Envestnet Portfolio Solutions Inc. Has $347,000 Stock Position in Reliance, Inc. (NYSE:RS)

Envestnet Portfolio Solutions Inc. boosted its stake in shares of Reliance, Inc. (NYSE:RS) by 12.7% in the 4th quarter, Holdings Channel.com reports. The firm owned 1,289 shares of the industrial products company’s stock after buying an additional 145 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Reliance were worth $347,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the stock. Proficio Capital Partners LLC acquired a new stake in shares of Reliance during the 4th quarter worth approximately $7,352,000. Toronto Dominion Bank boosted its position in shares of Reliance by 26.7% during 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 in the last quarter. Pure Financial Advisors LLC increased its stake in Reliance by 232.9% in the fourth 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 during the period. World Investment Advisors LLC acquired a new position in Reliance in the third quarter worth about $4,600,000. Finally, Nordea Investment Management AB boosted its holdings 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 valued at $1,332,000 after purchasing an additional 489 shares in the last quarter. 79.26% of the stock is owned by institutional investors.

Insider Activity at Reliance

In other news, CEO Karla R. Lewis sold 31,136 shares of the company’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 90,230 shares in the company, valued at approximately $27,115,919.60. This represents a 25.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.69% of the stock is currently owned by insiders.

Reliance Trading Down 0.2 %

Reliance stock opened at $293.85 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 50-day moving average of $289.06 and a 200-day moving average of $290.28. The company has a market cap of $15.57 billion, a price-to-earnings ratio of 19.03 and a beta of 0.87. Reliance, Inc. has a one year low of $256.98 and a one year high of $342.20.

Reliance (NYSE:RS) last posted its earnings results on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share for the quarter, missing analysts’ consensus estimates 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%. On average, equities analysts expect that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were paid a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a yield of 1.63%. This is an increase from Reliance’s previous quarterly dividend of $1.10. The ex-dividend date was Friday, March 7th. Reliance’s dividend payout ratio is presently 31.09%.

Analyst Upgrades and Downgrades

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

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.