Cibc World Markets Corp Decreases Stock Holdings in Reliance, Inc. (NYSE:RS)

Cibc World Markets Corp reduced its position in shares of Reliance, Inc. (NYSE:RS) by 25.6% in the 4th quarter, Holdings Channel.com reports. The firm owned 2,490 shares of the industrial products company’s stock after selling 856 shares during the period. Cibc World Markets Corp’s holdings in Reliance were worth $670,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. Quent Capital LLC lifted its position in shares of Reliance by 4.1% during the 4th quarter. Quent Capital LLC now owns 941 shares of the industrial products company’s stock worth $253,000 after purchasing an additional 37 shares during the last quarter. Johnson Investment Counsel Inc. lifted its position in Reliance by 0.4% in the fourth quarter. Johnson Investment Counsel Inc. now owns 11,149 shares of the industrial products company’s stock valued at $3,002,000 after acquiring an additional 39 shares during the last quarter. Harbor Capital Advisors Inc. lifted its position in Reliance by 0.6% in the fourth quarter. Harbor Capital Advisors Inc. now owns 7,715 shares of the industrial products company’s stock valued at $2,077,000 after acquiring an additional 49 shares during the last quarter. Commonwealth Equity Services LLC lifted its position in Reliance by 1.3% in the fourth quarter. Commonwealth Equity Services LLC now owns 4,333 shares of the industrial products company’s stock valued at $1,167,000 after acquiring an additional 55 shares during the last quarter. Finally, Avantax Advisory Services Inc. lifted its position in Reliance by 4.8% in the fourth quarter. Avantax Advisory Services Inc. now owns 1,234 shares of the industrial products company’s stock valued at $332,000 after acquiring an additional 56 shares during the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.

Reliance Trading Down 1.7 %

NYSE RS opened at $276.77 on Friday. 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 cap of $14.66 billion, a PE ratio of 17.93 and a beta of 0.87. Reliance, Inc. has a one year low of $256.98 and a one year high of $342.20. The firm’s fifty day moving average is $288.07 and its two-hundred day moving average is $289.85.

Reliance (NYSE:RS) last posted its quarterly earnings data on Wednesday, February 19th. The industrial products company reported $2.22 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 during the quarter, compared to analyst estimates of $3.04 billion. Analysts expect that Reliance, Inc. will post 16.98 earnings per share for the current year.

Reliance Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were paid a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.73%. This is a positive change from Reliance’s previous quarterly dividend of $1.10. The ex-dividend date was Friday, March 7th. Reliance’s payout ratio is 31.09%.

Insider Transactions at Reliance

In other news, CEO Karla R. Lewis sold 31,136 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 90,230 shares in the company, valued at $27,115,919.60. The trade was a 25.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.69% of the company’s stock.

Wall Street Analyst Weigh In

RS has been the subject of a number of research reports. KeyCorp boosted their price target on shares of Reliance from $321.00 to $327.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. 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 target for the company. Finally, Wolfe Research raised 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 company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $329.17.

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.