PFG Advisors Has $1.46 Million Stock Holdings in Reliance, Inc. (NYSE:RS)

PFG Advisors decreased its holdings in Reliance, Inc. (NYSE:RS) by 62.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,416 shares of the industrial products company’s stock after selling 9,108 shares during the quarter. PFG Advisors’ holdings in Reliance were worth $1,458,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in RS. Crossmark Global Holdings Inc. raised its stake in shares of Reliance by 21.6% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 4,437 shares of the industrial products company’s stock valued at $1,284,000 after buying an additional 788 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of 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 valued at $36,963,000 after buying an additional 1,696 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of Reliance by 0.3% in the 3rd quarter. Victory Capital Management Inc. now owns 203,156 shares of the industrial products company’s stock valued at $58,755,000 after buying an additional 528 shares in the last quarter. Oppenheimer & Co. Inc. grew its holdings in shares of Reliance by 10.8% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 872 shares of the industrial products company’s stock worth $252,000 after purchasing an additional 85 shares during the last quarter. Finally, KBC Group NV lifted its holdings in Reliance by 68.8% during the 3rd quarter. KBC Group NV now owns 139,660 shares of the industrial products company’s stock valued at $40,391,000 after purchasing an additional 56,933 shares during the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Insider Transactions at Reliance

In other news, CEO Karla R. Lewis sold 31,136 shares of Reliance stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 90,230 shares in the company, valued at $27,115,919.60. The trade was a 25.65 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.69% of the stock is owned by corporate insiders.

Reliance Trading Up 0.5 %

RS opened at $279.03 on Friday. 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 stock has a market capitalization of $14.78 billion, a PE ratio of 18.07 and a beta of 0.87. Reliance, Inc. has a 1-year low of $256.98 and a 1-year high of $342.20. The firm has a 50-day moving average price of $286.39 and a two-hundred day moving average price of $289.93.

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 the consensus estimate of $2.74 by ($0.52). The company 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, equities analysts anticipate that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be given a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 1.72%. The ex-dividend date is Friday, March 7th. This is a boost from Reliance’s previous quarterly dividend of $1.10. Reliance’s dividend payout ratio (DPR) is presently 31.09%.

Analysts Set New Price Targets

Several brokerages recently issued reports on RS. Wolfe Research raised shares of Reliance from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 8th. KeyCorp lifted their price target on shares of Reliance from $321.00 to $327.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Finally, The Goldman Sachs Group began coverage on shares of Reliance in a report on Monday, December 2nd. They set a “neutral” rating and a $341.00 price target for the company. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average 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.