Versor Investments LP Acquires Shares of 2,966 Reliance, Inc. (NYSE:RS)

Versor Investments LP bought a new position in Reliance, Inc. (NYSE:RS - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 2,966 shares of the industrial products company's stock, valued at approximately $799,000.

Several other hedge funds have also recently made changes to their positions in the company. Pacer Advisors Inc. grew its position in shares of Reliance by 6,311.2% in the fourth quarter. Pacer Advisors Inc. now owns 816,465 shares of the industrial products company's stock valued at $219,841,000 after purchasing an additional 803,730 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Reliance by 53.5% during the fourth quarter. Principal Financial Group Inc. now owns 725,685 shares of the industrial products company's stock valued at $195,402,000 after buying an additional 252,955 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Reliance by 5.4% in the fourth quarter. Bank of New York Mellon Corp now owns 503,400 shares of the industrial products company's stock valued at $135,546,000 after acquiring an additional 25,750 shares during the period. Caisse DE Depot ET Placement DU Quebec grew its stake in Reliance by 7.3% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 296,033 shares of the industrial products company's stock valued at $85,616,000 after acquiring an additional 20,056 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Reliance by 0.5% during the third quarter. JPMorgan Chase & Co. now owns 285,871 shares of the industrial products company's stock valued at $82,677,000 after acquiring an additional 1,499 shares in the last quarter. 79.26% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

RS has been the topic of several recent analyst reports. KeyCorp raised their price target on Reliance from $321.00 to $327.00 and gave the company an "overweight" rating in a report on Monday, February 24th. Wolfe Research raised shares of 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 shares of Reliance in a report on Monday, December 2nd. They issued a "neutral" rating and a $341.00 price target on the stock. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Reliance presently has an average rating of "Hold" and an average price target of $329.17.

Reliance Trading Down 2.2 %

Shares of RS stock traded down $6.39 during trading hours on Tuesday, reaching $282.63. The company's stock had a trading volume of 309,274 shares, compared to its average volume of 426,978. The stock has a market capitalization of $15.30 billion, a P/E ratio of 18.39 and a beta of 0.91. The firm's fifty day simple moving average is $284.56 and its 200 day simple moving average is $289.90. Reliance, Inc. has a one year low of $256.98 and a one year high of $342.20. The company has a current ratio of 3.21, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10.

Reliance (NYSE:RS - Get Free Report) last posted its earnings results on Wednesday, February 19th. The industrial products company reported $2.22 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts' expectations of $3.04 billion. Equities research analysts expect that Reliance, Inc. will post 16.98 EPS for the current year.

Reliance Increases Dividend

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

Insider Activity

In other Reliance news, CEO Karla R. Lewis sold 31,136 shares of the stock in a transaction 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 transaction, the chief executive officer now owns 90,230 shares in the company, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.69% of the stock is currently owned by company insiders.

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.