Twin Lakes Capital Management LLC Has $432,000 Position in Reliance, Inc. (NYSE:RS)

Twin Lakes Capital Management LLC lowered its stake in shares of Reliance, Inc. (NYSE:RS) by 4.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,606 shares of the industrial products company’s stock after selling 70 shares during the quarter. Twin Lakes Capital Management LLC’s holdings in Reliance were worth $432,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Neo Ivy Capital Management acquired a new stake in Reliance during the fourth quarter worth approximately $3,692,000. Investment Management Corp VA ADV acquired a new stake in shares of Reliance in the 4th quarter valued at $334,000. Vise Technologies Inc. acquired a new stake in shares of Reliance in the 4th quarter valued at $268,000. Worldquant Millennium Advisors LLC boosted its holdings in shares of Reliance by 133.8% in the 4th quarter. Worldquant Millennium Advisors LLC now owns 22,828 shares of the industrial products company’s stock valued at $6,147,000 after purchasing an additional 13,063 shares in the last quarter. Finally, iSAM Funds UK Ltd acquired a new stake in shares of Reliance in the 4th quarter valued at $824,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

Wall Street Analyst Weigh In

Separately, KeyCorp raised their target price on Reliance from $321.00 to $327.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Reliance has a consensus rating of “Hold” and a consensus target price of $319.00.

Reliance Stock Down 1.3%

Shares of RS opened at $291.86 on Friday. Reliance, Inc. has a 52 week low of $250.07 and a 52 week high of $326.87. The stock has a market capitalization of $15.35 billion, a price-to-earnings ratio of 18.90 and a beta of 0.91. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 3.21. The stock has a fifty day moving average of $286.71 and a 200-day moving average of $290.37.

Reliance (NYSE:RS) last announced its quarterly 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 return on equity of 11.87% and a net margin of 6.33%. The company had revenue of $3.48 billion during the quarter, compared to analysts’ expectations of $3.44 billion. During the same period in the prior year, the company earned $5.30 EPS. Reliance’s revenue was down 4.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 23rd will be given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 1.64%. The ex-dividend date of this dividend is Friday, May 23rd. Reliance’s dividend payout ratio is currently 34.41%.

Insider Buying and Selling

In related news, CEO Karla R. Lewis sold 31,136 shares of the firm’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $300.52, for a total transaction of $9,356,990.72. Following the completion of the transaction, the chief executive officer now directly owns 90,230 shares of the company’s stock, valued at $27,115,919.60. This trade represents a 25.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.35% of the stock is owned by corporate insiders.

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.