IFM Investors Pty Ltd Acquires 65 Shares of Reliance, Inc. (NYSE:RS)

IFM Investors Pty Ltd grew its holdings in Reliance, Inc. (NYSE:RS) by 0.6% in the 1st quarter, HoldingsChannel.com reports. The fund owned 10,442 shares of the industrial products company’s stock after purchasing an additional 65 shares during the quarter. IFM Investors Pty Ltd’s holdings in Reliance were worth $3,490,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of RS. Vontobel Holding Ltd. boosted its holdings in Reliance by 16.9% in the third quarter. Vontobel Holding Ltd. now owns 2,086 shares of the industrial products company’s stock worth $547,000 after purchasing an additional 302 shares in the last quarter. AE Wealth Management LLC bought a new stake in shares of Reliance during the 3rd quarter worth about $388,000. SG Americas Securities LLC increased its holdings in shares of Reliance by 113.0% during the 3rd quarter. SG Americas Securities LLC now owns 1,706 shares of the industrial products company’s stock valued at $447,000 after acquiring an additional 905 shares during the last quarter. Exchange Traded Concepts LLC raised its stake in shares of Reliance by 57.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 3,072 shares of the industrial products company’s stock valued at $806,000 after acquiring an additional 1,126 shares in the last quarter. Finally, Occidental Asset Management LLC lifted its holdings in Reliance by 3.8% in the 3rd quarter. Occidental Asset Management LLC now owns 14,496 shares of the industrial products company’s stock worth $3,801,000 after purchasing an additional 534 shares during the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Insider Activity

In related news, CEO Karla R. Lewis sold 42,346 shares of the firm’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 transaction of $13,507,103.62. Following the completion of the transaction, the chief executive officer now owns 84,534 shares in the company, valued at approximately $26,963,809.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Karla R. Lewis sold 650 shares of the stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $322.96, for a total transaction of $209,924.00. Following the sale, the chief executive officer now directly owns 83,884 shares in the company, valued at approximately $27,091,176.64. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Karla R. Lewis sold 42,346 shares of the business’s 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 completion of the transaction, the chief executive officer now directly owns 84,534 shares in the company, valued at approximately $26,963,809.98. The disclosure for this sale can be found here. In the last 90 days, insiders sold 85,996 shares of company stock worth $27,603,878. 0.69% of the stock is currently owned by corporate insiders.

Reliance Stock Performance

RS stock traded down $1.51 on Friday, reaching $290.62. 488,495 shares of the company were exchanged, compared to its average volume of 223,247. The company has a debt-to-equity ratio of 0.14, a current ratio of 5.74 and a quick ratio of 3.23. Reliance, Inc. has a 12 month low of $229.12 and a 12 month high of $342.20. The stock’s fifty day moving average price is $324.88 and its 200 day moving average price is $291.41. The firm has a market capitalization of $16.69 billion, a PE ratio of 13.57, a PEG ratio of 5.15 and a beta of 0.87.

Reliance (NYSE:RS) last posted its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.51 by ($0.21). Reliance had a return on equity of 16.26% and a net margin of 8.67%. The company had revenue of $3.64 billion for the quarter, compared to the consensus estimate of $3.76 billion. During the same quarter in the previous year, the firm posted $6.37 EPS. The business’s revenue for the quarter was down 8.1% compared to the same quarter last year. On average, research analysts anticipate that Reliance, Inc. will post 19.51 EPS for the current fiscal year.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 24th will be paid a $1.10 dividend. The ex-dividend date is Thursday, May 23rd. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.51%. Reliance’s payout ratio is 20.55%.

Wall Street Analyst Weigh In

RS has been the topic of several analyst reports. Citigroup downgraded Reliance from a “buy” rating to a “neutral” rating and increased their price target for the company from $280.00 to $380.00 in a report on Thursday, April 11th. KeyCorp raised their target price on shares of Reliance from $300.00 to $362.00 and gave the company an “overweight” rating in a research note on Friday, February 16th. StockNews.com lowered shares of Reliance from a “buy” rating to a “hold” rating in a research report on Friday. Finally, BMO Capital Markets lowered their price target on Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a research report on Friday. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Reliance presently has a consensus rating of “Hold” and a consensus price target of $362.33.

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.