Reliance, Inc. (NYSE:RS) Shares Sold by Summit Investment Advisors Inc.

Summit Investment Advisors Inc. reduced its position in Reliance, Inc. (NYSE:RS) by 2.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,340 shares of the industrial products company’s stock after selling 447 shares during the period. Summit Investment Advisors Inc.’s holdings in Reliance were worth $4,669,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Proficio Capital Partners LLC acquired a new stake in Reliance in the fourth quarter valued at $7,352,000. Toronto Dominion Bank grew its stake in Reliance by 26.7% in the 3rd quarter. Toronto Dominion Bank now owns 8,198 shares of the industrial products company’s stock valued at $2,371,000 after acquiring an additional 1,729 shares during the last quarter. Pure Financial Advisors LLC increased its holdings in Reliance by 232.9% during the 4th quarter. Pure Financial Advisors LLC now owns 9,281 shares of the industrial products company’s stock valued at $2,499,000 after acquiring an additional 6,493 shares in the last quarter. World Investment Advisors LLC purchased a new position in Reliance during the 3rd quarter valued at about $4,600,000. Finally, Nordea Investment Management AB raised its position in Reliance by 11.0% during the fourth quarter. Nordea Investment Management AB now owns 4,951 shares of the industrial products company’s stock worth $1,332,000 after acquiring an additional 489 shares during the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

Reliance Stock Up 0.6 %

Shares of NYSE RS opened at $279.38 on Friday. The firm has a market cap of $14.78 billion, a P/E ratio of 18.09 and a beta of 0.83. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 3.21. Reliance, Inc. has a 1 year low of $250.07 and a 1 year high of $330.46. The firm’s 50 day moving average price is $285.85 and its 200 day moving average price is $290.06.

Reliance (NYSE:RS) last posted its quarterly earnings data on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.74 by ($0.52). The business had revenue of $3.13 billion for the quarter, compared to analyst estimates of $3.04 billion. Reliance had a return on equity of 11.87% and a net margin of 6.33%. As a group, sell-side analysts anticipate that Reliance, Inc. will post 16.98 earnings per share for the current year.

Reliance Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were issued a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 1.72%. This is an increase from Reliance’s previous quarterly dividend of $1.10. The ex-dividend date was Friday, March 7th. Reliance’s payout ratio is presently 31.09%.

Insider Buying and Selling

In other Reliance news, CEO Karla R. Lewis sold 31,136 shares of the business’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $300.52, for a total transaction of $9,356,990.72. Following the completion of the sale, the chief executive officer now owns 90,230 shares of the company’s stock, valued at approximately $27,115,919.60. The trade was a 25.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.69% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. KeyCorp raised their price objective on shares of Reliance from $321.00 to $327.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Wolfe Research raised Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Reliance currently has an average rating of “Hold” and a consensus target price of $319.00.

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.