Gulf International Bank UK Ltd lowered its stake in shares of Reliance, Inc. (NYSE:RS – Free Report) by 9.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,063 shares of the industrial products company’s stock after selling 507 shares during the period. Gulf International Bank UK Ltd’s holdings in Reliance were worth $1,416,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. Worth Asset Management LLC acquired a new stake in shares of Reliance during the first quarter valued at $28,000. Millburn Ridgefield Corp purchased a new position in Reliance during the third quarter worth about $33,000. Catalyst Capital Advisors LLC purchased a new position in Reliance during the third quarter worth about $33,000. Penserra Capital Management LLC purchased a new position in Reliance during the first quarter worth about $46,000. Finally, Altshuler Shaham Ltd lifted its position in Reliance by 183.6% during the third quarter. Altshuler Shaham Ltd now owns 207 shares of the industrial products company’s stock worth $54,000 after buying an additional 134 shares during the period. Institutional investors and hedge funds own 80.87% of the company’s stock.
Insider Activity at Reliance
In related news, CEO Karla R. Lewis sold 650 shares of the firm’s stock in a transaction dated 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 sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Reliance news, CEO Karla R. Lewis sold 650 shares of the firm’s 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 completion of the sale, the chief executive officer now owns 83,884 shares in the company, valued at approximately $27,091,176.64. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Karla R. Lewis sold 42,346 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $318.97, for a total value of $13,507,103.62. Following the sale, the chief executive officer now 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. In the last ninety days, insiders have sold 85,996 shares of company stock worth $27,603,878. 0.62% of the stock is currently owned by company insiders.
Reliance Stock Performance
Reliance stock opened at $330.43 on Friday. The stock’s 50-day moving average is $306.42 and its 200-day moving average is $280.77. The company has a market cap of $18.97 billion, a price-to-earnings ratio of 14.61, a price-to-earnings-growth ratio of 4.74 and a beta of 0.87. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.66 and a quick ratio of 3.23. Reliance, Inc. has a 12 month low of $229.12 and a 12 month high of $333.33.
Reliance (NYSE:RS – Get Free Report) last announced its earnings results on Thursday, February 15th. The industrial products company reported $4.73 EPS for the quarter, beating the consensus estimate of $3.92 by $0.81. The business had revenue of $3.34 billion for the quarter, compared to the consensus estimate of $3.31 billion. Reliance had a return on equity of 17.53% and a net margin of 9.02%. The company’s revenue was down 7.6% on a year-over-year basis. During the same period last year, the business posted $5.87 EPS. Equities analysts anticipate that Reliance, Inc. will post 19.34 earnings per share for the current year.
Reliance Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Friday, March 8th were issued a dividend of $1.10 per share. This is an increase from Reliance’s previous quarterly dividend of $1.00. This represents a $4.40 annualized dividend and a dividend yield of 1.33%. The ex-dividend date of this dividend was Thursday, March 7th. Reliance’s dividend payout ratio (DPR) is presently 19.46%.
Analyst Upgrades and Downgrades
Several equities analysts recently weighed in on RS shares. KeyCorp increased their target price on Reliance from $300.00 to $362.00 and gave the stock an “overweight” rating in a research report on Friday, February 16th. BMO Capital Markets increased their target price on Reliance from $295.00 to $355.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 20th.
Check Out Our Latest Analysis on RS
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.
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