Reliance, Inc. (NYSE:RS) Stake Cut by Strs Ohio

Strs Ohio cut its position in shares of Reliance, Inc. (NYSE:RS) by 0.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,381 shares of the industrial products company’s stock after selling 80 shares during the quarter. Strs Ohio’s holdings in Reliance were worth $4,581,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC increased its position in Reliance by 378.5% in the fourth quarter. Sequoia Financial Advisors LLC now owns 5,919 shares of the industrial products company’s stock worth $1,655,000 after buying an additional 4,682 shares during the period. United Capital Management of KS Inc. increased its position in Reliance by 0.8% in the third quarter. United Capital Management of KS Inc. now owns 26,668 shares of the industrial products company’s stock worth $6,993,000 after buying an additional 219 shares during the period. Vest Financial LLC increased its position in Reliance by 35.2% in the fourth quarter. Vest Financial LLC now owns 47,759 shares of the industrial products company’s stock worth $13,357,000 after buying an additional 12,423 shares during the period. Caisse DE Depot ET Placement DU Quebec increased its position in Reliance by 15.9% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 210,218 shares of the industrial products company’s stock worth $55,125,000 after buying an additional 28,889 shares during the period. Finally, Comerica Bank acquired a new stake in Reliance in the third quarter worth $8,173,000. 79.26% of the stock is currently owned by institutional investors.

Reliance Price Performance

Shares of RS opened at $319.87 on Friday. The firm has a market capitalization of $18.37 billion, a price-to-earnings ratio of 14.15, a price-to-earnings-growth ratio of 5.67 and a beta of 0.87. 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 stock’s fifty day moving average is $323.98 and its 200-day moving average is $289.56.

Reliance (NYSE:RS) last issued its quarterly earnings results on Thursday, February 15th. The industrial products company reported $4.73 EPS for the quarter, beating analysts’ consensus estimates of $3.92 by $0.81. The company had revenue of $3.34 billion for the quarter, compared to analyst estimates of $3.31 billion. Reliance had a return on equity of 17.53% and a net margin of 9.02%. The company’s quarterly revenue was down 7.6% compared to the same quarter last year. During the same period last year, the company earned $5.87 earnings per share. Equities analysts anticipate that Reliance, Inc. will post 19.51 EPS for the current year.

Reliance Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Friday, March 8th were paid a dividend of $1.10 per share. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $4.40 annualized dividend and a yield of 1.38%. This is a boost from Reliance’s previous quarterly dividend of $1.00. Reliance’s dividend payout ratio (DPR) is currently 19.46%.

Insider Activity at Reliance

In related news, 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 owns 84,534 shares of the company’s stock, valued at $26,963,809.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, 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 owns 84,534 shares of the company’s stock, valued at $26,963,809.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Karla R. Lewis sold 650 shares of the firm’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 transaction, the chief executive officer now directly owns 83,884 shares of the company’s stock, valued at approximately $27,091,176.64. The disclosure for this sale can be found here. Insiders sold 85,996 shares of company stock valued at $27,603,878 over the last 90 days. 0.69% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

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

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.