Reliance, Inc. (NYSE:RS) Shares Sold by SVB Wealth LLC

SVB Wealth LLC decreased its holdings in shares of Reliance, Inc. (NYSE:RS) by 8.2% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,786 shares of the industrial products company’s stock after selling 159 shares during the quarter. SVB Wealth LLC’s holdings in Reliance were worth $499,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Flputnam Investment Management Co. boosted its holdings in shares of Reliance by 16.8% in the 4th quarter. Flputnam Investment Management Co. now owns 10,262 shares of the industrial products company’s stock valued at $2,870,000 after purchasing an additional 1,473 shares during the last quarter. CTC Alternative Strategies Ltd. acquired a new position in shares of Reliance in the 4th quarter valued at $447,000. Louisiana State Employees Retirement System acquired a new position in shares of Reliance in the 4th quarter valued at $4,503,000. Perigon Wealth Management LLC boosted its holdings in shares of Reliance by 32.2% in the 4th quarter. Perigon Wealth Management LLC now owns 1,011 shares of the industrial products company’s stock valued at $283,000 after purchasing an additional 246 shares during the last quarter. Finally, Cerity Partners LLC boosted its holdings in shares of Reliance by 2.9% in the 4th quarter. Cerity Partners LLC now owns 17,780 shares of the industrial products company’s stock valued at $4,973,000 after purchasing an additional 496 shares during the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Citigroup cut shares of Reliance from a “buy” rating to a “neutral” rating and lifted their price target for the company from $280.00 to $380.00 in a research report on Thursday, April 11th. BMO Capital Markets lifted their price target on shares of Reliance from $295.00 to $355.00 and gave the company an “outperform” rating in a research report on Tuesday, February 20th. Finally, KeyCorp boosted their price target on Reliance from $300.00 to $362.00 and gave the stock an “overweight” rating in a research report on Friday, February 16th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $365.67.

Reliance Trading Down 0.2 %

NYSE:RS opened at $319.49 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.23 and a current ratio of 5.66. Reliance, Inc. has a one year low of $229.12 and a one year high of $342.20. The business’s 50-day simple moving average is $324.38 and its 200 day simple moving average is $290.21. The stock has a market cap of $18.35 billion, a price-to-earnings ratio of 14.13, a price-to-earnings-growth ratio of 5.63 and a beta of 0.87.

Reliance (NYSE:RS) last released its quarterly earnings results on Thursday, February 15th. The industrial products company reported $4.73 EPS for the quarter, topping the consensus estimate of $3.92 by $0.81. The business had revenue of $3.34 billion for the quarter, compared to analysts’ expectations of $3.31 billion. Reliance had a return on equity of 17.53% and a net margin of 9.02%. The company’s revenue was down 7.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $5.87 earnings per share. As a group, sell-side analysts predict that Reliance, Inc. will post 19.51 earnings per share for the current fiscal year.

Reliance Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date was Thursday, March 7th. This is a positive change from Reliance’s previous quarterly dividend of $1.00. Reliance’s dividend payout ratio is 19.46%.

Insider Activity

In other news, CEO Karla R. Lewis sold 650 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $322.96, for a total value of $209,924.00. Following the sale, the chief executive officer now owns 83,884 shares in the company, valued at approximately $27,091,176.64. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Karla R. Lewis sold 650 shares of the business’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $322.96, for a total transaction of $209,924.00. Following the completion of the sale, the chief executive officer now owns 83,884 shares of the company’s stock, valued at approximately $27,091,176.64. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Karla R. Lewis sold 42,346 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $318.97, for a total transaction of $13,507,103.62. Following the completion of the transaction, the chief executive officer now directly owns 84,534 shares in the company, valued at approximately $26,963,809.98. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 85,996 shares of company stock worth $27,603,878. 0.69% of the stock is currently 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.