Lbp Am Sa Sells 2,033 Shares of Reliance, Inc. (NYSE:RS)

LBP AM SA lowered its position in Reliance, Inc. (NYSE:RS - Free Report) by 66.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,038 shares of the industrial products company's stock after selling 2,033 shares during the period. LBP AM SA's holdings in Reliance were worth $279,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. grew its holdings in Reliance by 1.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 127,806 shares of the industrial products company's stock valued at $36,963,000 after purchasing an additional 1,696 shares during the last quarter. Oppenheimer & Co. Inc. grew its holdings in Reliance by 10.8% during the third quarter. Oppenheimer & Co. Inc. now owns 872 shares of the industrial products company's stock valued at $252,000 after purchasing an additional 85 shares during the last quarter. Metis Global Partners LLC grew its holdings in Reliance by 37.5% during the third quarter. Metis Global Partners LLC now owns 3,508 shares of the industrial products company's stock valued at $1,015,000 after purchasing an additional 956 shares during the last quarter. CIBC Asset Management Inc grew its holdings in Reliance by 2.4% during the third quarter. CIBC Asset Management Inc now owns 2,634 shares of the industrial products company's stock valued at $762,000 after purchasing an additional 62 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Reliance in the third quarter valued at approximately $634,000. Institutional investors and hedge funds own 79.26% of the company's stock.

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Insiders Place Their Bets

In other news, CEO Karla R. Lewis sold 31,136 shares of Reliance stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $300.52, for a total transaction of $9,356,990.72. Following the transaction, the chief executive officer now 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 document filed with the SEC, which is available at this hyperlink. Company insiders own 0.69% of the company's stock.

Reliance Trading Down 0.5 %

RS stock traded down $1.29 during midday trading on Thursday, reaching $281.77. The stock had a trading volume of 524,181 shares, compared to its average volume of 357,164. The business has a fifty day simple moving average of $287.60 and a two-hundred day simple moving average of $289.86. 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 firm has a market cap of $14.93 billion, a price-to-earnings ratio of 18.25 and a beta of 0.87. Reliance, Inc. has a twelve month low of $256.98 and a twelve month high of $342.20.

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

Reliance Increases Dividend

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

Wall Street Analyst Weigh In

Several research firms have issued reports on RS. KeyCorp increased their price objective on Reliance from $321.00 to $327.00 and gave the stock an "overweight" rating in a research note on Monday, February 24th. Wolfe Research upgraded Reliance from an "underperform" rating to a "peer perform" rating in a research note on Wednesday, January 8th. Finally, The Goldman Sachs Group assumed coverage on Reliance in a research note on Monday, December 2nd. They issued a "neutral" rating and a $341.00 target price for the company. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $329.17.

Reliance Company 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.