16,606 Shares in Reliance, Inc. (NYSE:RS) Acquired by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. purchased a new position in shares of Reliance, Inc. (NYSE:RS - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 16,606 shares of the industrial products company's stock, valued at approximately $4,472,000.

A number of other institutional investors have also added to or reduced their stakes in RS. Proficio Capital Partners LLC bought a new stake in shares of Reliance during the fourth quarter worth about $7,352,000. Toronto Dominion Bank boosted its stake in Reliance by 26.7% during the 3rd quarter. Toronto Dominion Bank now owns 8,198 shares of the industrial products company's stock valued at $2,371,000 after purchasing an additional 1,729 shares during the last quarter. Pure Financial Advisors LLC increased its holdings in Reliance by 232.9% during 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 in the last quarter. World Investment Advisors LLC purchased a new stake in shares of Reliance in the third quarter worth approximately $4,600,000. Finally, Nordea Investment Management AB lifted its holdings in shares of Reliance by 11.0% in the fourth quarter. Nordea Investment Management AB now owns 4,951 shares of the industrial products company's stock valued at $1,332,000 after purchasing an additional 489 shares in the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

Reliance Stock Performance

NYSE:RS traded up $2.34 during trading on Monday, reaching $281.89. The company's stock had a trading volume of 19,248 shares, compared to its average volume of 399,153. The firm has a market cap of $14.91 billion, a price-to-earnings ratio of 18.26 and a beta of 0.83. Reliance, Inc. has a 12 month low of $250.07 and a 12 month high of $330.46. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 3.21. The firm has a 50 day moving average of $285.85 and a 200-day moving average of $290.06.

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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 (EPS) for the quarter, missing analysts' consensus estimates of $2.74 by ($0.52). The company had revenue of $3.13 billion for the quarter, compared to analysts' expectations of $3.04 billion. Reliance had a return on equity of 11.87% and a net margin of 6.33%. Research analysts expect that Reliance, Inc. will post 16.98 EPS for the current fiscal year.

Reliance Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were paid a $1.20 dividend. The ex-dividend date was Friday, March 7th. This is a positive change from Reliance's previous quarterly dividend of $1.10. This represents a $4.80 annualized dividend and a dividend yield of 1.70%. Reliance's payout ratio is presently 31.09%.

Insider Activity

In related news, CEO Karla R. Lewis sold 31,136 shares of Reliance stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 90,230 shares in the company, valued at approximately $27,115,919.60. The trade was a 25.65 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.69% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently commented on RS. Wolfe Research raised Reliance from an "underperform" rating to a "peer perform" rating in a research report on Wednesday, January 8th. KeyCorp increased their target price on shares of Reliance from $321.00 to $327.00 and gave the company an "overweight" rating in a report on Monday, February 24th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, Reliance has an average rating of "Hold" and a consensus price target of $319.00.

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.