Perigon Wealth Management LLC Has $283,000 Position in Reliance, Inc. (NYSE:RS)

Perigon Wealth Management LLC increased its holdings in shares of Reliance, Inc. (NYSE:RS) by 32.2% during the fourth quarter, Holdings Channel reports. The fund owned 1,011 shares of the industrial products company’s stock after acquiring an additional 246 shares during the quarter. Perigon Wealth Management LLC’s holdings in Reliance were worth $283,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in RS. Worth Asset Management LLC acquired a new position in shares of Reliance during the 1st quarter worth approximately $28,000. Millburn Ridgefield Corp acquired a new position in Reliance in the 3rd quarter valued at $33,000. Catalyst Capital Advisors LLC acquired a new position in Reliance in the 3rd quarter valued at $33,000. Penserra Capital Management LLC acquired a new position in Reliance in the 1st quarter valued at $46,000. Finally, Altshuler Shaham Ltd grew its holdings in Reliance by 183.6% in the 3rd quarter. Altshuler Shaham Ltd now owns 207 shares of the industrial products company’s stock valued at $54,000 after buying an additional 134 shares in the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

Reliance Stock Performance

RS opened at $322.88 on Wednesday. The firm has a market cap of $18.54 billion, a P/E ratio of 14.28, a price-to-earnings-growth ratio of 5.73 and a beta of 0.87. Reliance, Inc. has a 52-week low of $229.12 and a 52-week high of $342.20. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.23 and a current ratio of 5.66. The business’s fifty day moving average is $323.05 and its 200-day moving average is $289.11.

Reliance (NYSE:RS) last released its earnings results on Thursday, February 15th. The industrial products company reported $4.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.92 by $0.81. The company had revenue of $3.34 billion for the quarter, compared to analyst estimates of $3.31 billion. Reliance had a return on equity of 17.53% and a net margin of 9.02%. Reliance’s quarterly revenue was down 7.6% on a year-over-year basis. During the same period in the prior year, the firm posted $5.87 EPS. Sell-side analysts expect that Reliance, Inc. will post 19.51 EPS for the current fiscal year.

Reliance Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were issued a dividend of $1.10 per share. This is a positive change from Reliance’s previous quarterly dividend of $1.00. This represents a $4.40 annualized dividend and a dividend yield of 1.36%. The ex-dividend date of this dividend was Thursday, March 7th. Reliance’s dividend payout ratio is 19.46%.

Wall Street Analyst Weigh In

RS has been the topic of a number of research reports. Citigroup lowered Reliance from a “buy” rating to a “neutral” rating and upped their price objective for the company from $280.00 to $380.00 in a report on Thursday, April 11th. KeyCorp upped their price objective on Reliance from $300.00 to $362.00 and gave the company an “overweight” rating in a report on Friday, February 16th. Finally, BMO Capital Markets upped their price objective on Reliance from $295.00 to $355.00 and gave the company an “outperform” rating in a report on Tuesday, February 20th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $365.67.

Insider Transactions at Reliance

In related news, CFO Arthur Ajemyan sold 3,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total transaction of $968,850.00. Following the completion of the sale, the chief financial officer now directly owns 15,577 shares in the company, valued at approximately $5,030,592.15. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CFO Arthur Ajemyan sold 3,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total transaction of $968,850.00. Following the completion of the sale, the chief financial officer now directly owns 15,577 shares in the company, valued at approximately $5,030,592.15. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director James Donald Hoffman sold 40,000 shares of the company’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $322.95, for a total value of $12,918,000.00. Following the sale, the director now owns 54,042 shares of the company’s stock, valued at $17,452,863.90. The disclosure for this sale can be found here. In the last three months, insiders have sold 85,996 shares of company stock valued at $27,603,878. 0.69% of the stock is owned by corporate insiders.

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.