Foster & Motley Inc. Has $3.74 Million Stock Position in Reliance, Inc. (NYSE:RS)

Foster & Motley Inc. reduced its stake in shares of Reliance, Inc. (NYSE:RS) by 2.7% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 13,387 shares of the industrial products company’s stock after selling 374 shares during the quarter. Foster & Motley Inc.’s holdings in Reliance were worth $3,744,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of RS. Invesco Ltd. raised its position in shares of Reliance by 35.4% during the third quarter. Invesco Ltd. now owns 723,755 shares of the industrial products company’s stock worth $189,790,000 after acquiring an additional 189,326 shares during the last quarter. Hsbc Holdings PLC lifted its holdings in Reliance by 68.6% during the 3rd quarter. Hsbc Holdings PLC now owns 193,347 shares of the industrial products company’s stock worth $50,699,000 after purchasing an additional 78,699 shares in the last quarter. Northern Trust Corp lifted its holdings in Reliance by 6.0% during the 3rd quarter. Northern Trust Corp now owns 675,801 shares of the industrial products company’s stock worth $177,215,000 after purchasing an additional 37,971 shares in the last quarter. Panagora Asset Management Inc. raised its holdings in shares of Reliance by 26.2% in the 3rd quarter. Panagora Asset Management Inc. now owns 171,614 shares of the industrial products company’s stock valued at $45,002,000 after acquiring an additional 35,627 shares in the last quarter. Finally, Pacer Advisors Inc. raised its holdings in shares of Reliance by 7.1% in the 4th quarter. Pacer Advisors Inc. now owns 536,462 shares of the industrial products company’s stock valued at $150,038,000 after acquiring an additional 35,627 shares in the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CFO Arthur Ajemyan sold 3,000 shares of Reliance stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total value of $968,850.00. Following the sale, the chief financial officer now directly owns 15,577 shares in the company, valued at approximately $5,030,592.15. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director James Donald Hoffman sold 40,000 shares of Reliance stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $322.95, for a total value of $12,918,000.00. Following the completion of the sale, the director now owns 54,042 shares in the company, valued at approximately $17,452,863.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Arthur Ajemyan sold 3,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total transaction of $968,850.00. Following the completion of the transaction, the chief financial officer now owns 15,577 shares of the company’s stock, valued at approximately $5,030,592.15. The disclosure for this sale can be found here. Insiders sold a total of 85,996 shares of company stock worth $27,603,878 over the last 90 days. Company insiders own 0.69% of the company’s stock.

Reliance Price Performance

Shares of Reliance stock opened at $319.54 on Tuesday. The stock’s 50-day simple moving average is $324.81 and its 200-day simple moving average is $290.87. Reliance, Inc. has a 52 week low of $229.12 and a 52 week high of $342.20. The company has a market capitalization of $18.35 billion, a price-to-earnings ratio of 14.14, a PEG ratio of 5.63 and a beta of 0.87. The company has a quick ratio of 3.23, a current ratio of 5.66 and a debt-to-equity ratio of 0.15.

Reliance (NYSE:RS) last issued its quarterly earnings data on Thursday, February 15th. The industrial products company reported $4.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.92 by $0.81. The business had revenue of $3.34 billion for the quarter, compared to the consensus estimate of $3.31 billion. Reliance had a return on equity of 17.53% and a net margin of 9.02%. The company’s quarterly revenue was down 7.6% compared to the same quarter last year. During the same period in the prior year, the business posted $5.87 earnings per share. As a group, analysts expect that Reliance, Inc. will post 19.51 earnings per share for the current fiscal year.

Reliance Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Shareholders of record on Friday, March 8th were issued a dividend of $1.10 per share. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $4.40 dividend on an annualized basis and a yield of 1.38%. This is a positive change from Reliance’s previous quarterly dividend of $1.00. Reliance’s dividend payout ratio is currently 19.46%.

Analyst Ratings Changes

Several equities analysts have recently commented on RS shares. KeyCorp increased their price objective on Reliance from $300.00 to $362.00 and gave the company an “overweight” rating in a research report on Friday, February 16th. BMO Capital Markets raised their target price on Reliance from $295.00 to $355.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. Finally, Citigroup cut Reliance from a “buy” rating to a “neutral” rating and raised their target price for the company from $280.00 to $380.00 in a research note on Thursday, April 11th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Reliance currently has an average rating of “Moderate Buy” and a consensus target price of $365.67.

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.