Wellington Management Group LLP lifted its position in Reliance, Inc. (NYSE:RS - Free Report) by 10.4% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,479,542 shares of the industrial products company's stock after acquiring an additional 138,866 shares during the period. Wellington Management Group LLP owned 2.79% of Reliance worth $398,381,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in RS. Quarry LP purchased a new stake in Reliance in the third quarter worth $41,000. Versant Capital Management Inc boosted its holdings in shares of Reliance by 157.8% during 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. Jones Financial Companies Lllp grew its position in shares of Reliance by 1,216.0% in the 4th quarter. Jones Financial Companies Lllp now owns 329 shares of the industrial products company's stock worth $89,000 after buying an additional 304 shares during the period. Providence First Trust Co bought a new position in shares of Reliance in the 4th quarter worth about $90,000. Finally, UMB Bank n.a. lifted its position in Reliance by 41.8% during 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 period. Hedge funds and other institutional investors own 79.26% of the company's stock.
Reliance Stock Down 6.2 %
Reliance stock traded down $18.24 during trading hours on Thursday, hitting $275.66. The stock had a trading volume of 409,213 shares, compared to its average volume of 389,699. The stock's 50-day moving average price is $289.13 and its 200-day moving average price is $290.84. The stock has a market capitalization of $14.60 billion, a P/E ratio of 17.85 and a beta of 0.87. Reliance, Inc. has a 12-month low of $256.98 and a 12-month high of $342.20. The company has a quick ratio of 1.58, a current ratio of 3.21 and a debt-to-equity ratio of 0.10.
Reliance (NYSE:RS - Get Free Report) last announced 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 firm had revenue of $3.13 billion during the quarter, compared to analysts' expectations of $3.04 billion. Equities research analysts anticipate that Reliance, Inc. will post 16.98 EPS for the current fiscal year.
Reliance Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were paid a dividend of $1.20 per share. The ex-dividend date was Friday, March 7th. This represents a $4.80 annualized dividend and a yield of 1.74%. This is a boost from Reliance's previous quarterly dividend of $1.10. Reliance's dividend payout ratio is currently 31.09%.
Insider Activity
In other news, CEO Karla R. Lewis sold 31,136 shares of the company's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $300.52, for a total transaction of $9,356,990.72. Following the completion of the sale, the chief executive officer now owns 90,230 shares of the company's stock, valued at $27,115,919.60. This represents a 25.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.69% of the company's stock.
Wall Street Analyst Weigh In
RS has been the topic of a number of recent research reports. KeyCorp upped their price objective on shares of Reliance from $321.00 to $327.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. Wolfe Research upgraded Reliance from an "underperform" rating to a "peer perform" rating in a research note on Wednesday, January 8th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $329.17.
Get Our Latest Analysis on Reliance
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.
Further Reading
Before you consider Reliance, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Reliance wasn't on the list.
While Reliance currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Nuclear energy stocks are roaring. It's the hottest energy sector of the year. Cameco Corp, Paladin Energy, and BWX Technologies were all up more than 40% in 2024. The biggest market moves could still be ahead of us, and there are seven nuclear energy stocks that could rise much higher in the next several months. To unlock these tickers, enter your email address below.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
