Invesco Ltd. Has $87.73 Million Holdings in Reliance, Inc. (NYSE:RS)

Invesco Ltd. decreased its position in Reliance, Inc. (NYSE:RS - Free Report) by 58.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 325,820 shares of the industrial products company's stock after selling 455,469 shares during the quarter. Invesco Ltd. owned approximately 0.60% of Reliance worth $87,730,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of RS. Quent Capital LLC lifted its holdings in shares of Reliance by 4.1% during the fourth quarter. Quent Capital LLC now owns 941 shares of the industrial products company's stock worth $253,000 after buying an additional 37 shares during the last quarter. Johnson Investment Counsel Inc. boosted its holdings in Reliance by 0.4% in the 4th quarter. Johnson Investment Counsel Inc. now owns 11,149 shares of the industrial products company's stock valued at $3,002,000 after purchasing an additional 39 shares during the period. Harbor Capital Advisors Inc. increased its holdings in shares of Reliance by 0.6% during the 4th quarter. Harbor Capital Advisors Inc. now owns 7,715 shares of the industrial products company's stock worth $2,077,000 after purchasing an additional 49 shares during the period. Commonwealth Equity Services LLC raised its position in shares of Reliance by 1.3% during the fourth quarter. Commonwealth Equity Services LLC now owns 4,333 shares of the industrial products company's stock valued at $1,167,000 after buying an additional 55 shares during the last quarter. Finally, Avantax Advisory Services Inc. grew its position in Reliance by 4.8% during the fourth quarter. Avantax Advisory Services Inc. now owns 1,234 shares of the industrial products company's stock worth $332,000 after buying an additional 56 shares in the last quarter. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

Reliance Trading Down 0.5 %

Shares of Reliance stock traded down $1.48 during trading on Tuesday, hitting $276.85. 163,647 shares of the company were exchanged, compared to its average volume of 399,882. Reliance, Inc. has a 1-year low of $250.07 and a 1-year high of $326.87. 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 market capitalization of $14.64 billion, a P/E ratio of 17.93 and a beta of 0.83. The firm's fifty day moving average price is $285.52 and its 200 day moving average price is $289.89.

Reliance (NYSE:RS - Get Free Report) last posted its quarterly earnings data on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share 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 firm had revenue of $3.13 billion for the quarter, compared to analyst estimates of $3.04 billion. As a group, sell-side analysts expect that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Increases Dividend

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

Analysts Set New Price Targets

A number of research analysts recently commented on the company. KeyCorp upped their target price on Reliance from $321.00 to $327.00 and gave the company an "overweight" rating in a research note on Monday, February 24th. Wolfe Research raised Reliance from an "underperform" rating to a "peer perform" rating in a 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 data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $319.00.

Insider Transactions at Reliance

In other Reliance news, CEO Karla R. Lewis sold 31,136 shares of the company's 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 transaction, the chief executive officer now directly owns 90,230 shares in the company, valued at $27,115,919.60. The trade was a 25.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company 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.