ExodusPoint Capital Management LP Sells 36,201 Shares of Reliance, Inc. (NYSE:RS)

ExodusPoint Capital Management LP trimmed its holdings in Reliance, Inc. (NYSE:RS) by 55.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,547 shares of the industrial products company’s stock after selling 36,201 shares during the quarter. ExodusPoint Capital Management LP’s holdings in Reliance were worth $7,687,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Holocene Advisors LP bought a new position in shares of Reliance during the third quarter valued at approximately $3,141,000. Quarry LP purchased a new position in Reliance during the third quarter valued at $41,000. Quantinno Capital Management LP boosted its holdings in Reliance by 47.6% in the third quarter. Quantinno Capital Management LP now owns 4,558 shares of the industrial products company’s stock worth $1,318,000 after acquiring an additional 1,469 shares in the last quarter. Weiss Asset Management LP bought a new position in shares of Reliance during the third quarter valued at $12,389,000. Finally, Worldquant Millennium Advisors LLC purchased a new position in shares of Reliance in the 3rd quarter worth about $2,824,000. 79.26% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Reliance

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

Analyst Ratings Changes

A number of research firms have weighed in on RS. KeyCorp raised their price objective on shares of Reliance from $321.00 to $327.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 8th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $329.17.

Reliance Trading Down 4.0 %

Shares of RS stock opened at $264.32 on Friday. 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, Inc. has a 12-month low of $256.98 and a 12-month high of $342.20. The stock has a market capitalization of $14.00 billion, a P/E ratio of 17.12 and a beta of 0.87. The firm’s 50 day moving average is $288.35 and its 200 day moving average is $290.63.

Reliance (NYSE:RS) last released its quarterly 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 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 analysts’ expectations of $3.04 billion. Research analysts expect that Reliance, Inc. will post 16.98 earnings per share for the current year.

Reliance Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were given a $1.20 dividend. The ex-dividend date of this dividend was Friday, March 7th. This is an increase from Reliance’s previous quarterly dividend of $1.10. This represents a $4.80 annualized dividend and a yield of 1.82%. Reliance’s dividend payout ratio (DPR) is presently 31.09%.

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.