Fmr LLC Has $136.68 Million Stock Position in Reliance, Inc. (NYSE:RS)

FMR LLC increased its position in Reliance, Inc. (NYSE:RS - Free Report) by 25.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 507,618 shares of the industrial products company's stock after buying an additional 101,733 shares during the quarter. FMR LLC owned about 0.94% of Reliance worth $136,681,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of RS. Versant Capital Management Inc boosted its holdings in shares of Reliance by 157.8% in the fourth quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company's stock worth $58,000 after buying an additional 131 shares during the period. Jones Financial Companies Lllp boosted its stake 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 worth $89,000 after purchasing an additional 304 shares during the period. Providence First Trust Co purchased a new position in Reliance during the 4th quarter worth approximately $90,000. UMB Bank n.a. raised its stake in Reliance by 41.8% during the 4th quarter. UMB Bank n.a. now owns 353 shares of the industrial products company's stock valued at $95,000 after purchasing an additional 104 shares during the period. Finally, Abound Wealth Management lifted its holdings in shares of Reliance by 35,700.0% in the fourth quarter. Abound Wealth Management now owns 358 shares of the industrial products company's stock valued at $96,000 after purchasing an additional 357 shares in the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

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Reliance Stock Down 0.5 %

Shares of RS traded down $1.48 during midday trading on Tuesday, reaching $276.85. 163,647 shares of the stock were exchanged, compared to its average volume of 399,882. The company has a market cap of $14.64 billion, a price-to-earnings ratio of 17.93 and a beta of 0.83. The firm has a 50 day simple moving average of $285.52 and a 200-day simple moving average of $289.89. Reliance, Inc. has a 12-month low of $250.07 and a 12-month high of $326.87. 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 (NYSE:RS - Get Free Report) last posted its earnings results on Wednesday, February 19th. The industrial products company reported $2.22 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 return on equity of 11.87% and a net margin of 6.33%. Research analysts forecast that Reliance, Inc. will post 16.98 EPS for the current year.

Reliance Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.73%. This is an increase from Reliance's previous quarterly dividend of $1.10. The ex-dividend date of this dividend was Friday, March 7th. Reliance's dividend payout ratio (DPR) is presently 31.09%.

Analysts Set New Price Targets

Several research analysts recently weighed in on RS shares. Wolfe Research raised Reliance from an "underperform" rating to a "peer perform" rating in a research report on Wednesday, January 8th. KeyCorp upped their target price on Reliance from $321.00 to $327.00 and gave the company an "overweight" rating in a report on Monday, February 24th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $319.00.

Insider Buying and Selling

In other news, CEO Karla R. Lewis sold 31,136 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 90,230 shares of the company's stock, valued at approximately $27,115,919.60. This represents a 25.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.69% of the company's stock.

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.