Reliance, Inc. (NYSE:RS) Position Cut by LSV Asset Management

LSV Asset Management lowered its holdings in shares of Reliance, Inc. (NYSE:RS) by 17.2% during the 4th quarter, Holdings Channel reports. The fund owned 772,008 shares of the industrial products company’s stock after selling 160,775 shares during the period. LSV Asset Management’s holdings in Reliance were worth $215,915,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in the business. Wellington Management Group LLP lifted its stake in shares of Reliance by 1.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,197,200 shares of the industrial products company’s stock worth $313,942,000 after acquiring an additional 12,166 shares during the period. Invesco Ltd. boosted its stake in Reliance by 35.4% during the 3rd quarter. Invesco Ltd. now owns 723,755 shares of the industrial products company’s stock valued at $189,790,000 after purchasing an additional 189,326 shares in the last quarter. Northern Trust Corp increased its position in shares of Reliance by 6.0% during the 3rd quarter. Northern Trust Corp now owns 675,801 shares of the industrial products company’s stock valued at $177,215,000 after purchasing an additional 37,971 shares during the period. Pacer Advisors Inc. raised its stake in shares of Reliance by 7.1% in the 4th quarter. Pacer Advisors Inc. now owns 536,462 shares of the industrial products company’s stock worth $150,038,000 after buying an additional 35,627 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in shares of Reliance by 0.5% in the third quarter. Legal & General Group Plc now owns 324,868 shares of the industrial products company’s stock valued at $85,190,000 after buying an additional 1,465 shares during the period. Institutional investors own 79.26% of the company’s stock.

Insider Buying and Selling at Reliance

In other news, CEO Karla R. Lewis sold 650 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $322.96, for a total value 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 $27,091,176.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Karla R. Lewis sold 650 shares of the stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $322.96, for a total value of $209,924.00. Following the completion of the sale, the chief executive officer now directly owns 83,884 shares of the company’s stock, valued at $27,091,176.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Karla R. Lewis sold 42,346 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 84,534 shares of the company’s stock, valued at $26,963,809.98. The disclosure for this sale can be found here. Insiders have sold a total of 90,996 shares of company stock valued at $29,052,928 in the last three months. 0.69% of the stock is currently owned by company insiders.

Reliance Trading Down 0.3 %

Shares of NYSE:RS traded down $0.94 during midday trading on Friday, reaching $289.78. The company had a trading volume of 249,162 shares, compared to its average volume of 278,406. The company has a fifty day simple moving average of $320.99 and a two-hundred day simple moving average of $292.82. The firm has a market cap of $16.64 billion, a price-to-earnings ratio of 13.53, a price-to-earnings-growth ratio of 5.08 and a beta of 0.92. Reliance, Inc. has a 1-year low of $229.12 and a 1-year high of $342.20. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.21 and a current ratio of 5.74.

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

Reliance Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 24th will be given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 1.52%. The ex-dividend date is Thursday, May 23rd. Reliance’s payout ratio is 20.55%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on RS. KeyCorp lifted their target price on Reliance from $300.00 to $362.00 and gave the stock an “overweight” rating in a report on Friday, February 16th. StockNews.com cut shares of Reliance from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. BMO Capital Markets cut their target price on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a research note on Friday, April 26th. Finally, Citigroup lowered shares of Reliance from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $280.00 to $380.00 in a research report on Thursday, April 11th.

Reliance Company 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.