Reliance, Inc. (NYSE:RS) Shares Bought by Cerity Partners LLC

Cerity Partners LLC lifted its position in Reliance, Inc. (NYSE:RS) by 2.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,780 shares of the industrial products company’s stock after acquiring an additional 496 shares during the quarter. Cerity Partners LLC’s holdings in Reliance were worth $4,973,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Worth Asset Management LLC acquired a new position in shares of Reliance in the 1st quarter worth approximately $28,000. Millburn Ridgefield Corp acquired a new position in shares of Reliance in the 3rd quarter worth approximately $33,000. Catalyst Capital Advisors LLC acquired a new position in shares of Reliance in the 3rd quarter worth approximately $33,000. Penserra Capital Management LLC acquired a new position in shares of Reliance in the 1st quarter worth approximately $46,000. Finally, Altshuler Shaham Ltd grew its position in shares of Reliance by 183.6% in the 3rd quarter. Altshuler Shaham Ltd now owns 207 shares of the industrial products company’s stock worth $54,000 after acquiring an additional 134 shares in the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on RS shares. BMO Capital Markets lifted 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. Citigroup lowered Reliance from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $280.00 to $380.00 in a research report on Thursday, April 11th. Finally, KeyCorp boosted their price objective on Reliance from $300.00 to $362.00 and gave the company an “overweight” rating in a research report on Friday, February 16th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Reliance currently has a consensus rating of “Moderate Buy” and a consensus target price of $365.67.

Insider Transactions at Reliance

In other news, CEO Karla R. Lewis sold 42,346 shares of Reliance stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $318.97, for a total transaction of $13,507,103.62. Following the transaction, the chief executive officer now owns 84,534 shares in the company, valued at $26,963,809.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Reliance news, CFO Arthur Ajemyan sold 3,000 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total value of $968,850.00. Following the transaction, the chief financial officer now owns 15,577 shares in the company, valued at $5,030,592.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Karla R. Lewis sold 42,346 shares of the company’s stock in a transaction dated Tuesday, February 20th. The stock was 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 90 days, insiders have sold 85,996 shares of company stock valued at $27,603,878. Corporate insiders own 0.69% of the company’s stock.

Reliance Trading Down 0.7 %

Shares of RS stock opened at $322.88 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.23 and a current ratio of 5.66. Reliance, Inc. has a 1 year low of $229.12 and a 1 year high of $342.20. The stock has a fifty day moving average of $323.05 and a two-hundred day moving average of $289.11. The firm has a market capitalization of $18.54 billion, a PE ratio of 14.28, a price-to-earnings-growth ratio of 5.73 and a beta of 0.87.

Reliance (NYSE:RS) last posted its quarterly earnings data on Thursday, February 15th. The industrial products company reported $4.73 EPS for the quarter, topping analysts’ consensus estimates of $3.92 by $0.81. Reliance had a return on equity of 17.53% and a net margin of 9.02%. The company had revenue of $3.34 billion for the quarter, compared to the consensus estimate of $3.31 billion. During the same quarter in the previous year, the business earned $5.87 EPS. The company’s quarterly revenue was down 7.6% compared to the same quarter last year. As a group, research analysts expect that Reliance, Inc. will post 19.51 EPS for the current year.

Reliance Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.36%. The ex-dividend date was Thursday, March 7th. This is an increase from Reliance’s previous quarterly dividend of $1.00. Reliance’s payout ratio is currently 19.46%.

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.