Nomura Asset Management Co. Ltd. Has $7.51 Million Stock Holdings in Reliance, Inc. (NYSE:RS)

Nomura Asset Management Co. Ltd. reduced its stake in Reliance, Inc. (NYSE:RS) by 3.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 27,874 shares of the industrial products company’s stock after selling 1,134 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in Reliance were worth $7,505,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in RS. Proficio Capital Partners LLC bought a new stake in shares of Reliance in the 4th quarter valued at $7,352,000. Toronto Dominion Bank boosted its position in Reliance by 26.7% during the third quarter. Toronto Dominion Bank now owns 8,198 shares of the industrial products company’s stock valued at $2,371,000 after acquiring an additional 1,729 shares during the last quarter. Pure Financial Advisors LLC grew its holdings in Reliance by 232.9% during the 4th quarter. Pure Financial Advisors LLC now owns 9,281 shares of the industrial products company’s stock worth $2,499,000 after acquiring an additional 6,493 shares during the period. World Investment Advisors LLC bought a new position in shares of Reliance in the 3rd quarter worth about $4,600,000. Finally, Nordea Investment Management AB lifted its stake in shares of Reliance by 11.0% in the 4th quarter. Nordea Investment Management AB now owns 4,951 shares of the industrial products company’s stock valued at $1,332,000 after purchasing an additional 489 shares during the period. 79.26% of the stock is currently owned by institutional investors.

Insider Transactions at Reliance

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on RS shares. The Goldman Sachs Group began coverage on Reliance in a research note on Monday, December 2nd. They set a “neutral” rating and a $341.00 target price for the company. Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. Finally, 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. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $329.17.

Reliance Price Performance

Shares of NYSE:RS opened at $288.72 on Tuesday. The stock’s 50 day moving average is $289.02 and its 200-day moving average is $290.74. Reliance, Inc. has a twelve month low of $256.98 and a twelve month high of $342.20. The company has a quick ratio of 1.58, a current ratio of 3.21 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $15.29 billion, a price-to-earnings ratio of 18.70 and a beta of 0.87.

Reliance (NYSE:RS) last released its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $3.04 billion. Reliance had a net margin of 6.33% and a return on equity of 11.87%. Sell-side analysts forecast that Reliance, Inc. will post 16.98 EPS for the current fiscal year.

Reliance Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were issued a dividend of $1.20 per share. This is a positive change from Reliance’s previous quarterly dividend of $1.10. This represents a $4.80 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date of this dividend was Friday, March 7th. Reliance’s payout ratio is currently 31.09%.

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.