Tidal Investments LLC Boosts Position in Reliance, Inc. (NYSE:RS)

Tidal Investments LLC grew its position in shares of Reliance, Inc. (NYSE:RS) by 25.5% during the first quarter, HoldingsChannel reports. The firm owned 7,236 shares of the industrial products company’s stock after buying an additional 1,469 shares during the period. Tidal Investments LLC’s holdings in Reliance were worth $2,425,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new position in Reliance in the fourth quarter worth $186,693,000. Acadian Asset Management LLC raised its stake in shares of Reliance by 20.8% during the first quarter. Acadian Asset Management LLC now owns 1,072,200 shares of the industrial products company’s stock valued at $358,270,000 after purchasing an additional 184,509 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Reliance by 29.7% in the 4th quarter. Principal Financial Group Inc. now owns 286,847 shares of the industrial products company’s stock valued at $80,226,000 after acquiring an additional 65,691 shares during the last quarter. First Trust Advisors LP lifted its holdings in Reliance by 7.9% in the 4th quarter. First Trust Advisors LP now owns 885,818 shares of the industrial products company’s stock valued at $247,746,000 after acquiring an additional 64,895 shares during the last quarter. Finally, Schroder Investment Management Group lifted its holdings in Reliance by 51.2% in the 4th quarter. Schroder Investment Management Group now owns 177,771 shares of the industrial products company’s stock valued at $49,719,000 after acquiring an additional 60,229 shares during the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Insider Buying and Selling

In related news, Director James Donald Hoffman sold 5,000 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $290.04, for a total value of $1,450,200.00. Following the completion of the transaction, the director now directly owns 44,042 shares of the company’s stock, valued at $12,773,941.68. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director James Donald Hoffman sold 5,000 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $290.04, for a total value of $1,450,200.00. Following the completion of the transaction, the director now directly owns 44,042 shares of the company’s stock, valued at $12,773,941.68. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Stephen Paul Koch sold 20,421 shares of the stock in a transaction on Friday, May 31st. The stock was sold at an average price of $295.38, for a total value of $6,031,954.98. Following the transaction, the chief operating officer now owns 7,552 shares of the company’s stock, valued at $2,230,709.76. The disclosure for this sale can be found here. Insiders sold a total of 35,421 shares of company stock valued at $10,417,805 over the last ninety days. 0.69% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have commented on RS shares. StockNews.com lowered shares of Reliance from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. BMO Capital Markets reduced their price objective on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a research note on Friday, April 26th. Citigroup lowered shares of Reliance from a “buy” rating to a “neutral” rating and upped their price objective for the company from $280.00 to $380.00 in a research note on Thursday, April 11th. Bank of America reduced their price objective on shares of Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. Finally, Wolfe Research lowered shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective for the company. in a research note on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $329.40.

Reliance Stock Performance

RS stock traded down $7.76 during midday trading on Thursday, hitting $296.80. 77,253 shares of the company traded hands, compared to its average volume of 310,945. Reliance, Inc. has a twelve month low of $237.14 and a twelve month high of $342.20. The company has a quick ratio of 2.43, a current ratio of 5.02 and a debt-to-equity ratio of 0.15. The business has a 50 day simple moving average of $291.49 and a 200-day simple moving average of $303.10. The stock has a market capitalization of $17.05 billion, a price-to-earnings ratio of 13.85 and a beta of 0.86.

Reliance (NYSE:RS) last posted its quarterly earnings data on Thursday, July 25th. The industrial products company reported $4.65 earnings per share for the quarter, missing the consensus estimate of $4.73 by ($0.08). Reliance had a net margin of 7.99% and a return on equity of 14.73%. The business had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same period in the prior year, the company posted $6.49 earnings per share. The firm’s revenue was down 6.1% compared to the same quarter last year. As a group, equities research analysts predict that Reliance, Inc. will post 18.06 earnings per share for the current year.

Reliance Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be given a $1.10 dividend. The ex-dividend date is Friday, August 16th. This represents a $4.40 annualized dividend and a yield of 1.48%. Reliance’s dividend payout ratio (DPR) is currently 20.55%.

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.