Reliance, Inc. (NYSE:RS) Shares Sold by Wealthspire Advisors LLC

Wealthspire Advisors LLC lowered its position in shares of Reliance, Inc. (NYSE:RS) by 15.6% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 931 shares of the industrial products company’s stock after selling 172 shares during the quarter. Wealthspire Advisors LLC’s holdings in Reliance were worth $251,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Toronto Dominion Bank grew its holdings in Reliance by 26.7% in the 3rd quarter. Toronto Dominion Bank now owns 8,198 shares of the industrial products company’s stock worth $2,371,000 after buying an additional 1,729 shares in the last quarter. Assetmark Inc. boosted its stake 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 worth $8,074,000 after acquiring an additional 5,431 shares in the last quarter. Dearborn Partners LLC boosted its position in shares of Reliance by 4.1% in the third quarter. Dearborn Partners LLC now owns 86,406 shares of the industrial products company’s stock worth $24,989,000 after buying an additional 3,419 shares during the period. Pure Financial Advisors LLC boosted its position in shares of Reliance by 232.9% in the fourth quarter. Pure Financial Advisors LLC now owns 9,281 shares of the industrial products company’s stock worth $2,499,000 after buying an additional 6,493 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. boosted its position in shares of 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 buying an additional 1,696 shares during the period. Institutional investors and hedge funds own 79.26% of the company’s stock.

Insider Transactions at Reliance

In related news, CEO Karla R. Lewis sold 3,892 shares of Reliance stock in a transaction on 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 completion of the transaction, the chief executive officer now owns 85,117 shares of the company’s stock, valued at $27,569,396.30. This trade represents a 4.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.69% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

Reliance Stock Up 0.3 %

Shares of RS opened at $295.03 on Friday. Reliance, Inc. has a 12 month low of $256.98 and a 12 month high of $342.20. The firm’s 50 day moving average is $283.62 and its 200-day moving average is $289.62. The stock has a market capitalization of $15.97 billion, a PE ratio of 19.11 and a beta of 0.91. The company has a current ratio of 3.21, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10.

Reliance (NYSE:RS) last posted its quarterly earnings results on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.74 by ($0.52). The firm had revenue of $3.13 billion for the quarter, compared to analyst estimates of $3.04 billion. Reliance had a return on equity of 11.87% and a net margin of 6.33%. Equities research analysts forecast that Reliance, Inc. will post 16.98 EPS for the current year.

Reliance Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be issued a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date is Friday, March 7th. This is a positive change from Reliance’s previous quarterly dividend of $1.10. Reliance’s payout ratio is 31.09%.

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.