Reliance, Inc. (NYSE:RS) Shares Bought by Fmr LLC

Fmr LLC increased its stake in Reliance, Inc. (NYSE:RS) by 25.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 507,618 shares of the industrial products company’s stock after buying an additional 101,733 shares during the quarter. Fmr LLC owned about 0.94% of Reliance worth $136,681,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of RS. Quent Capital LLC lifted its holdings in Reliance by 4.1% in the 4th quarter. Quent Capital LLC now owns 941 shares of the industrial products company’s stock worth $253,000 after buying an additional 37 shares in the last quarter. Johnson Investment Counsel Inc. increased its position in shares of Reliance by 0.4% during the fourth quarter. Johnson Investment Counsel Inc. now owns 11,149 shares of the industrial products company’s stock worth $3,002,000 after acquiring an additional 39 shares during the last quarter. Harbor Capital Advisors Inc. lifted its stake in shares of Reliance by 0.6% in the fourth quarter. Harbor Capital Advisors Inc. now owns 7,715 shares of the industrial products company’s stock worth $2,077,000 after acquiring an additional 49 shares in the last quarter. Commonwealth Equity Services LLC boosted its holdings in Reliance by 1.3% in the fourth quarter. Commonwealth Equity Services LLC now owns 4,333 shares of the industrial products company’s stock valued at $1,167,000 after purchasing an additional 55 shares during the last quarter. Finally, Avantax Advisory Services Inc. grew its stake in Reliance by 4.8% during the 4th quarter. Avantax Advisory Services Inc. now owns 1,234 shares of the industrial products company’s stock valued at $332,000 after purchasing an additional 56 shares in the last quarter. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RS has been the subject of several research analyst reports. KeyCorp increased their target price on Reliance from $321.00 to $327.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $319.00.

Insider Activity

In other news, CEO Karla R. Lewis sold 31,136 shares of the business’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 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 sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.69% of the company’s stock.

Reliance Price Performance

Shares of RS opened at $279.38 on Monday. The company has a current ratio of 3.21, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10. The firm has a market cap of $14.78 billion, a price-to-earnings ratio of 18.09 and a beta of 0.83. Reliance, Inc. has a 52 week low of $250.07 and a 52 week high of $330.46. The stock has a 50 day moving average of $285.85 and a 200-day moving average of $290.06.

Reliance (NYSE:RS) last released its earnings results 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 business had revenue of $3.13 billion for the quarter, compared to the consensus estimate of $3.04 billion. As a group, analysts forecast that Reliance, Inc. will post 16.98 EPS for the current year.

Reliance Increases Dividend

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