Moran Wealth Management LLC Purchases 63 Shares of Reliance, Inc. (NYSE:RS)

Moran Wealth Management LLC grew its position in Reliance, Inc. (NYSE:RS) by 2.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,852 shares of the industrial products company’s stock after purchasing an additional 63 shares during the quarter. Moran Wealth Management LLC’s holdings in Reliance were worth $768,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Verdence Capital Advisors LLC bought a new stake in Reliance during the third quarter valued at $203,000. Assetmark Inc. boosted its position in shares of Reliance by 24.2% during the 3rd quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company’s stock valued at $8,074,000 after purchasing an additional 5,431 shares in the last quarter. Covestor Ltd boosted its position in shares of Reliance by 17.6% during the 3rd quarter. Covestor Ltd now owns 462 shares of the industrial products company’s stock valued at $133,000 after purchasing an additional 69 shares in the last quarter. Crossmark Global Holdings Inc. grew its stake in Reliance by 21.6% during the third quarter. Crossmark Global Holdings Inc. now owns 4,437 shares of the industrial products company’s stock worth $1,284,000 after purchasing an additional 788 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in Reliance by 1.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 127,806 shares of the industrial products company’s stock worth $36,963,000 after purchasing an additional 1,696 shares in the last quarter. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Reliance Stock Performance

Shares of RS stock opened at $282.04 on Wednesday. The company has a current ratio of 3.21, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10. The firm has a fifty day simple moving average of $286.22 and a two-hundred day simple moving average of $290.01. Reliance, Inc. has a 12 month low of $256.98 and a 12 month high of $342.20. The firm has a market capitalization of $14.94 billion, a PE ratio of 18.27 and a beta of 0.87.

Reliance (NYSE:RS) last issued its quarterly earnings data 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). Reliance had a net margin of 6.33% and a return on equity of 11.87%. The business had revenue of $3.13 billion for the quarter, compared to analyst estimates of $3.04 billion. Analysts forecast that Reliance, Inc. will post 16.98 EPS for the current fiscal year.

Reliance Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be paid a $1.20 dividend. This is a positive change 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 1.70%. Reliance’s dividend payout ratio is presently 31.09%.

Insider Activity

In other news, CEO Karla R. Lewis sold 31,136 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $300.52, for a total value of $9,356,990.72. Following the completion of the transaction, the chief executive officer now directly owns 90,230 shares of the company’s stock, valued at $27,115,919.60. This represents a 25.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.69% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

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

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.