Reliance, Inc. (NYSE:RS) Shares Sold by Andra AP fonden

Andra AP fonden trimmed its position in Reliance, Inc. (NYSE:RS) by 85.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,300 shares of the industrial products company’s stock after selling 37,600 shares during the quarter. Andra AP fonden’s holdings in Reliance were worth $1,696,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Quent Capital LLC grew its position in shares of Reliance by 4.1% in the 4th quarter. Quent Capital LLC now owns 941 shares of the industrial products company’s stock valued at $253,000 after buying an additional 37 shares during the last quarter. Harbor Capital Advisors Inc. boosted its holdings in shares of Reliance by 0.6% in the fourth quarter. Harbor Capital Advisors Inc. now owns 7,715 shares of the industrial products company’s stock valued at $2,077,000 after acquiring an additional 49 shares in the last quarter. CIBC Asset Management Inc lifted its stake in shares of Reliance by 2.3% in the fourth quarter. CIBC Asset Management Inc now owns 2,694 shares of the industrial products company’s stock valued at $725,000 after purchasing an additional 60 shares during the period. Covestor Ltd lifted its stake in shares of Reliance by 17.6% in the third quarter. Covestor Ltd now owns 462 shares of the industrial products company’s stock valued at $133,000 after purchasing an additional 69 shares during the period. Finally, Parcion Private Wealth LLC lifted its stake in shares of Reliance by 7.6% in the fourth quarter. Parcion Private Wealth LLC now owns 982 shares of the industrial products company’s stock valued at $264,000 after purchasing an additional 69 shares during the period. 79.26% of the stock is owned by hedge funds and other institutional investors.

Reliance Stock Up 1.9 %

Reliance stock opened at $288.72 on Monday. The company has a 50-day simple moving average of $285.62 and a 200-day simple moving average of $289.99. The firm has a market capitalization of $15.29 billion, a P/E ratio of 18.70 and a beta of 0.87. 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.

Reliance (NYSE:RS) last announced its earnings results on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.74 by ($0.52). The company had revenue of $3.13 billion during the quarter, compared to the consensus estimate 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 expect that Reliance, Inc. will post 16.98 earnings per share for the current year.

Reliance Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be issued a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 1.66%. This is an increase from Reliance’s previous quarterly dividend of $1.10. The ex-dividend date of this dividend is Friday, March 7th. Reliance’s dividend payout ratio is presently 31.09%.

Insider Buying and Selling at Reliance

In other Reliance news, CEO Karla R. Lewis sold 31,136 shares of the company’s stock in a transaction dated 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 directly owns 90,230 shares of the company’s stock, 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 Securities & Exchange Commission, which is available through this hyperlink. 0.69% of the stock is owned by corporate insiders.

Analyst Ratings Changes

RS has been the subject of a number of research reports. The Goldman Sachs Group initiated coverage on shares of Reliance in a research report on Monday, December 2nd. They set a “neutral” rating and a $341.00 target price for the company. KeyCorp boosted their target price 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, Wolfe Research raised shares of Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $329.17.

Reliance 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.