KLP Kapitalforvaltning AS Makes New $5.41 Million Investment in Reliance, Inc. (NYSE:RS)

KLP Kapitalforvaltning AS purchased a new stake in Reliance, Inc. (NYSE:RS - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 20,100 shares of the industrial products company's stock, valued at approximately $5,412,000.

Other hedge funds also recently modified their holdings of the company. Quent Capital LLC boosted its stake 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 valued at $253,000 after purchasing an additional 37 shares in the last quarter. Johnson Investment Counsel Inc. raised 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 buying an additional 39 shares during the last quarter. Harbor Capital Advisors Inc. boosted its position in 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 buying an additional 49 shares during the period. Commonwealth Equity Services LLC grew its holdings in Reliance by 1.3% during the 4th quarter. Commonwealth Equity Services LLC now owns 4,333 shares of the industrial products company's stock worth $1,167,000 after acquiring an additional 55 shares during the last quarter. Finally, Avantax Advisory Services Inc. increased its position in Reliance by 4.8% in the 4th quarter. Avantax Advisory Services Inc. now owns 1,234 shares of the industrial products company's stock valued at $332,000 after acquiring an additional 56 shares during the period. Institutional investors and hedge funds own 79.26% of the company's stock.

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Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Reliance

In other 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 value of $9,356,990.72. Following the completion of the sale, the chief executive officer now directly owns 90,230 shares of the company's stock, valued at $27,115,919.60. This represents a 25.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.69% of the company's stock.

Reliance Stock Down 2.5 %

NYSE:RS traded down $7.48 during trading hours on Friday, reaching $286.34. The company had a trading volume of 297,053 shares, compared to its average volume of 388,902. The business's 50-day simple moving average is $289.01 and its two-hundred day simple moving average is $290.51. Reliance, Inc. has a twelve month low of $256.98 and a twelve month high of $342.20. The firm has a market cap of $15.17 billion, a price-to-earnings ratio of 18.55 and a beta of 0.87. The company has a quick ratio of 1.58, a current ratio of 3.21 and a debt-to-equity ratio of 0.10.

Reliance (NYSE:RS - Get Free Report) last issued its earnings results on Wednesday, February 19th. The industrial products company reported $2.22 EPS for the quarter, missing analysts' consensus estimates of $2.74 by ($0.52). The firm had revenue of $3.13 billion during the quarter, compared to the consensus estimate of $3.04 billion. Reliance had a net margin of 6.33% and a return on equity of 11.87%. On average, equities analysts expect 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. Shareholders of record on Friday, March 7th were issued a dividend of $1.20 per share. This is an increase from Reliance's previous quarterly dividend of $1.10. The ex-dividend date of this dividend was Friday, March 7th. This represents a $4.80 annualized dividend and a yield of 1.68%. Reliance's dividend payout ratio 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.