Reliance, Inc. (NYSE:RS) Shares Acquired by Sequoia Financial Advisors LLC

Sequoia Financial Advisors LLC lifted its position in shares of Reliance, Inc. (NYSE:RS) by 5.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,603 shares of the industrial products company’s stock after buying an additional 145 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Reliance were worth $701,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. King Luther Capital Management Corp raised its stake in Reliance by 3.2% in the 4th quarter. King Luther Capital Management Corp now owns 132,306 shares of the industrial products company’s stock valued at $35,625,000 after purchasing an additional 4,113 shares during the last quarter. Independent Advisor Alliance acquired a new position in Reliance in the 4th quarter valued at about $369,000. Johnson Investment Counsel Inc. raised its stake in Reliance by 0.4% in the 4th quarter. Johnson Investment Counsel Inc. now owns 11,149 shares of the industrial products company’s stock valued at $3,002,000 after purchasing an additional 39 shares during the last quarter. Daiwa Securities Group Inc. raised its stake in Reliance by 15.0% in the 4th quarter. Daiwa Securities Group Inc. now owns 13,010 shares of the industrial products company’s stock valued at $3,503,000 after purchasing an additional 1,700 shares during the last quarter. Finally, Moran Wealth Management LLC raised its stake in Reliance by 2.3% in the 4th quarter. Moran Wealth Management LLC now owns 2,852 shares of the industrial products company’s stock valued at $768,000 after purchasing an additional 63 shares during the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Wall Street Analyst Weigh In

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

Insider Transactions at Reliance

In other Reliance news, CEO Karla R. Lewis sold 31,136 shares of the company’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 value of $9,356,990.72. Following the completion of the transaction, the chief executive officer now owns 90,230 shares in the company, valued at $27,115,919.60. This represents a 25.65 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.69% of the company’s stock.

Reliance Stock Down 1.3 %

RS opened at $279.05 on Tuesday. 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 stock has a market capitalization of $14.78 billion, a price-to-earnings ratio of 18.07 and a beta of 0.87. The business has a 50-day moving average of $287.10 and a two-hundred day moving average of $289.95. Reliance, Inc. has a 12 month low of $256.98 and a 12 month high of $342.20.

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

Reliance Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be issued a dividend of $1.20 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.72%. This is a boost from Reliance’s previous quarterly dividend of $1.10. Reliance’s payout ratio is presently 31.09%.

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.