Vanguard Group Inc. lowered its holdings in Reliance, Inc. (NYSE:RS - Free Report) by 1.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 6,429,240 shares of the industrial products company's stock after selling 96,730 shares during the quarter. Vanguard Group Inc. owned about 11.88% of Reliance worth $1,731,137,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in the business. Quarry LP acquired a new position in Reliance in the third quarter valued at approximately $41,000. Versant Capital Management Inc boosted its holdings in shares of Reliance by 157.8% in the 4th quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company's stock valued at $58,000 after buying an additional 131 shares in the last quarter. Brooklyn Investment Group purchased a new position in shares of Reliance in the 3rd quarter valued at $78,000. Jones Financial Companies Lllp raised its stake in Reliance by 1,216.0% during the 4th quarter. Jones Financial Companies Lllp now owns 329 shares of the industrial products company's stock worth $89,000 after acquiring an additional 304 shares in the last quarter. Finally, Providence First Trust Co purchased a new stake in Reliance in the fourth quarter valued at $90,000. Institutional investors and hedge funds own 79.26% of the company's stock.
Analyst Ratings Changes
RS has been the topic of several research reports. Wolfe Research raised Reliance from an "underperform" rating to a "peer perform" rating in a report on Wednesday, January 8th. KeyCorp raised their price target on Reliance from $321.00 to $327.00 and gave the stock an "overweight" rating in a research note on Monday, February 24th. Finally, The Goldman Sachs Group started coverage on Reliance in a research note on Monday, December 2nd. They issued a "neutral" rating and a $341.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Reliance currently has a consensus rating of "Hold" and a consensus price target of $329.17.
Check Out Our Latest Research Report on RS
Reliance Stock Performance
Shares of NYSE RS traded up $2.44 during midday trading on Monday, reaching $288.72. 362,442 shares of the company were exchanged, compared to its average volume of 388,797. The stock has a fifty day simple moving average of $289.02 and a 200 day simple moving average of $290.74. The company has a current ratio of 3.21, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10. The stock has a market cap of $15.29 billion, a P/E 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.
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 (EPS) for the quarter, missing analysts' consensus estimates of $2.74 by ($0.52). Reliance had a net margin of 6.33% and a return on equity of 11.87%. The company had revenue of $3.13 billion during the quarter, compared to analyst estimates of $3.04 billion. On average, research analysts forecast that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.
Reliance Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were paid a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 1.66%. The ex-dividend date was Friday, March 7th. This is a boost from Reliance's previous quarterly dividend of $1.10. Reliance's dividend payout ratio (DPR) is 31.09%.
Insider Activity
In other news, CEO Karla R. Lewis sold 31,136 shares of the firm's 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 $27,115,919.60. This trade represents a 25.65 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.69% of the company's stock.
Reliance Profile
(
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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