Envestnet Asset Management Inc. Has $19.90 Million Holdings in Reliance, Inc. (NYSE:RS)

Envestnet Asset Management Inc. grew its holdings in shares of Reliance, Inc. (NYSE:RS) by 22.4% in the 4th quarter, Holdings Channel reports. The fund owned 73,902 shares of the industrial products company’s stock after buying an additional 13,506 shares during the period. Envestnet Asset Management Inc.’s holdings in Reliance were worth $19,899,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Quent Capital LLC increased 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 purchasing an additional 37 shares in the last quarter. Johnson Investment Counsel Inc. boosted its position in Reliance by 0.4% during the 4th quarter. Johnson Investment Counsel Inc. now owns 11,149 shares of the industrial products company’s stock worth $3,002,000 after buying an additional 39 shares during the period. Harbor Capital Advisors Inc. grew its holdings in Reliance by 0.6% during the 4th 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 during the last quarter. Commonwealth Equity Services LLC increased its position in Reliance by 1.3% in the 4th quarter. Commonwealth Equity Services LLC now owns 4,333 shares of the industrial products company’s stock valued at $1,167,000 after acquiring an additional 55 shares during the period. Finally, Avantax Advisory Services Inc. increased its position in Reliance by 4.8% in the 4th quarter. Avantax Advisory Services Inc. now owns 1,234 shares of the industrial products company’s stock valued at $332,000 after acquiring an additional 56 shares during the period. Institutional investors own 79.26% of the company’s stock.

Insiders Place Their Bets

In related 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 transaction, the chief executive officer now owns 90,230 shares in the company, valued at $27,115,919.60. The trade was a 25.65 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.69% of the company’s stock.

Reliance Price Performance

Shares of NYSE RS opened at $278.16 on Tuesday. The company has a market capitalization of $14.71 billion, a PE ratio of 18.02 and a beta of 0.83. 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, Inc. has a twelve month low of $250.07 and a twelve month high of $330.46. The firm has a fifty day simple moving average of $285.68 and a 200 day simple moving average of $289.98.

Reliance (NYSE:RS) last posted 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 return on equity of 11.87% and a net margin of 6.33%. The business had revenue of $3.13 billion during the quarter, compared to the consensus estimate of $3.04 billion. On average, sell-side analysts forecast that Reliance, Inc. will post 16.98 EPS for the current year.

Reliance Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were paid a $1.20 dividend. The ex-dividend date was Friday, March 7th. This is a positive change from Reliance’s previous quarterly dividend of $1.10. This represents a $4.80 annualized dividend and a yield of 1.73%. Reliance’s payout ratio is 31.09%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Wolfe Research raised shares of 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. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $319.00.

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.