Reliance, Inc. (NYSE:RS) Stock Holdings Lessened by Andra AP fonden

Andra AP fonden lowered its position in Reliance, Inc. (NYSE:RS) by 85.6% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 6,300 shares of the industrial products company’s stock after selling 37,600 shares during the period. Andra AP fonden’s holdings in Reliance were worth $1,696,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new position in Reliance during the fourth quarter valued at approximately $20,640,000. Proficio Capital Partners LLC bought a new position in Reliance in the fourth quarter worth $7,352,000. M&T Bank Corp boosted its stake in Reliance by 69.5% during the fourth quarter. M&T Bank Corp now owns 5,098 shares of the industrial products company’s stock worth $1,372,000 after buying an additional 2,090 shares in the last quarter. Assetmark Inc. boosted its stake in Reliance by 1.4% during the fourth quarter. Assetmark Inc. now owns 28,310 shares of the industrial products company’s stock worth $7,623,000 after buying an additional 394 shares in the last quarter. Finally, XXEC Inc. acquired a new stake in Reliance during the fourth quarter worth $4,483,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on RS. Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. KeyCorp lifted their price target on shares of Reliance from $321.00 to $327.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Finally, The Goldman Sachs Group began coverage on shares of Reliance in a research note on Monday, December 2nd. They set a “neutral” rating and a $341.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $329.17.

Reliance Stock Up 1.9 %

Shares of NYSE:RS opened at $288.72 on Monday. Reliance, Inc. has a 52 week low of $256.98 and a 52 week high of $342.20. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 3.21. The company’s fifty day moving average is $285.62 and its 200-day moving average is $289.99. The company has a market capitalization of $15.29 billion, a PE ratio of 18.70 and a beta of 0.87.

Reliance (NYSE:RS) last issued its earnings results 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 during the quarter, compared to analyst estimates of $3.04 billion. Reliance had a net margin of 6.33% and a return on equity of 11.87%. Equities research analysts predict that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Increases Dividend

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

Insider Buying and Selling

In related news, CEO Karla R. Lewis sold 31,136 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 90,230 shares in the company, valued at $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 is available at the SEC website. 0.69% of the stock is owned by corporate insiders.

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.