Reliance, Inc. (NYSE:RS) is Yacktman Asset Management LP’s 10th Largest Position

Yacktman Asset Management LP lowered its stake in shares of Reliance, Inc. (NYSE:RS) by 1.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,211,704 shares of the industrial products company’s stock after selling 18,813 shares during the quarter. Reliance accounts for about 3.2% of Yacktman Asset Management LP’s portfolio, making the stock its 10th largest position. Yacktman Asset Management LP’s holdings in Reliance were worth $338,889,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Wellington Management Group LLP increased its position in shares of Reliance by 1.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,197,200 shares of the industrial products company’s stock valued at $313,942,000 after purchasing an additional 12,166 shares during the last quarter. Invesco Ltd. raised its stake in Reliance by 35.4% in the third quarter. Invesco Ltd. now owns 723,755 shares of the industrial products company’s stock valued at $189,790,000 after buying an additional 189,326 shares in the last quarter. Northern Trust Corp lifted its holdings in Reliance by 6.0% during the 3rd quarter. Northern Trust Corp now owns 675,801 shares of the industrial products company’s stock worth $177,215,000 after buying an additional 37,971 shares during the last quarter. Pacer Advisors Inc. boosted its position in shares of Reliance by 7.1% during the 4th quarter. Pacer Advisors Inc. now owns 536,462 shares of the industrial products company’s stock worth $150,038,000 after acquiring an additional 35,627 shares in the last quarter. Finally, Legal & General Group Plc increased its holdings in shares of Reliance by 0.5% in the 3rd quarter. Legal & General Group Plc now owns 324,868 shares of the industrial products company’s stock valued at $85,190,000 after acquiring an additional 1,465 shares during the last quarter. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Reliance Stock Performance

NYSE RS traded up $1.09 on Friday, reaching $293.22. The stock had a trading volume of 302,435 shares, compared to its average volume of 246,408. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.23 and a current ratio of 5.66. The stock has a market cap of $16.84 billion, a P/E ratio of 13.05, a price-to-earnings-growth ratio of 5.52 and a beta of 0.87. The business’s 50-day moving average price is $325.69 and its 200 day moving average price is $291.40. Reliance, Inc. has a 12-month low of $229.12 and a 12-month high of $342.20.

Reliance (NYSE:RS) last issued its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.30 earnings per share for the quarter, missing analysts’ consensus estimates of $5.51 by ($0.21). The business had revenue of $3.64 billion for the quarter, compared to analyst estimates of $3.76 billion. Reliance had a return on equity of 17.53% and a net margin of 9.02%. The firm’s revenue for the quarter was down 8.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $6.37 EPS. As a group, equities analysts expect that Reliance, Inc. will post 19.51 earnings per share for the current year.

Reliance Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Friday, March 8th were given a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 1.50%. The ex-dividend date of this dividend was Thursday, March 7th. This is a boost from Reliance’s previous quarterly dividend of $1.00. Reliance’s payout ratio is 19.46%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Citigroup downgraded Reliance from a “buy” rating to a “neutral” rating and upped their price target for the company from $280.00 to $380.00 in a report on Thursday, April 11th. KeyCorp increased their target price on shares of Reliance from $300.00 to $362.00 and gave the company an “overweight” rating in a research report on Friday, February 16th. Finally, BMO Capital Markets reduced their price target on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a research report on Friday. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $362.33.

Insider Buying and Selling at Reliance

In other news, CEO Karla R. Lewis sold 42,346 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $318.97, for a total value of $13,507,103.62. Following the transaction, the chief executive officer now owns 84,534 shares of the company’s stock, valued at $26,963,809.98. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director James Donald Hoffman sold 40,000 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $322.95, for a total transaction of $12,918,000.00. Following the transaction, the director now directly owns 54,042 shares in the company, valued at $17,452,863.90. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Karla R. Lewis sold 42,346 shares of Reliance stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $318.97, for a total value of $13,507,103.62. Following the transaction, the chief executive officer now directly owns 84,534 shares of the company’s stock, valued at approximately $26,963,809.98. The disclosure for this sale can be found here. Insiders sold a total of 85,996 shares of company stock valued at $27,603,878 in the last ninety days. Insiders own 0.69% of the company’s stock.

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.