Moran Wealth Management LLC Boosts Holdings in Reliance, Inc. (NYSE:RS)

Moran Wealth Management LLC raised its stake in Reliance, Inc. (NYSE:RS) by 2.3% during the fourth quarter, Holdings Channel reports. The fund owned 2,852 shares of the industrial products company’s stock after buying an additional 63 shares during the period. Moran Wealth Management LLC’s holdings in Reliance were worth $768,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Toronto Dominion Bank grew its holdings in Reliance by 26.7% during the third 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 period. Assetmark Inc. lifted its position in shares of Reliance by 24.2% during the 3rd quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company’s stock valued at $8,074,000 after buying an additional 5,431 shares during the last quarter. Dearborn Partners LLC grew its stake in shares of Reliance by 4.1% during the 3rd quarter. Dearborn Partners LLC now owns 86,406 shares of the industrial products company’s stock worth $24,989,000 after acquiring an additional 3,419 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its holdings in Reliance by 1.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 127,806 shares of the industrial products company’s stock worth $36,963,000 after acquiring an additional 1,696 shares during the last quarter. Finally, Pure Financial Advisors LLC raised its stake in Reliance by 232.9% in the 4th quarter. Pure Financial Advisors LLC now owns 9,281 shares of the industrial products company’s stock valued at $2,499,000 after acquiring an additional 6,493 shares during the period. 79.26% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on RS shares. KeyCorp increased their target price 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 raised shares of Reliance from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 8th. Finally, The Goldman Sachs Group initiated coverage on shares of Reliance in a report on Monday, December 2nd. They set a “neutral” rating and a $341.00 target price on the stock. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Reliance has an average rating of “Hold” and an average price target of $329.17.

Insider Activity at Reliance

In related news, CEO Karla R. Lewis sold 31,136 shares of the firm’s 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 sale, the chief executive officer now directly owns 90,230 shares of the company’s stock, valued at $27,115,919.60. This trade represents a 25.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.69% of the stock is owned by corporate insiders.

Reliance Trading Down 0.2 %

Shares of Reliance stock opened at $282.04 on Wednesday. The company’s 50-day moving average price is $286.22 and its 200-day moving average price is $290.01. 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, Inc. has a 12-month low of $256.98 and a 12-month high of $342.20. The company has a market cap of $14.94 billion, a price-to-earnings ratio of 18.27 and a beta of 0.87.

Reliance (NYSE:RS) last posted its earnings results 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 for the quarter, compared to the consensus estimate of $3.04 billion. On average, equities analysts expect that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be given a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date is Friday, March 7th. This is an increase from Reliance’s previous quarterly dividend of $1.10. Reliance’s dividend payout ratio (DPR) is 31.09%.

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.