Russell Investments Group Ltd. Buys 7,897 Shares of Reliance, Inc. (NYSE:RS)

Russell Investments Group Ltd. raised its stake in shares of Reliance, Inc. (NYSE:RS) by 5.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 156,893 shares of the industrial products company’s stock after purchasing an additional 7,897 shares during the period. Russell Investments Group Ltd.’s holdings in Reliance were worth $44,000,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of RS. Sequoia Financial Advisors LLC raised its holdings in Reliance by 378.5% during the 4th quarter. Sequoia Financial Advisors LLC now owns 5,919 shares of the industrial products company’s stock valued at $1,655,000 after buying an additional 4,682 shares during the period. United Capital Management of KS Inc. lifted its holdings in Reliance by 0.8% during the 3rd quarter. United Capital Management of KS Inc. now owns 26,668 shares of the industrial products company’s stock valued at $6,993,000 after buying an additional 219 shares in the last quarter. Vest Financial LLC boosted its position in Reliance by 35.2% in the 4th quarter. Vest Financial LLC now owns 47,759 shares of the industrial products company’s stock valued at $13,357,000 after buying an additional 12,423 shares during the period. Caisse DE Depot ET Placement DU Quebec grew its stake in Reliance by 15.9% in the 3rd 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 acquiring an additional 28,889 shares in the last quarter. Finally, Comerica Bank purchased a new position in shares of Reliance during the third quarter worth approximately $8,173,000. 79.26% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on RS. Citigroup lowered Reliance from a “buy” rating to a “neutral” rating and boosted their price target for the company from $280.00 to $380.00 in a report on Thursday, April 11th. StockNews.com downgraded Reliance from a “buy” rating to a “hold” rating in a research report on Friday. KeyCorp lifted their price objective on Reliance from $300.00 to $362.00 and gave the company an “overweight” rating in a report on Friday, February 16th. Finally, BMO Capital Markets lowered their price objective on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a research note on Friday.

Reliance Stock Up 1.1 %

Reliance stock opened at $293.93 on Tuesday. The company has a quick ratio of 3.21, a current ratio of 5.74 and a debt-to-equity ratio of 0.14. The firm has a market cap of $16.88 billion, a P/E ratio of 13.73, a P/E/G ratio of 5.09 and a beta of 0.87. The business has a fifty day moving average of $324.16 and a two-hundred day moving average of $291.99. Reliance, Inc. has a twelve month low of $229.12 and a twelve month high of $342.20.

Reliance (NYSE:RS) last issued its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.30 earnings per share for the quarter, missing analysts’ consensus estimates of $5.51 by ($0.21). Reliance had a return on equity of 16.26% and a net margin of 8.67%. The company had revenue of $3.64 billion for the quarter, compared to analysts’ expectations of $3.76 billion. During the same quarter last year, the company earned $6.37 earnings per share. The company’s revenue for the quarter was down 8.1% compared to the same quarter last year. On average, analysts forecast that Reliance, Inc. will post 19.6 earnings per share for the current fiscal year.

Reliance Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 24th will be paid a dividend of $1.10 per share. The ex-dividend date of this dividend is Thursday, May 23rd. This represents a $4.40 annualized dividend and a dividend yield of 1.50%. Reliance’s dividend payout ratio (DPR) is presently 20.55%.

Insider Buying and Selling

In other news, Director James Donald Hoffman sold 40,000 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $322.95, for a total value of $12,918,000.00. Following the completion of the sale, the director now owns 54,042 shares of the company’s stock, valued at approximately $17,452,863.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director James Donald Hoffman sold 40,000 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $322.95, for a total value of $12,918,000.00. Following the completion of the transaction, the director now directly owns 54,042 shares of the company’s stock, valued at approximately $17,452,863.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Karla R. Lewis sold 650 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $322.96, for a total transaction of $209,924.00. Following the sale, the chief executive officer now directly owns 83,884 shares in the company, valued at approximately $27,091,176.64. The disclosure for this sale can be found here. Insiders sold a total of 85,996 shares of company stock worth $27,603,878 in the last 90 days. 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.