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

Tredje AP fonden trimmed its stake in shares of Reliance, Inc. (NYSE:RS) by 50.0% in the 4th quarter, HoldingsChannel reports. The firm owned 4,518 shares of the industrial products company’s stock after selling 4,518 shares during the period. Tredje AP fonden’s holdings in Reliance were worth $1,217,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Avantax Advisory Services Inc. lifted its holdings in Reliance by 4.8% during the 4th quarter. Avantax Advisory Services Inc. now owns 1,234 shares of the industrial products company’s stock worth $332,000 after buying an additional 56 shares during the last quarter. Sequoia Financial Advisors LLC lifted its holdings in Reliance by 5.9% during the 4th quarter. Sequoia Financial Advisors LLC now owns 2,603 shares of the industrial products company’s stock worth $701,000 after buying an additional 145 shares during the last quarter. King Luther Capital Management Corp lifted its holdings in Reliance by 3.2% during the 4th quarter. King Luther Capital Management Corp now owns 132,306 shares of the industrial products company’s stock worth $35,625,000 after buying an additional 4,113 shares during the last quarter. Independent Advisor Alliance purchased a new stake in Reliance during the 4th quarter worth about $369,000. Finally, Johnson Investment Counsel Inc. lifted its position in shares of Reliance by 0.4% during the 4th quarter. Johnson Investment Counsel Inc. now owns 11,149 shares of the industrial products company’s stock worth $3,002,000 after buying an additional 39 shares during the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 8th. The Goldman Sachs Group assumed coverage on shares of Reliance in a report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 target price for the company. Finally, KeyCorp upped 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. Five analysts have rated the stock with a hold rating and two have given 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 Stock Up 1.5 %

Shares of NYSE:RS opened at $283.15 on Friday. The stock has a market cap of $15.00 billion, a P/E ratio of 18.34 and a beta of 0.87. The firm has a fifty day moving average price of $286.63 and a 200 day moving average price of $289.85. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.21 and a quick ratio of 1.58. Reliance, Inc. has a 1-year low of $256.98 and a 1-year high of $342.20.

Reliance (NYSE:RS) last issued its quarterly earnings results on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share for the quarter, missing analysts’ consensus estimates of $2.74 by ($0.52). The business had revenue of $3.13 billion for the quarter, compared to analyst estimates of $3.04 billion. Reliance had a return on equity of 11.87% and a net margin of 6.33%. Sell-side analysts predict that Reliance, Inc. will post 16.98 EPS for the current year.

Reliance Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be paid a dividend of $1.20 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $4.80 dividend on an annualized basis and a yield of 1.70%. This is a boost from Reliance’s previous quarterly dividend of $1.10. Reliance’s dividend payout ratio is currently 31.09%.

Insiders Place Their Bets

In other Reliance news, CEO Karla R. Lewis sold 31,136 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now owns 90,230 shares in the company, valued at approximately $27,115,919.60. This represents a 25.65 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.69% of the stock is owned by insiders.

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.