Reliance, Inc. (NYSE:RS) Shares Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc grew its position in shares of Reliance, Inc. (NYSE:RS) by 2.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,694 shares of the industrial products company’s stock after purchasing an additional 60 shares during the quarter. CIBC Asset Management Inc’s holdings in Reliance were worth $725,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Principal Financial Group Inc. increased its holdings in shares of Reliance by 53.5% during the 4th quarter. Principal Financial Group Inc. now owns 725,685 shares of the industrial products company’s stock valued at $195,402,000 after purchasing an additional 252,955 shares in the last quarter. Monument Capital Management increased its holdings in Reliance by 2.1% in the 4th quarter. Monument Capital Management now owns 9,829 shares of the industrial products company’s stock worth $2,646,000 after acquiring an additional 198 shares in the last quarter. Principal Securities Inc. increased its holdings in Reliance by 26.6% in the 4th quarter. Principal Securities Inc. now owns 800 shares of the industrial products company’s stock worth $215,000 after acquiring an additional 168 shares in the last quarter. Rhumbline Advisers increased its holdings in Reliance by 1.3% in the 4th quarter. Rhumbline Advisers now owns 181,125 shares of the industrial products company’s stock worth $48,770,000 after acquiring an additional 2,389 shares in the last quarter. Finally, Compagnie Lombard Odier SCmA increased its holdings in Reliance by 108.0% in the 4th quarter. Compagnie Lombard Odier SCmA now owns 36,364 shares of the industrial products company’s stock worth $9,791,000 after acquiring an additional 18,880 shares in the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Karla R. Lewis sold 3,892 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $323.90, for a total transaction of $1,260,618.80. Following the transaction, the chief executive officer now owns 85,117 shares of the company’s stock, valued at approximately $27,569,396.30. The trade was a 4.37 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.69% of the company’s stock.

Reliance Price Performance

Reliance stock opened at $301.06 on Friday. Reliance, Inc. has a 52-week low of $256.98 and a 52-week high of $342.20. The firm has a market capitalization of $16.29 billion, a price-to-earnings ratio of 19.50 and a beta of 0.91. The company has a fifty day simple moving average of $281.93 and a 200-day simple moving average of $289.30. The company has a quick ratio of 1.58, a current ratio of 3.21 and a debt-to-equity ratio of 0.10.

Reliance (NYSE:RS) last released its earnings results on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.74 by ($0.52). The business 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, equities analysts anticipate that Reliance, Inc. will post 16.98 EPS for the current fiscal year.

Reliance Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be given a dividend of $1.20 per share. 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 dividend yield of 1.59%. Reliance’s payout ratio is presently 28.50%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. The Goldman Sachs Group assumed coverage on shares of Reliance in a report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price target for the company. Wolfe Research raised shares of Reliance from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 8th. Finally, KeyCorp cut their price target on shares of Reliance from $325.00 to $321.00 and set an “overweight” rating for the company in a report on Wednesday, January 22nd. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $328.17.

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.