Reliance, Inc. (NYSE:RS) Shares Bought by Sequoia Financial Advisors LLC

Sequoia Financial Advisors LLC grew its stake in shares of Reliance, Inc. (NYSE:RS) by 5.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,603 shares of the industrial products company’s stock after purchasing an additional 145 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Reliance were worth $701,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Pacer Advisors Inc. grew its position in shares of Reliance by 6,311.2% during the fourth quarter. Pacer Advisors Inc. now owns 816,465 shares of the industrial products company’s stock worth $219,841,000 after acquiring an additional 803,730 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Reliance by 53.5% during the fourth quarter. Principal Financial Group Inc. now owns 725,685 shares of the industrial products company’s stock worth $195,402,000 after acquiring an additional 252,955 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Reliance by 5.4% during the fourth quarter. Bank of New York Mellon Corp now owns 503,400 shares of the industrial products company’s stock worth $135,546,000 after acquiring an additional 25,750 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Reliance by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 397,453 shares of the industrial products company’s stock worth $107,018,000 after acquiring an additional 2,921 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec grew its position in shares of Reliance by 7.3% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 296,033 shares of the industrial products company’s stock worth $85,616,000 after acquiring an additional 20,056 shares during the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on RS shares. The Goldman Sachs Group started coverage on shares of Reliance in a research report on Monday, December 2nd. They set a “neutral” rating and a $341.00 target price on the stock. KeyCorp raised their target price on shares of Reliance from $321.00 to $327.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. Finally, Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $329.17.

Reliance Stock Performance

NYSE:RS opened at $279.05 on Tuesday. The firm’s fifty day moving average price is $287.10 and its 200 day moving average price is $289.95. Reliance, Inc. has a 1-year low of $256.98 and a 1-year high of $342.20. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.21 and a quick ratio of 1.58. The firm has a market cap of $14.78 billion, a price-to-earnings ratio of 18.07 and a beta of 0.87.

Reliance (NYSE:RS) last issued 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 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 expect that Reliance, Inc. will post 16.98 EPS for the current year.

Reliance Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be given a dividend of $1.20 per share. This is a positive change from Reliance’s previous quarterly dividend of $1.10. This represents a $4.80 annualized dividend and a dividend yield of 1.72%. The ex-dividend date of this dividend is Friday, March 7th. Reliance’s payout ratio is presently 31.09%.

Insiders Place Their Bets

In other Reliance news, CEO Karla R. Lewis sold 31,136 shares of the business’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $300.52, for a total transaction of $9,356,990.72. Following the sale, the chief executive officer now directly owns 90,230 shares in the company, valued at approximately $27,115,919.60. The trade was a 25.65 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.69% of the company’s stock.

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.