Legal & General Group Plc cut its stake in Reliance, Inc. (NYSE:RS - Free Report) by 23.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 275,052 shares of the industrial products company's stock after selling 85,064 shares during the period. Legal & General Group Plc owned approximately 0.51% of Reliance worth $74,061,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Versant Capital Management Inc boosted its stake in Reliance by 157.8% in the fourth quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company's stock valued at $58,000 after acquiring an additional 131 shares during the last quarter. Jones Financial Companies Lllp raised its position in Reliance by 1,216.0% in the 4th quarter. Jones Financial Companies Lllp now owns 329 shares of the industrial products company's stock valued at $89,000 after buying an additional 304 shares during the last quarter. Providence First Trust Co acquired a new position in Reliance during the fourth quarter worth $90,000. UMB Bank n.a. increased its position in shares of Reliance by 41.8% in the fourth quarter. UMB Bank n.a. now owns 353 shares of the industrial products company's stock valued at $95,000 after acquiring an additional 104 shares during the last quarter. Finally, Abound Wealth Management raised its stake 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 purchasing an additional 357 shares in the last quarter. Institutional investors and hedge funds own 79.26% of the company's stock.
Reliance Trading Down 0.5 %
Shares of RS traded down $1.48 during trading hours on Tuesday, hitting $276.85. The company had a trading volume of 163,647 shares, compared to its average volume of 398,993. 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, Inc. has a 52-week low of $250.07 and a 52-week high of $330.46. The stock's 50 day moving average price is $285.52 and its 200 day moving average price is $289.89. The firm has a market cap of $14.64 billion, a P/E ratio of 17.93 and a beta of 0.83.
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 net margin of 6.33% and a return on equity of 11.87%. The firm had revenue of $3.13 billion for the quarter, compared to the consensus estimate of $3.04 billion. On average, research analysts predict that Reliance, Inc. will post 16.98 EPS for the current year.
Reliance Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, March 21st. Shareholders 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 yield of 1.73%. Reliance's dividend payout ratio is currently 31.09%.
Insider Buying and Selling
In other news, CEO Karla R. Lewis sold 31,136 shares of Reliance stock in a transaction dated 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 sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.69% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
Several research firms recently weighed in on RS. KeyCorp lifted their price target on Reliance from $321.00 to $327.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. Wolfe Research upgraded shares of Reliance from an "underperform" rating to a "peer perform" rating in a research report on Wednesday, January 8th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $319.00.
Get Our Latest Analysis on RS
Reliance Profile
(
Free Report)
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.
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