Reliance, Inc. (NYSE:RS) Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp lifted its stake in Reliance, Inc. (NYSE:RS) by 5.4% in the 4th quarter, Holdings Channel reports. The firm owned 503,400 shares of the industrial products company’s stock after purchasing an additional 25,750 shares during the quarter. Bank of New York Mellon Corp’s holdings in Reliance were worth $135,546,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in RS. Quarry LP acquired a new stake in shares of Reliance in the third quarter valued at about $41,000. Versant Capital Management Inc raised its position in Reliance by 157.8% during the fourth quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock worth $58,000 after acquiring an additional 131 shares during the last quarter. Brooklyn Investment Group acquired a new position in Reliance during the third quarter worth about $78,000. UMB Bank n.a. raised its position in Reliance by 41.8% during the fourth quarter. UMB Bank n.a. now owns 353 shares of the industrial products company’s stock worth $95,000 after acquiring an additional 104 shares during the last quarter. Finally, Abound Wealth Management raised its position in Reliance by 35,700.0% during the fourth quarter. Abound Wealth Management now owns 358 shares of the industrial products company’s stock worth $96,000 after acquiring an additional 357 shares during the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Insider Buying and Selling at Reliance

In other news, CEO Karla R. Lewis sold 3,892 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $323.90, for a total value of $1,260,618.80. Following the completion of the transaction, the chief executive officer now directly owns 85,117 shares in the company, valued at approximately $27,569,396.30. This represents a 4.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.69% of the stock is currently owned by corporate insiders.

Reliance Stock Performance

Shares of NYSE RS opened at $297.36 on Friday. Reliance, Inc. has a 12 month low of $256.98 and a 12 month high of $342.20. The company has a 50-day simple moving average of $283.62 and a 200-day simple moving average of $289.62. The company has a market cap of $16.09 billion, a PE ratio of 19.26 and a beta of 0.91. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.21 and a quick ratio of 1.58.

Reliance (NYSE:RS) last released 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 net margin of 6.33% and a return on equity of 11.87%. The company had revenue of $3.13 billion during the quarter, compared to analysts’ expectations of $3.04 billion. On average, equities analysts anticipate that Reliance, Inc. will post 16.98 earnings per share for the current year.

Reliance Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be given a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a yield of 1.61%. This is a boost from Reliance’s previous quarterly dividend of $1.10. The ex-dividend date is Friday, March 7th. Reliance’s payout ratio is 31.09%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. The Goldman Sachs Group assumed coverage on shares of Reliance in a research report on Monday, December 2nd. They set a “neutral” rating and a $341.00 target price for the company. Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. Finally, KeyCorp lifted their target price on shares of Reliance from $321.00 to $327.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $329.17.

About Reliance

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.