International Assets Investment Management LLC Has $2.43 Million Stake in Reliance, Inc. (NYSE:RS)

International Assets Investment Management LLC raised its position in shares of Reliance, Inc. (NYSE:RS) by 27,948.4% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 8,695 shares of the industrial products company’s stock after acquiring an additional 8,664 shares during the period. International Assets Investment Management LLC’s holdings in Reliance were worth $2,432,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. BlackRock Inc. increased its holdings in shares of Reliance by 14.5% in the first quarter. BlackRock Inc. now owns 6,453,558 shares of the industrial products company’s stock valued at $1,656,886,000 after purchasing an additional 815,429 shares in the last quarter. State Street Corp increased its holdings in shares of Reliance by 13.8% in the first quarter. State Street Corp now owns 2,560,441 shares of the industrial products company’s stock valued at $657,368,000 after purchasing an additional 310,339 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Reliance by 3.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,394,787 shares of the industrial products company’s stock valued at $358,099,000 after purchasing an additional 50,623 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Reliance by 1.0% in the third quarter. Wellington Management Group LLP now owns 1,197,200 shares of the industrial products company’s stock valued at $313,942,000 after purchasing an additional 12,166 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Reliance by 35.4% in the third quarter. Invesco Ltd. now owns 723,755 shares of the industrial products company’s stock valued at $189,790,000 after purchasing an additional 189,326 shares in the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Insider Transactions at Reliance

In other news, CEO Karla R. Lewis sold 650 shares of Reliance stock in a transaction on Friday, February 16th. The shares were sold at an average price of $322.96, for a total transaction of $209,924.00. Following the transaction, the chief executive officer now directly owns 83,884 shares of the company’s stock, valued at $27,091,176.64. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Karla R. Lewis sold 42,346 shares of the firm’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $318.97, for a total transaction of $13,507,103.62. Following the sale, the chief executive officer now directly owns 84,534 shares in the company, valued at $26,963,809.98. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Karla R. Lewis sold 650 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $322.96, for a total transaction of $209,924.00. Following the sale, the chief executive officer now owns 83,884 shares in the company, valued at $27,091,176.64. The disclosure for this sale can be found here. Insiders have sold a total of 85,996 shares of company stock valued at $27,603,878 over the last three months. 0.69% of the stock is currently owned by corporate insiders.

Reliance Price Performance

Shares of RS stock opened at $319.49 on Friday. The firm’s 50 day moving average price is $324.38 and its two-hundred day moving average price is $289.97. The stock has a market cap of $18.35 billion, a PE ratio of 14.13, a PEG ratio of 5.67 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.

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

Reliance Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.38%. This is a boost from Reliance’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Thursday, March 7th. Reliance’s dividend payout ratio (DPR) is currently 19.46%.

Analyst Ratings Changes

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

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.