Reliance, Inc. (NYSE:RS) Shares Sold by Allianz Asset Management GmbH

Allianz Asset Management GmbH lessened its stake in shares of Reliance, Inc. (NYSE:RS) by 0.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 130,206 shares of the industrial products company’s stock after selling 874 shares during the period. Allianz Asset Management GmbH’s holdings in Reliance were worth $35,059,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Quarry LP purchased a new stake in shares of Reliance during the third quarter worth $41,000. Versant Capital Management Inc lifted its stake in shares of 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 buying an additional 131 shares in the last quarter. Brooklyn Investment Group acquired a new position in Reliance during the third quarter worth about $78,000. UMB Bank n.a. grew its stake in Reliance by 41.8% during the 4th quarter. UMB Bank n.a. now owns 353 shares of the industrial products company’s stock valued at $95,000 after acquiring an additional 104 shares in the last quarter. Finally, Abound Wealth Management raised 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 acquiring an additional 357 shares during the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

RS has been the topic of several recent research reports. Wolfe Research upgraded Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. The Goldman Sachs Group began coverage on Reliance in a report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 target price for the company. Finally, KeyCorp reduced their price target on Reliance from $325.00 to $321.00 and set an “overweight” rating on the stock in a report on Wednesday, January 22nd. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $328.17.

Reliance Trading Down 0.5 %

Shares of Reliance stock opened at $301.06 on Monday. The stock has a 50 day moving average of $281.93 and a 200 day moving average of $289.35. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 3.21. The firm has a market capitalization of $16.29 billion, a price-to-earnings ratio of 19.50 and a beta of 0.90. Reliance, Inc. has a fifty-two week low of $256.98 and a fifty-two week high of $342.20.

Reliance (NYSE:RS) last released its quarterly earnings results on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share 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%. As a group, research analysts predict that Reliance, Inc. will post 16.98 earnings per share for the current year.

Reliance Increases Dividend

The business also recently declared 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. The ex-dividend date is Friday, March 7th. This is a boost from Reliance’s previous quarterly dividend of $1.10. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.59%. Reliance’s dividend payout ratio (DPR) is currently 31.09%.

Insider Activity

In other news, CEO Karla R. Lewis sold 3,892 shares of Reliance 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 completion of the sale, the chief executive officer now directly 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.69% of the company’s stock.

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.