Cable Hill Partners LLC Buys 546 Shares of Reliance, Inc. (NYSE:RS)

Cable Hill Partners LLC grew its stake in shares of Reliance, Inc. (NYSE:RS) by 67.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,360 shares of the industrial products company’s stock after buying an additional 546 shares during the period. Cable Hill Partners LLC’s holdings in Reliance were worth $366,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Quarry LP bought a new stake in shares of Reliance during the third quarter valued at about $41,000. Versant Capital Management Inc increased its position in shares of Reliance by 157.8% during the fourth quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock valued at $58,000 after buying an additional 131 shares during the period. Brooklyn Investment Group bought a new stake in shares of Reliance during the third quarter valued at about $78,000. UMB Bank n.a. increased its position in shares of Reliance by 41.8% during the fourth quarter. UMB Bank n.a. now owns 353 shares of the industrial products company’s stock valued at $95,000 after buying an additional 104 shares during the period. Finally, Abound Wealth Management increased its position in shares of Reliance by 35,700.0% during the fourth quarter. Abound Wealth Management now owns 358 shares of the industrial products company’s stock valued at $96,000 after buying an additional 357 shares during the period. 79.26% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Reliance news, CEO Karla R. Lewis sold 31,136 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 90,230 shares of the company’s stock, valued at approximately $27,115,919.60. This trade represents a 25.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.69% of the stock is owned by corporate insiders.

Reliance Stock Down 0.6 %

Shares of RS opened at $294.23 on Thursday. The firm has a market cap of $15.92 billion, a P/E ratio of 19.06 and a beta of 0.90. The stock has a 50 day simple moving average of $283.00 and a two-hundred day simple moving average of $289.58. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.21 and a quick ratio of 1.58. Reliance, Inc. has a 1 year low of $256.98 and a 1 year high of $342.20.

Reliance (NYSE:RS) last posted 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). The firm had revenue of $3.13 billion during the quarter, compared to the consensus estimate of $3.04 billion. Reliance had a return on equity of 11.87% and a net margin of 6.33%. On average, analysts forecast that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be issued a $1.20 dividend. This is an increase from Reliance’s previous quarterly dividend of $1.10. The ex-dividend date of this dividend is Friday, March 7th. This represents a $4.80 dividend on an annualized basis and a yield of 1.63%. Reliance’s dividend payout ratio is 31.09%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on RS shares. The Goldman Sachs Group started coverage on shares of Reliance in a research report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price objective on the stock. KeyCorp upped their price objective on shares of Reliance from $321.00 to $327.00 and gave the stock an “overweight” rating in a research report on Monday. 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 research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Reliance has an average rating of “Hold” and a consensus price target of $329.17.

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.