Federated Hermes Inc. Acquires 2,143 Shares of Reliance, Inc. (NYSE:RS)

Federated Hermes Inc. boosted its holdings in shares of Reliance, Inc. (NYSE:RS) by 12.3% during the 4th quarter, Holdings Channel reports. The firm owned 19,601 shares of the industrial products company’s stock after buying an additional 2,143 shares during the period. Federated Hermes Inc.’s holdings in Reliance were worth $5,482,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Invesco Ltd. lifted its position 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 worth $189,790,000 after buying an additional 189,326 shares in the last quarter. Hsbc Holdings PLC raised its holdings in shares of Reliance by 68.6% during the 3rd quarter. Hsbc Holdings PLC now owns 193,347 shares of the industrial products company’s stock worth $50,699,000 after acquiring an additional 78,699 shares in the last quarter. Northern Trust Corp boosted its position in shares of Reliance by 6.0% during the 3rd quarter. Northern Trust Corp now owns 675,801 shares of the industrial products company’s stock valued at $177,215,000 after acquiring an additional 37,971 shares during the last quarter. Panagora Asset Management Inc. grew its holdings in shares of Reliance by 26.2% in the third quarter. Panagora Asset Management Inc. now owns 171,614 shares of the industrial products company’s stock valued at $45,002,000 after purchasing an additional 35,627 shares in the last quarter. Finally, Pacer Advisors Inc. grew its holdings in shares of Reliance by 7.1% in the fourth quarter. Pacer Advisors Inc. now owns 536,462 shares of the industrial products company’s stock valued at $150,038,000 after purchasing an additional 35,627 shares in the last quarter. Institutional investors own 79.26% of the company’s stock.

Reliance Trading Down 6.8 %

RS stock opened at $292.21 on Friday. The firm’s fifty day simple moving average is $325.69 and its two-hundred day simple moving average is $291.40. The stock has a market capitalization of $16.78 billion, a price-to-earnings ratio of 12.92, a price-to-earnings-growth ratio of 5.52 and a beta of 0.87. The company has a quick ratio of 3.23, a current ratio of 5.66 and a debt-to-equity ratio of 0.15. Reliance, Inc. has a twelve month low of $229.12 and a twelve month high of $342.20.

Reliance (NYSE:RS) last issued its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.30 EPS for the quarter, missing the consensus estimate of $5.48 by ($0.18). The firm had revenue of $3.64 billion for the quarter, compared to the consensus estimate of $3.76 billion. Reliance had a net margin of 9.02% and a return on equity of 17.53%. The business’s revenue for the quarter was down 8.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $6.37 earnings per share. As a group, analysts anticipate that Reliance, Inc. will post 19.51 earnings per share for the current year.

Reliance Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Friday, March 8th were issued a dividend of $1.10 per share. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $4.40 dividend on an annualized basis and a yield of 1.51%. This is a boost from Reliance’s previous quarterly dividend of $1.00. Reliance’s payout ratio is presently 19.46%.

Analyst Ratings Changes

A number of research firms recently issued reports on RS. Citigroup downgraded shares of Reliance from a “buy” rating to a “neutral” rating and upped their price target for the company from $280.00 to $380.00 in a research note on Thursday, April 11th. BMO Capital Markets upped their target price on shares of Reliance from $295.00 to $355.00 and gave the company an “outperform” rating in a research report on Tuesday, February 20th. Finally, KeyCorp lifted their price target on Reliance from $300.00 to $362.00 and gave the stock an “overweight” rating in a research report on Friday, February 16th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $365.67.

Insider Buying and Selling at Reliance

In other news, CEO Karla R. Lewis sold 42,346 shares of the business’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 completion of the sale, the chief executive officer now directly owns 84,534 shares of the company’s stock, valued at $26,963,809.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Reliance news, Director James Donald Hoffman sold 40,000 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $322.95, for a total transaction of $12,918,000.00. Following the transaction, the director now directly owns 54,042 shares in the company, valued at approximately $17,452,863.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Karla R. Lewis sold 42,346 shares of Reliance stock in a transaction on Tuesday, February 20th. The shares were 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 directly owns 84,534 shares of the company’s stock, valued at $26,963,809.98. The disclosure for this sale can be found here. Insiders have sold 85,996 shares of company stock valued at $27,603,878 in the last quarter. 0.69% of the stock is owned by insiders.

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.