Abound Wealth Management Boosts Stake in Reliance, Inc. (NYSE:RS)

Abound Wealth Management raised its holdings in Reliance, Inc. (NYSE:RS) by 35,700.0% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 358 shares of the industrial products company’s stock after acquiring an additional 357 shares during the period. Abound Wealth Management’s holdings in Reliance were worth $96,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Hsbc Holdings PLC raised its position in Reliance by 78.5% during the second quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock valued at $82,816,000 after purchasing an additional 127,422 shares in the last quarter. International Assets Investment Management LLC grew its position in Reliance by 27,269.0% during the third quarter. International Assets Investment Management LLC now owns 112,213 shares of the industrial products company’s stock valued at $32,453,000 after acquiring an additional 111,803 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Reliance by 19.7% during the third quarter. Principal Financial Group Inc. now owns 472,730 shares of the industrial products company’s stock worth $136,718,000 after acquiring an additional 77,937 shares in the last quarter. KBC Group NV lifted its holdings in shares of Reliance by 68.8% in the 3rd quarter. KBC Group NV now owns 139,660 shares of the industrial products company’s stock worth $40,391,000 after acquiring an additional 56,933 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Reliance by 4.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,168,880 shares of the industrial products company’s stock valued at $333,809,000 after purchasing an additional 53,747 shares in the last quarter. Institutional investors own 79.26% of the company’s stock.

Insiders Place Their Bets

In other news, SVP William A. Smith II sold 6,500 shares of Reliance stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the completion of the transaction, the senior vice president now directly owns 16,849 shares in the company, valued at approximately $5,420,491.79. This trade represents a 27.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Karla R. Lewis sold 3,892 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $323.90, for a total value of $1,260,618.80. Following the completion of the sale, the chief executive officer now owns 85,117 shares in the company, valued at $27,569,396.30. The trade was a 4.37 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 21,724 shares of company stock worth $6,856,500. Company insiders own 0.69% of the company’s stock.

Reliance Trading Up 2.7 %

Shares of RS stock traded up $7.13 during trading hours on Monday, reaching $274.17. The company’s stock had a trading volume of 313,879 shares, compared to its average volume of 460,952. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12. Reliance, Inc. has a one year low of $256.98 and a one year high of $342.20. The stock has a market capitalization of $14.84 billion, a P/E ratio of 15.06 and a beta of 0.91. The firm’s fifty day simple moving average is $295.72 and its 200 day simple moving average is $290.07.

Reliance (NYSE:RS) last issued its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing the consensus estimate of $3.66 by ($0.02). The company had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. The firm’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same quarter last year, the company posted $5.00 earnings per share. Equities research analysts expect that Reliance, Inc. will post 16.42 EPS for the current year.

Reliance Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were given a dividend of $1.10 per share. The ex-dividend date was Friday, November 22nd. This represents a $4.40 annualized dividend and a yield of 1.60%. Reliance’s payout ratio is 24.16%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. BMO Capital Markets decreased their target price on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. The Goldman Sachs Group initiated coverage on Reliance in a research note on Monday, December 2nd. They issued a “neutral” rating and a $341.00 target price for the company. Wolfe Research raised Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. Finally, KeyCorp dropped their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research note on Monday, October 14th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $328.83.

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.