JPMorgan Chase & Co. Sells 83,401 Shares of Reliance, Inc. (NYSE:RS)

JPMorgan Chase & Co. cut its holdings in Reliance, Inc. (NYSE:RS - Free Report) by 29.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 202,470 shares of the industrial products company's stock after selling 83,401 shares during the period. JPMorgan Chase & Co. owned 0.37% of Reliance worth $54,517,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Quarry LP purchased a new stake in Reliance during the 3rd quarter valued at $41,000. Quantinno Capital Management LP grew its position in shares of Reliance by 47.6% during the 3rd quarter. Quantinno Capital Management LP now owns 4,558 shares of the industrial products company's stock worth $1,318,000 after buying an additional 1,469 shares in the last quarter. Worldquant Millennium Advisors LLC bought a new position in shares of Reliance during the 3rd quarter worth $2,824,000. Kovitz Investment Group Partners LLC boosted its position in Reliance by 12.7% during the third quarter. Kovitz Investment Group Partners LLC now owns 6,258 shares of the industrial products company's stock valued at $1,904,000 after purchasing an additional 703 shares in the last quarter. Finally, EP Wealth Advisors LLC purchased a new position in shares of Reliance in the third quarter worth about $336,000. 79.26% of the stock is owned by hedge funds and other institutional investors.

Reliance Stock Down 0.9 %

Shares of Reliance stock traded down $2.62 during trading hours on Thursday, hitting $277.66. 50,739 shares of the company's stock traded hands, compared to its average volume of 464,709. The stock has a 50 day simple moving average of $286.07 and a 200-day simple moving average of $290.20. The company has a quick ratio of 1.58, a current ratio of 3.21 and a debt-to-equity ratio of 0.10. The company has a market cap of $14.71 billion, a PE ratio of 17.98 and a beta of 0.83. Reliance, Inc. has a twelve month low of $250.07 and a twelve month high of $332.56.

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Reliance (NYSE:RS - Get Free Report) last announced its earnings results on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share for the quarter, missing the consensus estimate of $2.74 by ($0.52). The business had revenue of $3.13 billion for the quarter, compared to analyst estimates of $3.04 billion. Reliance had a net margin of 6.33% and a return on equity of 11.87%. Equities research analysts anticipate that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were issued a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 1.73%. This is a positive change 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 is 31.09%.

Analysts Set New Price Targets

RS has been the topic of several analyst reports. KeyCorp raised their target price on Reliance from $321.00 to $327.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. Wolfe Research upgraded Reliance from an "underperform" rating to a "peer perform" rating in a report on Wednesday, January 8th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $329.17.

Insiders Place Their Bets

In other news, CEO Karla R. Lewis sold 31,136 shares of the company's stock in a transaction on 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 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 SEC, which can be accessed through this link. 0.69% of the stock is currently owned by insiders.

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.