By otakuyassine3@gmail.com 
Fmr LLC boosted its holdings in Reliance, Inc. (NYSE:RS – Free Report) by 25.1% during the 4th quarter, Holdings Channel reports. The fund owned 507,618 shares of the industrial products company’s stock after acquiring an additional 101,733 shares during the quarter. Fmr LLC’s holdings in Reliance were worth $136,681,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently added to or reduced their stakes in the business. Proficio Capital Partners LLC acquired a new stake in shares of Reliance in the 4th quarter worth approximately $7,352,000. Toronto Dominion Bank raised its holdings in Reliance by 26.7% during the third quarter. Toronto Dominion Bank now owns 8,198 shares of the industrial products company’s stock worth $2,371,000 after purchasing an additional 1,729 shares in the last quarter. Pure Financial Advisors LLC lifted its position in Reliance by 232.9% in the fourth quarter. Pure Financial Advisors LLC now owns 9,281 shares of the industrial products company’s stock worth $2,499,000 after purchasing an additional 6,493 shares during the period. World Investment Advisors LLC bought a new position in Reliance during the 3rd quarter valued at $4,600,000. Finally, Nordea Investment Management AB increased its position in shares of Reliance by 11.0% during the 4th quarter. Nordea Investment Management AB now owns 4,951 shares of the industrial products company’s stock valued at $1,332,000 after purchasing an additional 489 shares during the period. Institutional investors own 79.26% of the company’s stock.
Insider Activity
In other news, CEO Karla R. Lewis sold 31,136 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 90,230 shares of the company’s stock, valued at $27,115,919.60. This represents a 25.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.69% of the company’s stock.
Reliance Trading Up 0.6 %
Shares of NYSE RS opened at $279.38 on Monday. The business has a fifty day simple moving average of $285.85 and a 200-day simple moving average of $290.06. The company has a market cap of $14.78 billion, a price-to-earnings ratio of 18.09 and a beta of 0.83. Reliance, Inc. has a 12 month low of $250.07 and a 12 month high of $330.46. The company has a quick ratio of 1.58, a current ratio of 3.21 and a debt-to-equity ratio of 0.10.
Reliance (NYSE:RS – Get Free Report) last announced its earnings results on Wednesday, February 19th. The industrial products company reported $2.22 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 analyst estimates of $3.04 billion. Sell-side analysts predict that Reliance, Inc. will post 16.98 EPS for the current year.
Reliance Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were paid a dividend of $1.20 per share. This is an increase from Reliance’s previous quarterly dividend of $1.10. This represents a $4.80 annualized dividend and a yield of 1.72%. The ex-dividend date was Friday, March 7th. Reliance’s payout ratio is 31.09%.
Analyst Ratings Changes
Several analysts have recently weighed in on RS shares. KeyCorp upped their price objective on Reliance from $321.00 to $327.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. Four 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, the stock presently has a consensus rating of “Hold” and a consensus target price of $319.00.
View Our Latest Stock Analysis on RS
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.
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