Keybank National Association OH Buys 137 Shares of Reliance, Inc. (NYSE:RS)

Keybank National Association OH boosted its stake in Reliance, Inc. (NYSE:RS) by 8.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,703 shares of the industrial products company’s stock after acquiring an additional 137 shares during the period. Keybank National Association OH’s holdings in Reliance were worth $459,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Toronto Dominion Bank raised its position in Reliance by 26.7% in the third quarter. Toronto Dominion Bank now owns 8,198 shares of the industrial products company’s stock worth $2,371,000 after acquiring an additional 1,729 shares during the period. Assetmark Inc. raised its position in shares of Reliance by 24.2% in the third quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company’s stock valued at $8,074,000 after purchasing an additional 5,431 shares during the period. Dearborn Partners LLC raised its position in shares of Reliance by 4.1% in the third quarter. Dearborn Partners LLC now owns 86,406 shares of the industrial products company’s stock valued at $24,989,000 after purchasing an additional 3,419 shares during the period. Pure Financial Advisors LLC raised its position in shares of Reliance by 232.9% in the fourth quarter. Pure Financial Advisors LLC now owns 9,281 shares of the industrial products company’s stock valued at $2,499,000 after purchasing an additional 6,493 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in shares of Reliance by 1.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 127,806 shares of the industrial products company’s stock valued at $36,963,000 after purchasing an additional 1,696 shares during the period. Institutional investors own 79.26% of the company’s stock.

Reliance Price Performance

Shares of NYSE:RS opened at $288.72 on Monday. The company has a 50 day moving average of $285.62 and a 200 day moving average of $289.99. The stock has a market cap of $15.29 billion, a P/E ratio of 18.70 and a beta of 0.87. Reliance, Inc. has a 12 month low of $256.98 and a 12 month high of $342.20. The company has a current ratio of 3.21, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10.

Reliance (NYSE:RS) last issued its quarterly earnings data 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). The firm had revenue of $3.13 billion for the quarter, compared to analysts’ expectations of $3.04 billion. Reliance had a net margin of 6.33% and a return on equity of 11.87%. As a group, sell-side analysts forecast that Reliance, Inc. will post 16.98 EPS for the current fiscal year.

Reliance Increases Dividend

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

Insiders Place Their Bets

In other Reliance news, CEO Karla R. Lewis sold 31,136 shares of the business’s 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 transaction, the chief executive officer now owns 90,230 shares of the company’s stock, valued at $27,115,919.60. The trade was a 25.65 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.69% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on RS. KeyCorp boosted their price target 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. The Goldman Sachs Group began coverage on shares of Reliance in a research report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price target on the stock. 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 investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has an average 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.