Wedge Capital Management L L P NC Sells 5,084 Shares of Reliance, Inc. (NYSE:RS)

Wedge Capital Management L L P NC decreased its holdings in shares of Reliance, Inc. (NYSE:RS - Free Report) by 12.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 34,627 shares of the industrial products company's stock after selling 5,084 shares during the period. Wedge Capital Management L L P NC owned approximately 0.06% of Reliance worth $9,324,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Mercer Global Advisors Inc. ADV grew its holdings in Reliance by 2.3% during the second quarter. Mercer Global Advisors Inc. ADV now owns 27,950 shares of the industrial products company's stock worth $7,982,000 after buying an additional 637 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of Reliance in the 2nd quarter worth $691,000. Intech Investment Management LLC raised its holdings in shares of Reliance by 10.8% in the second quarter. Intech Investment Management LLC now owns 14,349 shares of the industrial products company's stock valued at $4,098,000 after purchasing an additional 1,396 shares during the last quarter. Bridges Investment Management Inc. bought a new position in shares of Reliance during the second quarter valued at about $378,000. Finally, Skandinaviska Enskilda Banken AB publ boosted its holdings in Reliance by 6.0% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 97,997 shares of the industrial products company's stock worth $27,988,000 after purchasing an additional 5,570 shares during the last quarter. 79.26% of the stock is owned by institutional investors.

Insider Activity

In other Reliance news, CEO Karla R. Lewis sold 3,892 shares of the firm's stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $323.90, for a total transaction of $1,260,618.80. Following the sale, the chief executive officer now directly owns 85,117 shares of the company's stock, valued at $27,569,396.30. This trade represents a 4.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP William A. Smith II sold 6,500 shares of the business's stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the completion of the transaction, the senior vice president now directly owns 16,849 shares in the company, valued at $5,420,491.79. This trade represents a 27.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 21,724 shares of company stock valued at $6,856,500 in the last 90 days. Company insiders own 0.69% of the company's stock.

Reliance Stock Up 1.5 %

Shares of Reliance stock traded up $4.30 on Friday, reaching $288.58. The company's stock had a trading volume of 499,635 shares, compared to its average volume of 521,900. Reliance, Inc. has a 52 week low of $256.98 and a 52 week high of $342.20. The firm's fifty day simple moving average is $292.92 and its two-hundred day simple moving average is $290.05. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $15.62 billion, a price-to-earnings ratio of 15.85 and a beta of 0.91.

Reliance (NYSE:RS - Get Free Report) last released its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing the consensus estimate of $3.66 by ($0.02). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The business had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.38 billion. During the same quarter in the previous year, the business posted $5.00 earnings per share. Reliance's quarterly revenue was down 5.6% compared to the same quarter last year. Equities analysts anticipate that Reliance, Inc. will post 16.42 earnings per share for the current year.

Reliance Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were paid a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 1.52%. The ex-dividend date of this dividend was Friday, November 22nd. Reliance's dividend payout ratio is presently 24.16%.

Wall Street Analysts Forecast Growth

RS has been the subject of several analyst reports. The Goldman Sachs Group initiated coverage on shares of Reliance in a research note on Monday, December 2nd. They issued a "neutral" rating and a $341.00 price objective for the company. BMO Capital Markets decreased their price target on Reliance from $340.00 to $330.00 and set an "outperform" rating for the company in a research report on Friday, October 25th. KeyCorp cut their price objective on Reliance from $335.00 to $325.00 and set an "overweight" rating on the stock in a research report on Monday, October 14th. Finally, Wolfe Research raised Reliance from an "underperform" rating to a "peer perform" rating in a research report on Wednesday, January 8th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $328.83.

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.