Summit Financial LLC Cuts Stake in Reliance, Inc. (NYSE:RS)

Summit Financial LLC cut its stake in shares of Reliance, Inc. (NYSE:RS) by 37.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 840 shares of the industrial products company’s stock after selling 498 shares during the quarter. Summit Financial LLC’s holdings in Reliance were worth $226,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Wellington Management Group LLP grew its position in Reliance by 10.4% during the fourth quarter. Wellington Management Group LLP now owns 1,479,542 shares of the industrial products company’s stock valued at $398,381,000 after buying an additional 138,866 shares during the period. O Shaughnessy Asset Management LLC raised its stake in Reliance by 38.5% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 34,697 shares of the industrial products company’s stock worth $9,343,000 after acquiring an additional 9,642 shares during the period. Allstate Corp purchased a new position in Reliance during the fourth quarter valued at approximately $451,000. DnB Asset Management AS boosted its position in shares of Reliance by 2.4% in the fourth quarter. DnB Asset Management AS now owns 12,191 shares of the industrial products company’s stock worth $3,283,000 after purchasing an additional 288 shares during the period. Finally, Orion Portfolio Solutions LLC purchased a new stake in shares of Reliance in the fourth quarter worth $282,000. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Wall Street Analyst Weigh In

RS has been the topic of a number of analyst reports. Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. KeyCorp upped their price objective on Reliance from $321.00 to $327.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $329.17.

Insider Buying and Selling at Reliance

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 stock was sold at an average price of $300.52, for a total transaction of $9,356,990.72. Following the sale, the chief executive officer now directly owns 90,230 shares of the company’s stock, valued at $27,115,919.60. The trade was a 25.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.69% of the stock is owned by company insiders.

Reliance Stock Down 4.0 %

Shares of RS stock opened at $264.32 on Friday. The stock has a market cap of $14.00 billion, a P/E ratio of 17.12 and a beta of 0.87. The company’s fifty day simple moving average is $288.35 and its two-hundred day simple moving average is $290.63. 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, Inc. has a 52 week low of $256.98 and a 52 week high of $342.20.

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

Reliance Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were given a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 1.82%. The ex-dividend date was Friday, March 7th. This is a boost from Reliance’s previous quarterly dividend of $1.10. Reliance’s payout ratio is currently 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.