Abound Wealth Management Purchases 357 Shares of Reliance, Inc. (NYSE:RS)

Abound Wealth Management boosted its position in shares of Reliance, Inc. (NYSE:RS) by 35,700.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 358 shares of the industrial products company’s stock after buying an additional 357 shares during the period. Abound Wealth Management’s holdings in Reliance were worth $96,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Quarry LP bought a new position in Reliance in the third quarter valued at about $41,000. Versant Capital Management Inc grew its holdings in shares of Reliance by 157.8% during the 4th quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock valued at $58,000 after purchasing an additional 131 shares during the last quarter. UMB Bank n.a. increased its position in Reliance by 27.0% during the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock worth $72,000 after purchasing an additional 53 shares in the last quarter. National Bank of Canada FI lifted its stake in Reliance by 17.9% in the 2nd quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after purchasing an additional 41 shares during the last quarter. Finally, Brooklyn Investment Group acquired a new stake in Reliance in the third quarter valued at approximately $78,000. 79.26% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Reliance news, CEO Karla R. Lewis sold 3,892 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $323.90, for a total transaction of $1,260,618.80. Following the completion of the sale, the chief executive officer now owns 85,117 shares in the company, valued at approximately $27,569,396.30. The trade was a 4.37 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Mark V. Kaminski sold 5,000 shares of the company’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $298.01, for a total transaction of $1,490,050.00. The disclosure for this sale can be found here. Insiders sold 21,724 shares of company stock valued at $6,856,500 over the last 90 days. Company insiders own 0.69% of the company’s stock.

Reliance Trading Up 2.7 %

RS stock traded up $7.13 during trading on Monday, hitting $274.17. The company had a trading volume of 313,879 shares, compared to its average volume of 460,952. The stock has a market cap of $14.84 billion, a PE ratio of 15.06 and a beta of 0.91. The business has a 50-day moving average of $295.72 and a 200-day moving average of $290.07. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12. Reliance, Inc. has a one year low of $256.98 and a one year high of $342.20.

Reliance (NYSE:RS) last posted its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 earnings per share for the quarter, missing the consensus estimate of $3.66 by ($0.02). The firm had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. The company’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same quarter last year, the company earned $5.00 earnings per share. Research analysts predict that Reliance, Inc. will post 16.42 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were paid a dividend of $1.10 per share. The ex-dividend date was Friday, November 22nd. This represents a $4.40 annualized dividend and a yield of 1.60%. Reliance’s dividend payout ratio is currently 24.16%.

Analyst Ratings Changes

Several research analysts have recently issued reports on RS shares. The Goldman Sachs Group assumed coverage on shares of Reliance in a report on Monday, December 2nd. They set a “neutral” rating and a $341.00 price target for the company. KeyCorp cut their price target on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research note on Monday, October 14th. Wolfe Research raised Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. Finally, BMO Capital Markets cut their target price on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Reliance presently has a consensus rating of “Hold” and an average price target of $328.83.

Reliance 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.