Reliance, Inc. (NYSE:RS) Shares Acquired by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Reliance, Inc. (NYSE:RS) by 3.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,959 shares of the industrial products company’s stock after purchasing an additional 437 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Reliance were worth $3,489,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Quarry LP acquired a new stake in shares of Reliance during the third quarter worth approximately $41,000. Versant Capital Management Inc grew its holdings in Reliance by 157.8% during the 4th quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock worth $58,000 after acquiring an additional 131 shares in the last quarter. Brooklyn Investment Group bought a new stake in shares of Reliance in the 3rd quarter worth about $78,000. Jones Financial Companies Lllp raised its stake in shares of Reliance by 1,216.0% in the 4th quarter. Jones Financial Companies Lllp now owns 329 shares of the industrial products company’s stock valued at $89,000 after purchasing an additional 304 shares in the last quarter. Finally, Providence First Trust Co bought a new position in shares of Reliance during the fourth quarter worth about $90,000. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Karla R. Lewis sold 31,136 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were 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 $27,115,919.60. This trade represents 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 available through the SEC website. Corporate insiders own 0.69% of the company’s stock.

Wall Street Analyst Weigh In

RS has been the topic of several research reports. Wolfe Research upgraded Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. KeyCorp upped their price target on Reliance from $321.00 to $327.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Finally, The Goldman Sachs Group began coverage on shares of Reliance in a research note on Monday, December 2nd. They set a “neutral” rating and a $341.00 target price for the company. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $329.17.

Reliance Price Performance

Shares of NYSE RS opened at $283.15 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.21 and a quick ratio of 1.58. The firm has a market capitalization of $15.00 billion, a PE ratio of 18.34 and a beta of 0.87. Reliance, Inc. has a 1-year low of $256.98 and a 1-year high of $342.20. The business’s fifty day moving average price is $286.94 and its two-hundred day moving average price is $289.88.

Reliance (NYSE:RS) last issued its quarterly earnings data on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share for the quarter, missing the consensus estimate of $2.74 by ($0.52). Reliance had a net margin of 6.33% and a return on equity of 11.87%. The firm had revenue of $3.13 billion during the quarter, compared to the consensus estimate of $3.04 billion. On average, research analysts expect that Reliance, Inc. will post 16.98 EPS for the current year.

Reliance Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be paid a $1.20 dividend. This is a boost from Reliance’s previous quarterly dividend of $1.10. The ex-dividend date of this dividend is Friday, March 7th. This represents a $4.80 annualized dividend and a dividend yield of 1.70%. Reliance’s dividend payout ratio is presently 31.09%.

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.