Monday, December 2nd. They set a "neutral" rating and a $341.00 price objective on the stock. Finally, KeyCorp increased their price objective on shares of Reliance from $321.00 to $327.00 and gave the company an "overweight" rating in a research report on Monday, February 24th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Reliance currently has a consensus rating of "Hold" and a consensus target price of $329.17.

Reliance Stock Performance

Shares of NYSE RS traded down $4.73 during trading on Friday, reaching $276.77. 3,081,930 shares of the company traded hands, compared to its average volume of 368,644. The firm has a 50 day simple moving average of $288.07 and a 200-day simple moving average of $289.73. The company has a quick ratio of 1.58, a current ratio of 3.21 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $14.66 billion, a PE ratio of 17.93 and a beta of 0.87. Reliance, Inc. has a 52-week low of $256.98 and a 52-week high of $342.20.

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

Reliance Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were issued a $1.20 dividend. This is an increase from Reliance's previous quarterly dividend of $1.10. The ex-dividend date was Friday, March 7th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.73%. Reliance's dividend payout ratio (DPR) is presently 31.09%.

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.