FourThought Financial Partners LLC Acquires New Shares in Reliance, Inc. (NYSE:RS)

FourThought Financial Partners LLC purchased a new position in Reliance, Inc. (NYSE:RS) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,385 shares of the industrial products company’s stock, valued at approximately $373,000.

Several other large investors also recently modified their holdings of RS. Raymond James & Associates increased its holdings in shares of Reliance by 26.1% in the third quarter. Raymond James & Associates now owns 33,713 shares of the industrial products company’s stock worth $9,750,000 after acquiring an additional 6,985 shares in the last quarter. International Assets Investment Management LLC increased its holdings in shares of Reliance by 27,269.0% in the third quarter. International Assets Investment Management LLC now owns 112,213 shares of the industrial products company’s stock worth $32,453,000 after acquiring an additional 111,803 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Reliance by 9.7% in the third quarter. Assenagon Asset Management S.A. now owns 8,769 shares of the industrial products company’s stock worth $2,536,000 after acquiring an additional 777 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Reliance by 112.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,569 shares of the industrial products company’s stock worth $2,482,000 after acquiring an additional 4,537 shares in the last quarter. Finally, Forsta AP Fonden increased its holdings in shares of Reliance by 6.6% in the third quarter. Forsta AP Fonden now owns 11,300 shares of the industrial products company’s stock worth $3,268,000 after acquiring an additional 700 shares in the last quarter. 79.26% of the stock is currently owned by institutional investors.

Reliance Stock Down 1.0 %

RS stock opened at $296.22 on Wednesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.21 and a quick ratio of 1.58. The stock has a market capitalization of $16.03 billion, a P/E ratio of 19.19 and a beta of 0.90. The business has a 50-day moving average of $282.48 and a 200-day moving average of $289.55. Reliance, Inc. has a fifty-two week low of $256.98 and a fifty-two week high of $342.20.

Reliance (NYSE:RS) last posted 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 company had revenue of $3.13 billion during 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%. On average, sell-side analysts anticipate 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. Shareholders of record on Friday, March 7th will be paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 1.62%. This is an increase from Reliance’s previous quarterly dividend of $1.10. The ex-dividend date is Friday, March 7th. Reliance’s dividend payout ratio (DPR) is currently 31.09%.

Insider Buying and Selling at Reliance

In other Reliance news, CEO Karla R. Lewis sold 31,136 shares of the firm’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 value of $9,356,990.72. Following the completion of the transaction, the chief executive officer now directly owns 90,230 shares in the company, 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 document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Wolfe Research upgraded Reliance from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 8th. The Goldman Sachs Group assumed coverage on Reliance in a research report on Monday, December 2nd. They set a “neutral” rating and a $341.00 price objective for the company. Finally, KeyCorp upped their price objective on Reliance from $321.00 to $327.00 and gave the stock an “overweight” rating in a research report on Monday. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $329.17.

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.