Sei Investments Co. Raises Holdings in Reliance, Inc. (NYSE:RS)

Sei Investments Co. boosted its position in Reliance, Inc. (NYSE:RS) by 59.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 51,857 shares of the industrial products company’s stock after acquiring an additional 19,245 shares during the quarter. Sei Investments Co. owned 0.10% of Reliance worth $13,964,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Quarry LP purchased a new stake in shares of Reliance during the 3rd quarter worth about $41,000. Versant Capital Management Inc lifted its position in Reliance by 157.8% during the fourth quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock valued at $58,000 after buying an additional 131 shares in the last quarter. Brooklyn Investment Group purchased a new stake in Reliance during the third quarter worth approximately $78,000. Jones Financial Companies Lllp increased its position in shares of Reliance by 1,216.0% in 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 purchased a new position in shares of Reliance in the 4th quarter valued at $90,000. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on RS shares. Wolfe Research raised shares of Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. KeyCorp increased their target price on Reliance from $321.00 to $327.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Finally, The Goldman Sachs Group started coverage on Reliance in a research 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 company’s stock. Based on data from MarketBeat.com, Reliance currently has an average rating of “Hold” and a consensus price target of $329.17.

Reliance Trading Down 2.5 %

NYSE:RS opened at $286.34 on Friday. Reliance, Inc. has a one year low of $256.98 and a one year high of $342.20. The business’s 50-day simple moving average is $289.01 and its 200 day simple moving average is $290.38. 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 market cap of $15.17 billion, a price-to-earnings ratio of 18.55 and a beta of 0.87.

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). Reliance had a net margin of 6.33% and a return on equity of 11.87%. The business had revenue of $3.13 billion during the quarter, compared to analyst estimates of $3.04 billion. As a group, sell-side analysts predict 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 was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were issued a dividend of $1.20 per share. This is a positive change from Reliance’s previous quarterly dividend of $1.10. This represents a $4.80 annualized dividend and a yield of 1.68%. The ex-dividend date of this dividend was Friday, March 7th. Reliance’s dividend payout ratio (DPR) is currently 31.09%.

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 stock was 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 owns 90,230 shares in the company, valued at approximately $27,115,919.60. This trade represents a 25.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.69% of the company’s stock.

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.