Pinebridge Investments L.P. Grows Position in Reliance, Inc. (NYSE:RS)

Pinebridge Investments L.P. increased its holdings in shares of Reliance, Inc. (NYSE:RS - Free Report) by 42.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,840 shares of the industrial products company's stock after buying an additional 4,694 shares during the period. Pinebridge Investments L.P.'s holdings in Reliance were worth $4,265,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in RS. Versant Capital Management Inc raised its holdings 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 in the last quarter. Transce3nd LLC purchased a new stake in shares of Reliance in the 4th quarter valued at approximately $58,000. Jones Financial Companies Lllp lifted its position in shares of Reliance by 1,216.0% during the 4th quarter. Jones Financial Companies Lllp now owns 329 shares of the industrial products company's stock worth $89,000 after purchasing an additional 304 shares during the last quarter. Providence First Trust Co acquired a new stake in Reliance in the fourth quarter valued at $90,000. Finally, UMB Bank n.a. raised its position in shares of Reliance by 41.8% during the 4th quarter. UMB Bank n.a. now owns 353 shares of the industrial products company's stock worth $95,000 after acquiring an additional 104 shares in the last quarter. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Reliance Stock Performance

RS stock traded up $0.69 on Tuesday, hitting $287.97. The company's stock had a trading volume of 239,016 shares, compared to its average volume of 398,992. The stock has a market cap of $15.23 billion, a price-to-earnings ratio of 18.65 and a beta of 0.83. The firm has a 50 day moving average of $283.29 and a two-hundred day moving average of $289.55. 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, Inc. has a 1 year low of $250.07 and a 1 year high of $326.87.

Reliance (NYSE:RS - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The industrial products company reported $3.77 EPS for the quarter, beating analysts' consensus estimates of $3.66 by $0.11. Reliance had a net margin of 6.33% and a return on equity of 11.87%. The business had revenue of $3.48 billion during the quarter, compared to analysts' expectations of $3.44 billion. During the same period in the prior year, the company earned $5.30 earnings per share. The business's revenue was down 4.4% compared to the same quarter last year. Equities analysts predict that Reliance, Inc. will post 16.98 EPS for the current fiscal year.

Reliance Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 23rd will be issued a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date of this dividend is Friday, May 23rd. Reliance's payout ratio is currently 34.41%.

Insider Transactions at Reliance

In related news, CEO Karla R. Lewis sold 31,136 shares of the stock in a transaction dated 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 completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.35% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Wolfe Research upgraded shares of Reliance from an "underperform" rating to a "peer perform" rating in a research note on Wednesday, January 8th. KeyCorp increased their target price 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. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $319.00.

About Reliance

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.