GAMMA Investing LLC Takes $114,000 Position in Reliance, Inc. (NYSE:RS)

GAMMA Investing LLC acquired a new stake in shares of Reliance, Inc. (NYSE:RS) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 401 shares of the industrial products company’s stock, valued at approximately $114,000.

Several other large investors also recently made changes to their positions in RS. Wellington Management Group LLP boosted 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 worth $313,942,000 after buying an additional 12,166 shares during the period. 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 purchasing an additional 189,326 shares in the last quarter. Northern Trust Corp lifted its position in shares of Reliance by 6.0% in the third quarter. Northern Trust Corp now owns 675,801 shares of the industrial products company’s stock worth $177,215,000 after purchasing an additional 37,971 shares in the last quarter. Pacer Advisors Inc. lifted its position 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 worth $150,038,000 after purchasing an additional 35,627 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in shares of Reliance by 0.5% in the third quarter. Legal & General Group Plc now owns 324,868 shares of the industrial products company’s stock worth $85,190,000 after purchasing an additional 1,465 shares in the last quarter. Institutional investors own 79.26% of the company’s stock.

Insider Activity at Reliance

In related news, CEO Karla R. Lewis sold 650 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 83,884 shares in the company, valued at approximately $27,091,176.64. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Reliance news, CEO Karla R. Lewis sold 650 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $322.96, for a total value of $209,924.00. Following the completion of the sale, the chief executive officer now owns 83,884 shares in the company, valued at approximately $27,091,176.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Karla R. Lewis sold 42,346 shares of the firm’s stock in a transaction that occurred on 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 transaction, 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. Insiders sold a total of 85,996 shares of company stock worth $27,603,878 in the last 90 days. 0.69% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on RS shares. Citigroup lowered shares of Reliance from a “buy” rating to a “neutral” rating and increased their price target for the stock from $280.00 to $380.00 in a research report on Thursday, April 11th. BMO Capital Markets reduced their price target on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a research report on Friday. StockNews.com lowered shares of Reliance from a “buy” rating to a “hold” rating in a research report on Friday. Finally, 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 report on Friday, February 16th.

Reliance Price Performance

NYSE RS opened at $290.62 on Monday. The company has a market cap of $16.69 billion, a P/E ratio of 13.57, a P/E/G ratio of 5.09 and a beta of 0.87. Reliance, Inc. has a 1 year low of $229.12 and a 1 year high of $342.20. The company has a current ratio of 5.74, a quick ratio of 3.21 and a debt-to-equity ratio of 0.14. The company has a fifty day simple moving average of $324.16 and a 200 day simple moving average of $291.99.

Reliance (NYSE:RS) last issued its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.51 by ($0.21). Reliance had a net margin of 8.67% and a return on equity of 16.26%. The business had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.76 billion. During the same period in the prior year, the business posted $6.37 earnings per share. The company’s revenue for the quarter was down 8.1% compared to the same quarter last year. On average, sell-side analysts predict that Reliance, Inc. will post 19.6 EPS for the current year.

Reliance Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 24th will be paid a dividend of $1.10 per share. The ex-dividend date is Thursday, May 23rd. This represents a $4.40 annualized dividend and a yield of 1.51%. Reliance’s payout ratio is 20.55%.

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.