Reliance, Inc. (NYSE:RS) Shares Purchased by NorthCrest Asset Manangement LLC

NorthCrest Asset Manangement LLC raised its holdings in Reliance, Inc. (NYSE:RS) by 3.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,859 shares of the industrial products company’s stock after purchasing an additional 221 shares during the period. NorthCrest Asset Manangement LLC’s holdings in Reliance were worth $1,981,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Proficio Capital Partners LLC bought a new stake in Reliance in the fourth quarter valued at about $7,352,000. Merewether Investment Management LP bought a new stake in shares of Reliance in the 4th quarter valued at approximately $9,963,000. Loomis Sayles & Co. L P raised its position in shares of Reliance by 3.5% during the 4th quarter. Loomis Sayles & Co. L P now owns 48,213 shares of the industrial products company’s stock valued at $12,982,000 after acquiring an additional 1,640 shares in the last quarter. O Shaughnessy Asset Management LLC lifted its stake in Reliance by 38.5% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 34,697 shares of the industrial products company’s stock worth $9,343,000 after purchasing an additional 9,642 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its holdings in Reliance by 15.0% in the fourth quarter. Daiwa Securities Group Inc. now owns 13,010 shares of the industrial products company’s stock worth $3,503,000 after purchasing an additional 1,700 shares during the period. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Reliance Trading Up 0.0%

Shares of NYSE RS opened at $309.99 on Friday. Reliance, Inc. has a 12-month low of $250.07 and a 12-month high of $326.87. The company has a market cap of $16.30 billion, a price-to-earnings ratio of 20.08 and a beta of 0.88. 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 stock’s 50 day simple moving average is $293.13 and its 200 day simple moving average is $288.97.

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

Reliance Dividend Announcement

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

Analyst Ratings Changes

Separately, KeyCorp raised their price target on shares of Reliance from $321.00 to $327.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $319.00.

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.