Reliance, Inc. (NYSE:RS) Shares Sold by Geode Capital Management LLC

Geode Capital Management LLC decreased its holdings in Reliance, Inc. (NYSE:RS - Free Report) by 2.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 942,436 shares of the industrial products company's stock after selling 25,912 shares during the quarter. Geode Capital Management LLC owned 1.74% of Reliance worth $253,302,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Quarry LP acquired a new position in Reliance in the 3rd quarter valued at $41,000. Versant Capital Management Inc lifted its stake 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 in the last quarter. Jones Financial Companies Lllp boosted its position in Reliance by 1,216.0% during the fourth 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 during the last quarter. Providence First Trust Co purchased a new stake in Reliance during the 4th quarter valued at about $90,000. Finally, UMB Bank n.a. raised its holdings in Reliance by 41.8% in the 4th quarter. UMB Bank n.a. now owns 353 shares of the industrial products company's stock valued at $95,000 after acquiring an additional 104 shares during the last quarter. Hedge funds and other institutional investors own 79.26% of the company's stock.

Insider Buying and Selling

In other Reliance news, CEO Karla R. Lewis sold 31,136 shares of the 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 completion of 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 trade represents a 25.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.69% of the company's stock.

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Analyst Ratings Changes

Several research firms recently issued reports on RS. KeyCorp raised their price objective 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 upgraded shares of Reliance from an "underperform" rating to a "peer perform" rating in a report on Wednesday, January 8th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $329.17.

Reliance Trading Down 3.2 %

NYSE RS traded down $9.04 on Thursday, reaching $271.24. The stock had a trading volume of 147,938 shares, compared to its average volume of 466,152. 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 stock has a fifty day moving average price of $286.07 and a two-hundred day moving average price of $290.20. Reliance, Inc. has a 12-month low of $250.07 and a 12-month high of $332.56. The firm has a market capitalization of $14.37 billion, a price-to-earnings ratio of 17.57 and a beta of 0.83.

Reliance (NYSE:RS - Get Free Report) last posted its quarterly earnings data 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). 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 analysts' expectations of $3.04 billion. As a group, sell-side analysts forecast that Reliance, Inc. will post 16.98 EPS for the current fiscal year.

Reliance Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were given a $1.20 dividend. This is an increase from Reliance's previous quarterly dividend of $1.10. The ex-dividend date of this dividend was Friday, March 7th. This represents a $4.80 annualized dividend and a yield of 1.77%. Reliance's dividend payout ratio is 31.09%.

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.