Reliance, Inc. (NYSE:RS) Shares Sold by Parallel Advisors LLC

Parallel Advisors LLC lowered its position in shares of Reliance, Inc. (NYSE:RS) by 7.4% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 2,076 shares of the industrial products company’s stock after selling 166 shares during the quarter. Parallel Advisors LLC’s holdings in Reliance were worth $559,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Quarry LP acquired a new stake in Reliance during the third quarter valued at approximately $41,000. Versant Capital Management Inc raised its stake 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 acquired a new stake in Reliance during the third quarter valued at approximately $78,000. Jones Financial Companies Lllp raised its position in shares of Reliance by 1,216.0% during the 4th quarter. Jones Financial Companies Lllp now owns 329 shares of the industrial products company’s stock worth $89,000 after purchasing an additional 304 shares during the period. Finally, Providence First Trust Co acquired a new stake in shares of Reliance during the 4th quarter worth approximately $90,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Stock Performance

Shares of RS stock opened at $281.77 on Friday. Reliance, Inc. has a 12-month low of $256.98 and a 12-month high of $342.20. The firm has a market capitalization of $14.93 billion, a price-to-earnings ratio of 18.25 and a beta of 0.87. The business has a 50 day simple moving average of $287.89 and a 200 day simple moving average of $289.80. 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 (NYSE:RS) last issued its quarterly earnings data 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 return on equity of 11.87% and a net margin of 6.33%. The business had revenue of $3.13 billion during the quarter, compared to the consensus estimate of $3.04 billion. On average, equities research analysts anticipate that Reliance, Inc. will post 16.98 EPS for the current year.

Reliance Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Investors 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 1.70%. This is a positive change 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 31.09%.

Wall Street Analyst Weigh In

RS has been the topic of a number of research reports. KeyCorp increased their price target on Reliance from $321.00 to $327.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. Wolfe Research upgraded Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. Finally, The Goldman Sachs Group initiated 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 analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $329.17.

Insider Buying and Selling

In other Reliance news, CEO Karla R. Lewis sold 31,136 shares of the stock in a transaction on Monday, February 24th. The stock was 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 directly owns 90,230 shares of the company’s stock, valued at approximately $27,115,919.60. This trade represents a 25.65 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.69% of the company’s stock.

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.