Amalgamated Bank Sells 605 Shares of Reliance, Inc. (NYSE:RS)

Amalgamated Bank lessened its stake in shares of Reliance, Inc. (NYSE:RS) by 2.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,730 shares of the industrial products company’s stock after selling 605 shares during the period. Amalgamated Bank’s holdings in Reliance were worth $6,928,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Toronto Dominion Bank lifted its position in Reliance by 26.7% in the 3rd quarter. Toronto Dominion Bank now owns 8,198 shares of the industrial products company’s stock valued at $2,371,000 after acquiring an additional 1,729 shares in the last quarter. Assetmark Inc. boosted its position in shares of Reliance by 24.2% during the third 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 increased its holdings in Reliance by 4.1% in the 3rd quarter. Dearborn Partners LLC now owns 86,406 shares of the industrial products company’s stock worth $24,989,000 after buying an additional 3,419 shares in the last quarter. Pure Financial Advisors LLC raised its position 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 worth $2,499,000 after buying an additional 6,493 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake in Reliance by 1.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 127,806 shares of the industrial products company’s stock valued at $36,963,000 after acquiring an additional 1,696 shares during the period. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Reliance Stock Performance

NYSE:RS opened at $294.23 on Thursday. 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 stock has a 50-day simple moving average of $283.00 and a two-hundred day simple moving average of $289.58. The firm has a market capitalization of $15.92 billion, a PE ratio of 19.06 and a beta of 0.90. Reliance, Inc. has a 52-week low of $256.98 and a 52-week high of $342.20.

Reliance (NYSE:RS) last posted 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). The company had revenue of $3.13 billion for the quarter, compared to analysts’ expectations of $3.04 billion. Reliance had a net margin of 6.33% and a return on equity of 11.87%. Analysts forecast that Reliance, Inc. will post 16.98 EPS for the current year.

Reliance Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be paid a $1.20 dividend. The ex-dividend date of this dividend is Friday, March 7th. This is a boost from Reliance’s previous quarterly dividend of $1.10. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.63%. Reliance’s dividend payout ratio is 31.09%.

Insider Activity

In other news, CEO Karla R. Lewis sold 3,892 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $323.90, for a total value of $1,260,618.80. Following the completion of the transaction, the chief executive officer now owns 85,117 shares of the company’s stock, valued at $27,569,396.30. This represents a 4.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.69% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. KeyCorp lifted their price target on shares of Reliance from $321.00 to $327.00 and gave the stock an “overweight” rating in a research note on Monday. The Goldman Sachs Group assumed coverage on Reliance in a research report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 target price on the stock. Finally, Wolfe Research raised shares of Reliance from an “underperform” rating to a “peer perform” rating in a research report 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 an average rating of “Hold” and a consensus price target of $329.17.

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.