Reliance, Inc. (NYSE:RS) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company cut its holdings in Reliance, Inc. (NYSE:RSFree Report) by 5.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 40,840 shares of the industrial products company’s stock after selling 2,210 shares during the quarter. The Manufacturers Life Insurance Company owned 0.07% of Reliance worth $11,422,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. KBC Group NV raised its stake in Reliance by 51.8% in the 4th quarter. KBC Group NV now owns 58,759 shares of the industrial products company’s stock valued at $16,433,000 after purchasing an additional 20,057 shares during the last quarter. Campbell & CO Investment Adviser LLC grew its holdings in shares of Reliance by 124.5% during the 4th quarter. Campbell & CO Investment Adviser LLC now owns 9,279 shares of the industrial products company’s stock worth $2,595,000 after purchasing an additional 5,146 shares during the period. California State Teachers Retirement System boosted its holdings in Reliance by 8.5% during the 4th quarter. California State Teachers Retirement System now owns 115,196 shares of the industrial products company’s stock valued at $32,218,000 after acquiring an additional 9,068 shares during the period. MMCAP International Inc. SPC purchased a new position in shares of Reliance in the 4th quarter valued at about $845,000. Finally, Capstone Investment Advisors LLC purchased a new position in shares of Reliance in the 4th quarter valued at about $228,000. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Reliance Stock Performance

NYSE RS opened at $284.43 on Tuesday. Reliance, Inc. has a fifty-two week low of $237.14 and a fifty-two week high of $342.20. The stock has a market cap of $16.33 billion, a price-to-earnings ratio of 13.28, a price-to-earnings-growth ratio of 6.38 and a beta of 0.90. The business has a fifty day moving average of $306.74 and a 200-day moving average of $299.36. The company has a quick ratio of 3.21, a current ratio of 5.74 and a debt-to-equity ratio of 0.14.

Reliance (NYSE:RSGet Free Report) last released its earnings results on Thursday, April 25th. The industrial products company reported $5.30 EPS for the quarter, missing the consensus estimate of $5.51 by ($0.21). The business had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.76 billion. Reliance had a net margin of 8.67% and a return on equity of 16.26%. The business’s revenue for the quarter was down 8.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $6.37 earnings per share. As a group, analysts predict that Reliance, Inc. will post 19.63 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 24th were paid a dividend of $1.10 per share. The ex-dividend date was Thursday, May 23rd. This represents a $4.40 annualized dividend and a yield of 1.55%. Reliance’s dividend payout ratio is presently 20.55%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. BMO Capital Markets cut their target price on Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a research report on Friday, April 26th. StockNews.com downgraded Reliance from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. Citigroup downgraded Reliance from a “buy” rating to a “neutral” rating and lifted their price target for the company from $280.00 to $380.00 in a research note on Thursday, April 11th. Finally, KeyCorp boosted their target price on Reliance from $300.00 to $362.00 and gave the stock an “overweight” rating in a research report on Friday, February 16th.

Check Out Our Latest Stock Report on RS

Insider Activity at Reliance

In related news, Director James Donald Hoffman sold 5,000 shares of the stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $289.81, for a total value of $1,449,050.00. Following the completion of the transaction, the director now owns 49,042 shares of the company’s stock, valued at $14,212,862.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Reliance news, Director James Donald Hoffman sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $289.81, for a total transaction of $1,449,050.00. Following the sale, the director now owns 49,042 shares in the company, valued at $14,212,862.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Stephen Paul Koch sold 20,421 shares of the company’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $295.38, for a total value of $6,031,954.98. Following the sale, the chief operating officer now owns 7,552 shares in the company, valued at approximately $2,230,709.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 40,421 shares of company stock valued at $11,866,855. Insiders own 0.69% of the company’s stock.

Reliance Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Reliance (NYSE:RS)

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