Reliance, Inc. (NYSE:RS) Shares Purchased by Ritholtz Wealth Management

Ritholtz Wealth Management boosted its holdings in Reliance, Inc. (NYSE:RS) by 1.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,183 shares of the industrial products company’s stock after buying an additional 111 shares during the quarter. Ritholtz Wealth Management’s holdings in Reliance were worth $1,729,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Worth Asset Management LLC acquired a new position in Reliance in the first quarter worth approximately $28,000. Millburn Ridgefield Corp purchased a new position in Reliance during the 3rd quarter worth approximately $33,000. Catalyst Capital Advisors LLC purchased a new position in Reliance during the 3rd quarter worth approximately $33,000. Penserra Capital Management LLC purchased a new position in Reliance during the 1st quarter worth approximately $46,000. Finally, Altshuler Shaham Ltd grew its position in Reliance by 183.6% during the 3rd quarter. Altshuler Shaham Ltd now owns 207 shares of the industrial products company’s stock worth $54,000 after purchasing an additional 134 shares in the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Insider Activity at Reliance

In other Reliance news, CFO Arthur Ajemyan sold 3,000 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $322.95, for a total transaction of $968,850.00. Following the sale, the chief financial officer now directly owns 15,577 shares of the company’s stock, valued at $5,030,592.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Arthur Ajemyan sold 3,000 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $322.95, for a total value of $968,850.00. Following the transaction, the chief financial officer now directly owns 15,577 shares in the company, valued at $5,030,592.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction of $12,918,000.00. Following the completion of the transaction, the director now owns 54,042 shares in the company, valued at $17,452,863.90. The disclosure for this sale can be found here. Insiders have sold a total of 85,996 shares of company stock valued at $27,603,878 over the last quarter. 0.62% of the stock is owned by company insiders.

Reliance Stock Performance

NYSE:RS opened at $334.18 on Friday. The firm’s 50-day moving average is $310.70 and its 200-day moving average is $282.52. Reliance, Inc. has a 52-week low of $229.12 and a 52-week high of $337.11. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.23 and a current ratio of 5.66. The company has a market cap of $19.19 billion, a price-to-earnings ratio of 14.78, a PEG ratio of 4.81 and a beta of 0.87.

Reliance (NYSE:RS) last posted its quarterly earnings data on Thursday, February 15th. The industrial products company reported $4.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.92 by $0.81. Reliance had a net margin of 9.02% and a return on equity of 17.53%. The company had revenue of $3.34 billion for the quarter, compared to the consensus estimate of $3.31 billion. During the same quarter in the previous year, the firm posted $5.87 EPS. The business’s revenue was down 7.6% compared to the same quarter last year. Equities research analysts anticipate that Reliance, Inc. will post 19.34 earnings per share for the current year.

Reliance Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Friday, March 8th were paid a $1.10 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $4.40 dividend on an annualized basis and a yield of 1.32%. This is a boost from Reliance’s previous quarterly dividend of $1.00. Reliance’s payout ratio is presently 19.46%.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. BMO Capital Markets lifted their price objective on shares of Reliance from $295.00 to $355.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 20th. KeyCorp lifted their price objective on shares of Reliance from $300.00 to $362.00 and gave the company an “overweight” rating in a research note on Friday, February 16th.

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.