OVERSEA CHINESE BANKING Corp Ltd Sells 206 Shares of Reliance, Inc. (NYSE:RS)

OVERSEA CHINESE BANKING Corp Ltd reduced its position in shares of Reliance, Inc. (NYSE:RSFree Report) by 6.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,241 shares of the industrial products company’s stock after selling 206 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Reliance were worth $906,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Lindbrook Capital LLC boosted its position in Reliance by 8.4% during the 4th quarter. Lindbrook Capital LLC now owns 480 shares of the industrial products company’s stock worth $134,000 after acquiring an additional 37 shares during the last quarter. AIA Group Ltd bought a new position in shares of Reliance during the fourth quarter worth about $1,374,000. Federated Hermes Inc. raised its position in shares of Reliance by 12.3% during the fourth quarter. Federated Hermes Inc. now owns 19,601 shares of the industrial products company’s stock worth $5,482,000 after acquiring an additional 2,143 shares during the last quarter. Daiwa Securities Group Inc. increased its holdings in Reliance by 0.5% in the fourth quarter. Daiwa Securities Group Inc. now owns 13,010 shares of the industrial products company’s stock worth $3,639,000 after purchasing an additional 60 shares in the last quarter. Finally, Cookson Peirce & Co. Inc. increased its holdings in Reliance by 23.8% in the fourth quarter. Cookson Peirce & Co. Inc. now owns 1,077 shares of the industrial products company’s stock worth $301,000 after purchasing an additional 207 shares in the last quarter. 79.26% of the stock is owned by institutional investors.

Reliance Stock Down 0.2 %

Shares of NYSE:RS opened at $319.49 on Monday. The stock has a market cap of $18.35 billion, a price-to-earnings ratio of 14.13, a PEG ratio of 5.63 and a beta of 0.87. The company has a quick ratio of 3.23, a current ratio of 5.66 and a debt-to-equity ratio of 0.15. Reliance, Inc. has a 12-month low of $229.12 and a 12-month high of $342.20. The business’s 50 day moving average is $324.38 and its 200 day moving average is $290.44.

Reliance (NYSE:RSGet Free Report) 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. The company had revenue of $3.34 billion for the quarter, compared to analysts’ expectations of $3.31 billion. Reliance had a return on equity of 17.53% and a net margin of 9.02%. Reliance’s quarterly revenue was down 7.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.87 earnings per share. On average, sell-side analysts forecast that Reliance, Inc. will post 19.51 earnings per share for the current fiscal year.

Reliance Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 22nd. Shareholders of record on Friday, March 8th were given a $1.10 dividend. The ex-dividend date was Thursday, March 7th. This represents a $4.40 annualized dividend and a yield of 1.38%. This is a boost from Reliance’s previous quarterly dividend of $1.00. Reliance’s payout ratio is currently 19.46%.

Insiders Place Their Bets

In other Reliance news, Director James Donald Hoffman sold 40,000 shares of the business’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 sale, the director now directly owns 54,042 shares in the company, valued at $17,452,863.90. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Reliance news, CEO Karla R. Lewis sold 42,346 shares of the business’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $318.97, for a total value of $13,507,103.62. Following the sale, the chief executive officer now directly owns 84,534 shares in the company, valued at $26,963,809.98. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director James Donald Hoffman sold 40,000 shares of the business’s stock in a transaction 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 sale, 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. Over the last quarter, insiders have sold 85,996 shares of company stock valued at $27,603,878. Insiders own 0.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on RS shares. BMO Capital Markets lifted their target price on Reliance from $295.00 to $355.00 and gave the stock an “outperform” rating in a report on Tuesday, February 20th. Citigroup cut Reliance from a “buy” rating to a “neutral” rating and raised their price objective for the company from $280.00 to $380.00 in a research note on Thursday, April 11th. Finally, KeyCorp raised their price objective on Reliance from $300.00 to $362.00 and gave the company an “overweight” rating in a research note on Friday, February 16th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $365.67.

Get Our Latest Stock Analysis on RS

Reliance Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Reliance (NYSE:RS)

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