Reliance, Inc. (NYSE:RS) Shares Acquired by International Assets Investment Management LLC

International Assets Investment Management LLC lifted its holdings in shares of Reliance, Inc. (NYSE:RS) by 27,948.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,695 shares of the industrial products company’s stock after buying an additional 8,664 shares during the period. International Assets Investment Management LLC’s holdings in Reliance were worth $2,432,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in RS. BlackRock Inc. boosted its position in shares of Reliance by 14.5% during the first quarter. BlackRock Inc. now owns 6,453,558 shares of the industrial products company’s stock worth $1,656,886,000 after buying an additional 815,429 shares during the period. CI Private Wealth LLC acquired a new stake in Reliance in the fourth quarter worth approximately $82,101,000. Norges Bank acquired a new stake in Reliance in the fourth quarter worth approximately $78,366,000. State Street Corp lifted its position in Reliance by 16.4% in the first quarter. State Street Corp now owns 2,549,898 shares of the industrial products company’s stock worth $467,524,000 after purchasing an additional 359,364 shares during the period. Finally, First Trust Advisors LP lifted its position in Reliance by 121.1% in the first quarter. First Trust Advisors LP now owns 515,735 shares of the industrial products company’s stock worth $94,560,000 after purchasing an additional 282,481 shares during the period. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Reliance

In other Reliance news, CEO Karla R. Lewis sold 650 shares of the business’s stock in a transaction on Friday, February 16th. The shares were 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 of the company’s stock, valued at approximately $27,091,176.64. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Karla R. Lewis sold 650 shares of the company’s 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 transaction, 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Karla R. Lewis sold 42,346 shares of the company’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly 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 85,996 shares of company stock valued at $27,603,878 in the last three months. 0.69% of the stock is currently owned by company insiders.

Reliance Price Performance

Shares of NYSE:RS opened at $319.49 on Friday. Reliance, Inc. has a one year low of $229.12 and a one year high of $342.20. The stock has a fifty day moving average of $324.38 and a 200-day moving average of $289.97. The company has a market capitalization of $18.35 billion, a PE ratio of 14.13, 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 (NYSE:RS) last announced its earnings results on Thursday, February 15th. The industrial products company reported $4.73 earnings per share (EPS) for the quarter, beating 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 period in the previous year, the business earned $5.87 EPS. The company’s revenue was down 7.6% on a year-over-year basis. As a group, equities analysts anticipate that Reliance, Inc. will post 19.51 EPS for the current fiscal year.

Reliance Increases Dividend

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

Analysts Set New Price Targets

A number of equities research analysts have weighed in on RS shares. Citigroup downgraded Reliance from a “buy” rating to a “neutral” rating and upped their target price for the stock from $280.00 to $380.00 in a research report on Thursday, April 11th. KeyCorp upped 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. Finally, BMO Capital Markets increased their price objective on Reliance from $295.00 to $355.00 and gave the company an “outperform” rating in a research report on Tuesday, February 20th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target 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.