Reliance, Inc. (NYSE:RS) Holdings Reduced by Nikko Asset Management Americas Inc.

Nikko Asset Management Americas Inc. decreased its position in Reliance, Inc. (NYSE:RS) by 13.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,328 shares of the industrial products company’s stock after selling 515 shares during the period. Nikko Asset Management Americas Inc.’s holdings in Reliance were worth $896,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Envestnet Portfolio Solutions Inc. grew its position in Reliance by 12.7% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 1,289 shares of the industrial products company’s stock worth $347,000 after purchasing an additional 145 shares during the last quarter. United Capital Management of KS Inc. grew its position in Reliance by 4.5% in the 4th quarter. United Capital Management of KS Inc. now owns 32,114 shares of the industrial products company’s stock worth $8,647,000 after purchasing an additional 1,377 shares during the last quarter. Hilton Capital Management LLC grew its position in Reliance by 4.5% in the 4th quarter. Hilton Capital Management LLC now owns 5,976 shares of the industrial products company’s stock worth $1,609,000 after purchasing an additional 257 shares during the last quarter. Alpine Woods Capital Investors LLC grew its position in Reliance by 4.1% in the 4th quarter. Alpine Woods Capital Investors LLC now owns 10,253 shares of the industrial products company’s stock worth $2,761,000 after purchasing an additional 403 shares during the last quarter. Finally, Commonwealth Equity Services LLC grew its position in Reliance by 1.3% in the 4th quarter. Commonwealth Equity Services LLC now owns 4,333 shares of the industrial products company’s stock worth $1,167,000 after purchasing an additional 55 shares during the last quarter. Institutional investors own 79.26% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on RS shares. KeyCorp upped their price target on shares of Reliance from $321.00 to $327.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. The Goldman Sachs Group started coverage on shares of Reliance in a research note on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price target for the company. Finally, Wolfe Research raised shares of Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Reliance presently has a consensus rating of “Hold” and an average price target of $329.17.

Reliance Stock Down 1.3 %

RS stock opened at $279.05 on Tuesday. Reliance, Inc. has a 12 month low of $256.98 and a 12 month high of $342.20. The firm has a market cap of $14.78 billion, a PE ratio of 18.07 and a beta of 0.87. The firm has a 50 day simple moving average of $287.10 and a 200 day simple moving average of $289.95. 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 EPS for the quarter, missing the consensus estimate of $2.74 by ($0.52). Reliance had a net margin of 6.33% and a return on equity of 11.87%. The business had revenue of $3.13 billion for the quarter, compared to analyst estimates of $3.04 billion. Equities research analysts forecast that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be paid a dividend of $1.20 per share. The ex-dividend date is Friday, March 7th. This is a positive change from Reliance’s previous quarterly dividend of $1.10. This represents a $4.80 annualized dividend and a yield of 1.72%. Reliance’s dividend payout ratio is currently 31.09%.

Insider Activity at Reliance

In related news, CEO Karla R. Lewis sold 31,136 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $300.52, for a total value of $9,356,990.72. Following the completion of the sale, the chief executive officer now owns 90,230 shares in the company, valued at approximately $27,115,919.60. This represents a 25.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company 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.