Checchi Capital Advisers LLC Decreases Stock Position in Reliance, Inc. (NYSE:RS)

Checchi Capital Advisers LLC trimmed its position in shares of Reliance, Inc. (NYSE:RS) by 12.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,121 shares of the industrial products company’s stock after selling 153 shares during the quarter. Checchi Capital Advisers LLC’s holdings in Reliance were worth $302,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of RS. Quarry LP purchased a new position in shares of Reliance during the 3rd quarter worth about $41,000. Versant Capital Management Inc lifted its stake in Reliance by 157.8% in the fourth quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock worth $58,000 after purchasing an additional 131 shares during the last quarter. Brooklyn Investment Group purchased a new position in shares of Reliance during the third quarter valued at approximately $78,000. UMB Bank n.a. grew its stake in shares of Reliance by 41.8% during the fourth quarter. UMB Bank n.a. now owns 353 shares of the industrial products company’s stock valued at $95,000 after buying an additional 104 shares during the last quarter. Finally, Abound Wealth Management raised its holdings in shares of Reliance by 35,700.0% in the fourth quarter. Abound Wealth Management now owns 358 shares of the industrial products company’s stock worth $96,000 after buying an additional 357 shares during the period. Institutional investors own 79.26% of the company’s stock.

Analyst Upgrades and Downgrades

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

Insider Activity at Reliance

In other news, CEO Karla R. Lewis sold 3,892 shares of Reliance stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $323.90, for a total value of $1,260,618.80. Following the sale, the chief executive officer now owns 85,117 shares in the company, valued at $27,569,396.30. This trade represents a 4.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.69% of the stock is owned by company insiders.

Reliance Stock Up 0.3 %

Shares of RS opened at $295.03 on Friday. The stock’s 50-day moving average price is $283.62 and its 200-day moving average price is $289.62. The company has a quick ratio of 1.58, a current ratio of 3.21 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $15.97 billion, a price-to-earnings ratio of 19.11 and a beta of 0.91. Reliance, Inc. has a 52 week low of $256.98 and a 52 week high of $342.20.

Reliance (NYSE:RS) last released its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $3.04 billion. Reliance had a return on equity of 11.87% and a net margin of 6.33%. On average, sell-side analysts predict that Reliance, Inc. will post 16.98 EPS for the current year.

Reliance Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be paid a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 1.63%. The ex-dividend date is Friday, March 7th. This is a positive change from Reliance’s previous quarterly dividend of $1.10. Reliance’s payout ratio is currently 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.