Reliance, Inc. (NYSE:RS) Shares Acquired by Ontario Teachers Pension Plan Board

Ontario Teachers Pension Plan Board lifted its position in shares of Reliance, Inc. (NYSE:RS) by 46.8% in the 4th quarter, Holdings Channel reports. The fund owned 8,543 shares of the industrial products company’s stock after buying an additional 2,724 shares during the period. Ontario Teachers Pension Plan Board’s holdings in Reliance were worth $2,300,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. Barclays PLC grew its position in Reliance by 10.7% in the 3rd quarter. Barclays PLC now owns 76,131 shares of the industrial products company’s stock worth $22,017,000 after purchasing an additional 7,373 shares during the last quarter. Toronto Dominion Bank increased its position in Reliance by 26.7% in the 3rd quarter. Toronto Dominion Bank now owns 8,198 shares of the industrial products company’s stock valued at $2,371,000 after acquiring an additional 1,729 shares during the period. Sanctuary Advisors LLC increased its position in Reliance by 7.8% in the 3rd quarter. Sanctuary Advisors LLC now owns 11,401 shares of the industrial products company’s stock valued at $3,640,000 after acquiring an additional 827 shares during the period. World Investment Advisors LLC bought a new stake in Reliance during the 3rd quarter valued at $4,600,000. Finally, Tidal Investments LLC boosted its position in Reliance by 10.3% during the 3rd quarter. Tidal Investments LLC now owns 7,396 shares of the industrial products company’s stock worth $2,139,000 after acquiring an additional 691 shares during the period. Institutional investors and hedge funds own 79.26% of the company’s stock.

Insider Transactions at Reliance

In related news, CEO Karla R. Lewis sold 31,136 shares of Reliance stock in a transaction dated 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 transaction, the chief executive officer now owns 90,230 shares of the company’s stock, valued at approximately $27,115,919.60. This trade represents a 25.65 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.69% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. KeyCorp increased their price objective on shares of Reliance from $321.00 to $327.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Reliance has an average rating of “Hold” and an average target price of $319.00.

Reliance Price Performance

Shares of NYSE RS opened at $278.16 on Tuesday. The firm has a 50-day moving average of $285.68 and a two-hundred day moving average of $289.98. The company has a market capitalization of $14.71 billion, a price-to-earnings ratio of 18.02 and a beta of 0.83. The company has a current ratio of 3.21, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10. Reliance, Inc. has a twelve month low of $250.07 and a twelve month high of $330.46.

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

Reliance Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were issued a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.73%. This is a boost from Reliance’s previous quarterly dividend of $1.10. The ex-dividend date was Friday, March 7th. Reliance’s payout ratio is presently 31.09%.

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.