27,304 Shares in Reliance, Inc. (NYSE:RS) Purchased by Proficio Capital Partners LLC

Proficio Capital Partners LLC purchased a new position in shares of Reliance, Inc. (NYSE:RS - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 27,304 shares of the industrial products company's stock, valued at approximately $7,352,000. Proficio Capital Partners LLC owned about 0.05% of Reliance as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of RS. Quent Capital LLC increased its holdings in Reliance by 4.1% during the 4th 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 during the period. Harbor Capital Advisors Inc. increased its holdings 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 valued at $2,077,000 after purchasing an additional 49 shares during the period. CIBC Asset Management Inc increased its holdings in Reliance by 2.3% during the 4th quarter. CIBC Asset Management Inc now owns 2,694 shares of the industrial products company's stock valued at $725,000 after purchasing an additional 60 shares during the period. Parcion Private Wealth LLC increased its holdings in Reliance by 7.6% during the 4th quarter. Parcion Private Wealth LLC now owns 982 shares of the industrial products company's stock valued at $264,000 after purchasing an additional 69 shares during the period. Finally, Steward Partners Investment Advisory LLC increased its holdings in Reliance by 13.8% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 651 shares of the industrial products company's stock valued at $175,000 after purchasing an additional 79 shares during the period. Institutional investors own 79.26% of the company's stock.

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Insider Transactions at Reliance

In related news, CEO Karla R. Lewis sold 31,136 shares of the firm's 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 of the company's stock, valued at approximately $27,115,919.60. This trade represents a 25.65 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.69% of the company's stock.

Reliance Stock Down 0.5 %

Shares of RS traded down $1.29 during mid-day trading on Thursday, reaching $281.77. The company had a trading volume of 522,591 shares, compared to its average volume of 357,164. The company has a market capitalization of $14.93 billion, a price-to-earnings ratio of 18.25 and a beta of 0.87. Reliance, Inc. has a 52 week low of $256.98 and a 52 week high of $342.20. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 3.21. The firm has a 50-day moving average price of $287.60 and a 200 day moving average price of $289.86.

Reliance (NYSE:RS - Get Free Report) last released its quarterly earnings data on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.74 by ($0.52). The business 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, sell-side analysts forecast that Reliance, Inc. will post 16.98 EPS for the current year.

Reliance Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be paid a $1.20 dividend. This is an increase from Reliance's previous quarterly dividend of $1.10. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date of this dividend is Friday, March 7th. Reliance's dividend payout ratio (DPR) is 31.09%.

Analysts Set New Price Targets

RS has been the topic of a number of research analyst reports. The Goldman Sachs Group initiated coverage on Reliance in a report on Monday, December 2nd. They set a "neutral" rating and a $341.00 price target on the stock. KeyCorp boosted their price target on Reliance from $321.00 to $327.00 and gave the company an "overweight" rating in a report on Monday, February 24th. Finally, Wolfe Research upgraded Reliance from an "underperform" rating to a "peer perform" rating in a report on Wednesday, January 8th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $329.17.

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.