Reliance, Inc. (NYSE:RS) Shares Sold by Amundi

Amundi lowered its holdings in Reliance, Inc. (NYSE:RS) by 13.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 146,438 shares of the industrial products company’s stock after selling 23,681 shares during the quarter. Amundi owned 0.27% of Reliance worth $39,174,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in RS. Verdence Capital Advisors LLC purchased a new stake in Reliance during the third quarter worth $203,000. Crossmark Global Holdings Inc. boosted its holdings in Reliance by 21.6% during the third quarter. Crossmark Global Holdings Inc. now owns 4,437 shares of the industrial products company’s stock worth $1,284,000 after buying an additional 788 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Reliance by 1.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 127,806 shares of the industrial products company’s stock worth $36,963,000 after buying an additional 1,696 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Reliance by 0.3% during the third quarter. Victory Capital Management Inc. now owns 203,156 shares of the industrial products company’s stock worth $58,755,000 after buying an additional 528 shares in the last quarter. Finally, Oppenheimer & Co. Inc. boosted its holdings in Reliance by 10.8% during the third quarter. Oppenheimer & Co. Inc. now owns 872 shares of the industrial products company’s stock worth $252,000 after buying an additional 85 shares in the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Insider Activity

In related news, CEO Karla R. Lewis sold 31,136 shares of the firm’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 completion of the sale, the chief executive officer now directly owns 90,230 shares in the company, valued at approximately $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 accessible through this link. Company insiders own 0.69% of the company’s stock.

Wall Street Analysts Forecast Growth

RS has been the topic of a number of recent analyst reports. KeyCorp increased their price target on shares of Reliance from $321.00 to $327.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. The Goldman Sachs Group initiated coverage on shares of Reliance in a report on Monday, December 2nd. They set a “neutral” rating and a $341.00 price objective on the stock. Finally, Wolfe Research raised shares of Reliance from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 8th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $329.17.

Reliance Stock Performance

RS opened at $277.82 on Thursday. The firm’s fifty day simple moving average is $286.22 and its two-hundred day simple moving average is $290.01. The company has a market cap of $14.72 billion, a price-to-earnings ratio of 17.99 and a beta of 0.87. 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 issued its 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 business 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 analysts anticipate that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be given a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.73%. This is a boost from Reliance’s previous quarterly dividend of $1.10. The ex-dividend date is Friday, March 7th. Reliance’s dividend payout ratio is 31.09%.

About Reliance

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.