Wedge Capital Management L L P NC Raises Stock Holdings in Reliance, Inc. (NYSE:RS)

Wedge Capital Management L L P NC increased its position in Reliance, Inc. (NYSE:RS) by 4.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 36,150 shares of the industrial products company’s stock after buying an additional 1,523 shares during the quarter. Wedge Capital Management L L P NC owned 0.07% of Reliance worth $10,438,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in RS. Coppell Advisory Solutions LLC increased its stake in shares of Reliance by 224.6% in the fourth quarter. Coppell Advisory Solutions LLC now owns 185 shares of the industrial products company’s stock worth $49,000 after buying an additional 128 shares during the period. Transce3nd LLC purchased a new position in Reliance during the 4th quarter valued at $58,000. Quarry LP increased its position in Reliance by 83.7% during the 4th quarter. Quarry LP now owns 259 shares of the industrial products company’s stock valued at $70,000 after purchasing an additional 118 shares during the period. Jones Financial Companies Lllp increased its position in Reliance by 1,216.0% during the 4th quarter. Jones Financial Companies Lllp now owns 329 shares of the industrial products company’s stock valued at $89,000 after purchasing an additional 304 shares during the period. Finally, Providence First Trust Co purchased a new position in Reliance during the 4th quarter valued at $90,000. 79.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, KeyCorp boosted their price objective 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. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $319.00.

Reliance Stock Up 1.0%

Shares of Reliance stock opened at $310.24 on Monday. The company has a current ratio of 3.21, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10. The company’s fifty day simple moving average is $289.37 and its two-hundred day simple moving average is $288.93. The company has a market cap of $16.32 billion, a P/E ratio of 20.09 and a beta of 0.88. Reliance, Inc. has a 12-month low of $250.07 and a 12-month high of $326.87.

Reliance (NYSE:RS) last announced its earnings results on Wednesday, April 23rd. The industrial products company reported $3.77 EPS for the quarter, beating analysts’ consensus estimates of $3.66 by $0.11. Reliance had a net margin of 6.33% and a return on equity of 11.87%. The firm had revenue of $3.48 billion for the quarter, compared to analysts’ expectations of $3.44 billion. During the same quarter in the previous year, the business posted $5.30 EPS. The company’s quarterly revenue was down 4.4% on a year-over-year basis. Research analysts anticipate that Reliance, Inc. will post 16.98 EPS for the current year.

Reliance Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 23rd were issued a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date was Friday, May 23rd. Reliance’s dividend payout ratio (DPR) is presently 34.41%.

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.