ExodusPoint Capital Management LP Sells 36,201 Shares of Reliance, Inc. (NYSE:RS)

ExodusPoint Capital Management LP trimmed its position in shares of Reliance, Inc. (NYSE:RS) by 55.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 28,547 shares of the industrial products company’s stock after selling 36,201 shares during the period. ExodusPoint Capital Management LP owned 0.05% of Reliance worth $7,687,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of the company. Bryce Point Capital LLC purchased a new position in shares of Reliance in the fourth quarter worth about $1,412,000. Franklin Resources Inc. grew its stake in Reliance by 29.9% in the 4th quarter. Franklin Resources Inc. now owns 145,627 shares of the industrial products company’s stock valued at $39,212,000 after buying an additional 33,562 shares in the last quarter. B. Metzler seel. Sohn & Co. AG raised its holdings in Reliance by 116.6% during the 4th quarter. B. Metzler seel. Sohn & Co. AG now owns 4,748 shares of the industrial products company’s stock valued at $1,278,000 after acquiring an additional 2,556 shares during the period. Wellington Management Group LLP lifted its position in shares of Reliance by 10.4% during the fourth quarter. Wellington Management Group LLP now owns 1,479,542 shares of the industrial products company’s stock worth $398,381,000 after acquiring an additional 138,866 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC grew its position in shares of Reliance by 38.5% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 34,697 shares of the industrial products company’s stock valued at $9,343,000 after purchasing an additional 9,642 shares in the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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 value of $9,356,990.72. Following the completion of the transaction, the chief executive officer now directly owns 90,230 shares in the company, valued at approximately $27,115,919.60. This represents a 25.65 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.69% of the company’s stock.

Reliance Trading Down 4.0 %

RS stock opened at $264.32 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 3.21. Reliance, Inc. has a one year low of $256.98 and a one year high of $342.20. The company’s 50 day moving average price is $288.35 and its two-hundred day moving average price is $290.63. The company has a market capitalization of $14.00 billion, a PE ratio of 17.12 and a beta of 0.87.

Reliance (NYSE:RS) last issued its 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). 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 the consensus estimate of $3.04 billion. As a group, analysts predict that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were given a dividend of $1.20 per share. This is a positive change from Reliance’s previous quarterly dividend of $1.10. The ex-dividend date was Friday, March 7th. This represents a $4.80 dividend on an annualized basis and a yield of 1.82%. Reliance’s dividend payout ratio is presently 31.09%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on RS. Wolfe Research raised Reliance from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 8th. KeyCorp raised their price objective on shares of Reliance from $321.00 to $327.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Reliance has an average rating of “Hold” and an average target price of $329.17.

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.