NewEdge Advisors LLC Grows Stock Position in Reliance, Inc. (NYSE:RS)

NewEdge Advisors LLC lifted its stake in Reliance, Inc. (NYSE:RS) by 142.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,548 shares of the industrial products company’s stock after purchasing an additional 910 shares during the period. NewEdge Advisors LLC’s holdings in Reliance were worth $417,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of RS. Wellington Management Group LLP lifted its holdings in Reliance by 10.4% during the 4th quarter. Wellington Management Group LLP now owns 1,479,542 shares of the industrial products company’s stock worth $398,381,000 after buying an additional 138,866 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in shares of Reliance by 6,311.2% in the 4th quarter. Pacer Advisors Inc. now owns 816,465 shares of the industrial products company’s stock valued at $219,841,000 after purchasing an additional 803,730 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Reliance by 53.5% in the 4th quarter. Principal Financial Group Inc. now owns 725,685 shares of the industrial products company’s stock valued at $195,402,000 after purchasing an additional 252,955 shares during the last quarter. Boston Partners lifted its holdings in shares of Reliance by 7.6% in the 4th quarter. Boston Partners now owns 716,280 shares of the industrial products company’s stock valued at $192,894,000 after purchasing an additional 50,528 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Reliance in the 4th quarter valued at about $186,255,000. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. KeyCorp boosted their target price on Reliance from $321.00 to $327.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Wolfe Research raised Reliance from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 8th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Reliance has an average rating of “Hold” and an average target price of $319.00.

Reliance Stock Performance

Shares of RS stock opened at $287.17 on Tuesday. The stock has a market capitalization of $15.19 billion, a PE ratio of 18.60 and a beta of 0.83. Reliance, Inc. has a 52-week low of $250.07 and a 52-week high of $326.87. The stock’s 50-day moving average price is $283.29 and its 200 day moving average price is $289.55. The company has a quick ratio of 1.58, a current ratio of 3.21 and a debt-to-equity ratio of 0.10.

Reliance (NYSE:RS) last issued its quarterly earnings results on Wednesday, April 23rd. The industrial products company reported $3.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.66 by $0.11. The firm had revenue of $3.48 billion for the quarter, compared to analysts’ expectations of $3.44 billion. Reliance had a return on equity of 11.87% and a net margin of 6.33%. The firm’s revenue for the quarter was down 4.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.30 EPS. As a group, equities research analysts forecast that Reliance, Inc. will post 16.98 EPS for the current year.

Reliance Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 23rd will be given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 1.67%. The ex-dividend date of this dividend is Friday, May 23rd. Reliance’s payout ratio is 34.41%.

Insiders Place Their Bets

In other Reliance news, CEO Karla R. Lewis sold 31,136 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 90,230 shares in the company, valued at approximately $27,115,919.60. The trade was a 25.65 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.35% of the stock is currently owned by insiders.

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.