Barclays PLC lifted its holdings in shares of Reliance, Inc. (NYSE:RS - Free Report) by 14.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 87,143 shares of the industrial products company's stock after purchasing an additional 11,012 shares during the period. Barclays PLC owned about 0.16% of Reliance worth $23,465,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently bought and sold shares of RS. World Investment Advisors LLC acquired a new position in Reliance in the third quarter valued at $4,600,000. Tidal Investments LLC increased its stake in shares of Reliance by 10.3% during the 3rd quarter. Tidal Investments LLC now owns 7,396 shares of the industrial products company's stock valued at $2,139,000 after acquiring an additional 691 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of Reliance by 4.5% during the 3rd quarter. Franklin Resources Inc. now owns 112,065 shares of the industrial products company's stock valued at $32,909,000 after acquiring an additional 4,821 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Reliance by 19.7% during the 3rd quarter. Principal Financial Group Inc. now owns 472,730 shares of the industrial products company's stock worth $136,718,000 after acquiring an additional 77,937 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of Reliance by 0.5% in the third quarter. JPMorgan Chase & Co. now owns 285,871 shares of the industrial products company's stock worth $82,677,000 after acquiring an additional 1,499 shares during the last quarter. Hedge funds and other institutional investors own 79.26% of the company's stock.
Insiders Place Their Bets
In other news, CEO Karla R. Lewis sold 31,136 shares of the firm's stock in a transaction dated Monday, February 24th. The shares were 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.35% of the stock is currently owned by company insiders.
Reliance Stock Up 1.1 %
Shares of RS stock traded up $3.09 during mid-day trading on Wednesday, reaching $283.18. 344,989 shares of the company were exchanged, compared to its average volume of 402,058. 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 business's 50 day simple moving average is $284.27 and its 200 day simple moving average is $289.57. The company has a market capitalization of $14.98 billion, a P/E ratio of 18.34 and a beta of 0.83. Reliance, Inc. has a fifty-two week low of $250.07 and a fifty-two week high of $326.87.
Reliance (NYSE:RS - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The industrial products company reported $3.77 earnings per share for the quarter, topping the consensus estimate of $3.61 by $0.16. Reliance had a net margin of 6.33% and a return on equity of 11.87%. Research analysts predict that Reliance, Inc. will post 16.98 earnings per share for the current year.
Reliance Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were paid a dividend of $1.20 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $4.80 annualized dividend and a yield of 1.70%. This is a boost from Reliance's previous quarterly dividend of $1.10. Reliance's dividend payout ratio is presently 31.09%.
Wall Street Analysts Forecast Growth
A number of research firms recently issued reports on RS. KeyCorp increased their target price on shares of Reliance from $321.00 to $327.00 and gave the stock an "overweight" rating in a research report on Monday, February 24th. Wolfe Research raised 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 MarketBeat.com, the company has an average rating of "Hold" and an average target price of $319.00.
Read Our Latest Stock Analysis on RS
About Reliance
(
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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