Victory Capital Management Inc. Buys 22,583 Shares of Reliance, Inc. (NYSE:RS)

Victory Capital Management Inc. grew its holdings in shares of Reliance, Inc. (NYSE:RS - Free Report) by 11.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 225,739 shares of the industrial products company's stock after purchasing an additional 22,583 shares during the period. Victory Capital Management Inc. owned approximately 0.42% of Reliance worth $60,782,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Toronto Dominion Bank increased its position in shares of Reliance by 26.7% during the third quarter. Toronto Dominion Bank now owns 8,198 shares of the industrial products company's stock valued at $2,371,000 after acquiring an additional 1,729 shares in the last quarter. Assetmark Inc. increased its position in shares of Reliance by 24.2% during the third quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company's stock valued at $8,074,000 after acquiring an additional 5,431 shares in the last quarter. Dearborn Partners LLC grew its position in Reliance by 4.1% in the 3rd quarter. Dearborn Partners LLC now owns 86,406 shares of the industrial products company's stock worth $24,989,000 after purchasing an additional 3,419 shares during the period. Pure Financial Advisors LLC grew its position in Reliance by 232.9% in the 4th quarter. Pure Financial Advisors LLC now owns 9,281 shares of the industrial products company's stock worth $2,499,000 after purchasing an additional 6,493 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in Reliance by 1.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 127,806 shares of the industrial products company's stock worth $36,963,000 after purchasing an additional 1,696 shares during the period. Institutional investors own 79.26% of the company's stock.

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Insider Transactions at Reliance

In other news, CEO Karla R. Lewis sold 31,136 shares of the business'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 sale, the chief executive officer now directly owns 90,230 shares in the company, valued at $27,115,919.60. The trade was a 25.65 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.69% of the company's stock.

Reliance Stock Performance

Shares of Reliance stock traded up $5.39 on Friday, hitting $288.72. 379,892 shares of the company's stock were exchanged, compared to its average volume of 432,554. The company has a 50-day simple moving average of $285.62 and a 200-day simple moving average of $289.94. The stock has a market capitalization of $15.29 billion, a PE ratio of 18.70 and a beta of 0.87. Reliance, Inc. has a 1 year low of $256.98 and a 1 year 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.

Reliance (NYSE:RS - Get Free Report) last released its earnings results on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share 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 analysts' expectations of $3.04 billion. Reliance had a net margin of 6.33% and a return on equity of 11.87%. As a group, equities analysts anticipate that Reliance, Inc. will post 16.98 EPS for the current year.

Reliance Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be issued a $1.20 dividend. The ex-dividend date is Friday, March 7th. 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 1.66%. Reliance's payout ratio is 31.09%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. KeyCorp lifted 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. Finally, The Goldman Sachs Group initiated coverage on shares of Reliance in a research note on Monday, December 2nd. They set a "neutral" rating and a $341.00 price target on the stock. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $329.17.

Reliance 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.