Dana Investment Advisors Inc. Has $3.46 Million Stock Position in Reliance, Inc. (NYSE:RS)

Dana Investment Advisors Inc. reduced its stake in shares of Reliance, Inc. (NYSE:RS) by 11.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 12,833 shares of the industrial products company’s stock after selling 1,635 shares during the period. Dana Investment Advisors Inc.’s holdings in Reliance were worth $3,455,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RS. Quarry LP bought a new position in shares of Reliance in the third quarter valued at $41,000. Versant Capital Management Inc raised its stake in Reliance by 157.8% during the fourth quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock worth $58,000 after acquiring an additional 131 shares in the last quarter. Brooklyn Investment Group acquired a new position in Reliance during the third quarter worth about $78,000. Jones Financial Companies Lllp raised its stake in Reliance by 1,216.0% during the fourth quarter. Jones Financial Companies Lllp now owns 329 shares of the industrial products company’s stock worth $89,000 after acquiring an additional 304 shares in the last quarter. Finally, Providence First Trust Co acquired a new position in Reliance during the fourth quarter worth about $90,000. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RS has been the topic of several research reports. KeyCorp boosted their price target on 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 report on Wednesday, January 8th. Finally, The Goldman Sachs Group initiated coverage on Reliance in a report on Monday, December 2nd. They set a “neutral” rating and a $341.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $329.17.

Insider Transactions at Reliance

In other Reliance news, CEO Karla R. Lewis sold 31,136 shares of the company’s stock in a transaction on 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 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 filing with the SEC, which is accessible through this hyperlink. Insiders own 0.69% of the company’s stock.

Reliance Stock Performance

Shares of RS opened at $288.72 on Friday. The stock has a market capitalization of $15.63 billion, a P/E ratio of 18.70 and a beta of 0.91. The company has a current ratio of 3.21, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10. The firm’s fifty day simple moving average is $285.24 and its two-hundred day simple moving average is $289.81. Reliance, Inc. has a 12 month low of $256.98 and a 12 month high of $342.20.

Reliance (NYSE:RS) last issued its quarterly earnings results on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.74 by ($0.52). The business had revenue of $3.13 billion during the quarter, compared to analyst estimates of $3.04 billion. Reliance had a net margin of 6.33% and a return on equity of 11.87%. As a group, analysts predict that Reliance, Inc. will post 16.98 EPS for the current year.

Reliance Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be issued a dividend of $1.20 per share. The ex-dividend date is Friday, March 7th. This represents a $4.80 annualized dividend and a dividend yield of 1.66%. This is a positive change from Reliance’s previous quarterly dividend of $1.10. Reliance’s dividend payout ratio is currently 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.