Gallacher Capital Management LLC Has $377,000 Holdings in Reliance, Inc. (NYSE:RS)

Gallacher Capital Management LLC raised its holdings in shares of Reliance, Inc. (NYSE:RS) by 64.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,347 shares of the industrial products company’s stock after purchasing an additional 526 shares during the quarter. Gallacher Capital Management LLC’s holdings in Reliance were worth $377,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in RS. Millburn Ridgefield Corp bought a new stake in Reliance during the third quarter worth $33,000. Catalyst Capital Advisors LLC purchased a new position in Reliance in the 3rd quarter valued at approximately $33,000. Altshuler Shaham Ltd raised its holdings in Reliance by 183.6% during the 3rd quarter. Altshuler Shaham Ltd now owns 207 shares of the industrial products company’s stock valued at $54,000 after acquiring an additional 134 shares during the period. Blue Trust Inc. lifted its position in shares of Reliance by 187.9% during the fourth quarter. Blue Trust Inc. now owns 285 shares of the industrial products company’s stock worth $75,000 after acquiring an additional 186 shares in the last quarter. Finally, Planned Solutions Inc. bought a new position in shares of Reliance in the fourth quarter worth $89,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Stock Performance

NYSE:RS traded up $2.38 during mid-day trading on Monday, reaching $292.16. The company’s stock had a trading volume of 298,522 shares, compared to its average volume of 253,481. The firm’s fifty day moving average price is $320.99 and its two-hundred day moving average price is $293.10. The company has a current ratio of 5.74, a quick ratio of 3.21 and a debt-to-equity ratio of 0.14. The stock has a market cap of $16.78 billion, a P/E ratio of 13.53, a PEG ratio of 5.08 and a beta of 0.92. Reliance, Inc. has a 12-month low of $229.12 and a 12-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 EPS for the quarter, missing the consensus estimate of $5.51 by ($0.21). The firm had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.76 billion. Reliance had a return on equity of 16.26% and a net margin of 8.67%. The business’s revenue was down 8.1% on a year-over-year basis. During the same period in the previous year, the firm earned $6.37 EPS. On average, equities analysts forecast that Reliance, Inc. will post 19.6 EPS for the current fiscal year.

Reliance Dividend Announcement

The company also recently announced 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. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date of this dividend is Thursday, May 23rd. Reliance’s dividend payout ratio (DPR) is 20.55%.

Insider Buying and Selling at Reliance

In related news, CEO Karla R. Lewis sold 42,346 shares of the firm’s stock in a transaction on Tuesday, February 20th. The shares were 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 of the company’s stock, valued at $26,963,809.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Reliance news, CEO Karla R. Lewis sold 650 shares of Reliance stock in a transaction 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 transaction, the chief executive officer now directly owns 83,884 shares of the company’s stock, valued at approximately $27,091,176.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Karla R. Lewis sold 42,346 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were 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 in the company, 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 over the last ninety days. 0.69% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

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

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.