Pictet Asset Management Holding SA Sells 6,178 Shares of Reliance, Inc. (NYSE:RS)

Pictet Asset Management Holding SA lessened its position in shares of Reliance, Inc. (NYSE:RS - Free Report) by 10.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,867 shares of the industrial products company's stock after selling 6,178 shares during the quarter. Pictet Asset Management Holding SA owned about 0.10% of Reliance worth $14,504,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of RS. Proficio Capital Partners LLC purchased a new position in shares of Reliance in the 4th quarter worth approximately $7,352,000. Toronto Dominion Bank boosted its stake in Reliance by 26.7% during the third quarter. Toronto Dominion Bank now owns 8,198 shares of the industrial products company's stock worth $2,371,000 after buying an additional 1,729 shares during the period. Pure Financial Advisors LLC increased its position in Reliance by 232.9% during the fourth quarter. Pure Financial Advisors LLC now owns 9,281 shares of the industrial products company's stock valued at $2,499,000 after acquiring an additional 6,493 shares during the last quarter. World Investment Advisors LLC purchased a new stake in shares of Reliance in the third quarter valued at $4,600,000. Finally, Nordea Investment Management AB lifted its holdings in shares of Reliance by 11.0% in the 4th quarter. Nordea Investment Management AB now owns 4,951 shares of the industrial products company's stock worth $1,332,000 after acquiring an additional 489 shares during the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.

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Insider Transactions at Reliance

In other news, CEO Karla R. Lewis sold 31,136 shares of Reliance stock in a transaction 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 transaction, the chief executive officer now directly 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.69% of the company's stock.

Reliance Trading Down 6.2 %

Shares of NYSE RS traded down $18.24 during trading hours on Thursday, reaching $275.66. The stock had a trading volume of 409,213 shares, compared to its average volume of 390,392. Reliance, Inc. has a 52-week low of $256.98 and a 52-week high of $342.20. The firm has a market cap of $14.60 billion, a price-to-earnings ratio of 17.85 and a beta of 0.87. The business's fifty day moving average price is $288.88 and its two-hundred day moving average price is $290.74. The company has a current ratio of 3.21, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10.

Reliance (NYSE:RS - Get Free Report) last posted 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 firm had revenue of $3.13 billion for the quarter, compared to the consensus estimate of $3.04 billion. Reliance had a return on equity of 11.87% and a net margin of 6.33%. Analysts expect that Reliance, Inc. will post 16.98 EPS for the current fiscal year.

Reliance Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were issued a $1.20 dividend. The ex-dividend date was Friday, March 7th. This represents a $4.80 annualized dividend and a dividend yield of 1.74%. This is a positive change from Reliance's previous quarterly dividend of $1.10. Reliance's payout ratio is currently 31.09%.

Analyst Ratings Changes

RS has been the subject of several analyst reports. Wolfe Research raised shares of Reliance from an "underperform" rating to a "peer perform" rating in a research note on Wednesday, January 8th. KeyCorp raised their price target on Reliance from $321.00 to $327.00 and gave the stock an "overweight" rating in a research note on Monday, February 24th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price 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.