Reliance, Inc. (NYSE:RS) Shares Sold by Sprott Inc.

Sprott Inc. cut its holdings in shares of Reliance, Inc. (NYSE:RS) by 0.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 41,560 shares of the industrial products company’s stock after selling 100 shares during the quarter. Sprott Inc.’s holdings in Reliance were worth $11,190,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Quarry LP purchased a new position in Reliance during the third quarter worth about $41,000. Versant Capital Management Inc raised its stake in shares of Reliance by 157.8% in the 4th quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock valued at $58,000 after acquiring an additional 131 shares during the period. Brooklyn Investment Group acquired a new position in shares of Reliance in the 3rd quarter worth approximately $78,000. UMB Bank n.a. boosted its position in shares of Reliance by 41.8% during the 4th quarter. UMB Bank n.a. now owns 353 shares of the industrial products company’s stock worth $95,000 after purchasing an additional 104 shares during the period. Finally, Abound Wealth Management increased its holdings in Reliance by 35,700.0% in the 4th quarter. Abound Wealth Management now owns 358 shares of the industrial products company’s stock valued at $96,000 after purchasing an additional 357 shares during the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RS has been the topic of a number of research reports. Wolfe Research upgraded Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. The Goldman Sachs Group started coverage on Reliance in a research note on Monday, December 2nd. They set a “neutral” rating and a $341.00 target price on the stock. Finally, KeyCorp raised their target price on Reliance from $321.00 to $327.00 and gave the company an “overweight” rating in a report on Monday. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $329.17.

Insider Buying and Selling

In related news, CEO Karla R. Lewis sold 3,892 shares of the stock in a transaction 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 transaction, the chief executive officer now owns 85,117 shares of the company’s stock, valued at $27,569,396.30. This represents a 4.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.69% of the stock is owned by insiders.

Reliance Stock Down 1.0 %

Reliance stock opened at $296.22 on Wednesday. The firm has a market capitalization of $16.03 billion, a P/E ratio of 19.19 and a beta of 0.90. The company has a current ratio of 3.21, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10. Reliance, Inc. has a twelve month low of $256.98 and a twelve month high of $342.20. The stock’s fifty day simple moving average is $282.48 and its 200-day simple moving average is $289.55.

Reliance (NYSE:RS) last released its earnings results on Wednesday, February 19th. The industrial products company reported $2.22 EPS for the quarter, missing the consensus estimate of $2.74 by ($0.52). The company had revenue of $3.13 billion for the quarter, compared to analyst estimates of $3.04 billion. Reliance had a return on equity of 11.87% and a net margin of 6.33%. As a group, equities analysts expect that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be issued a $1.20 dividend. This is a boost from Reliance’s previous quarterly dividend of $1.10. The ex-dividend date is Friday, March 7th. This represents a $4.80 annualized dividend and a yield of 1.62%. Reliance’s dividend payout ratio (DPR) is 31.09%.

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.