CIBC Asset Management Inc Boosts Position in Reliance, Inc. (NYSE:RS)

CIBC Asset Management Inc increased its stake in Reliance, Inc. (NYSE:RS) by 2.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,694 shares of the industrial products company’s stock after buying an additional 60 shares during the period. CIBC Asset Management Inc’s holdings in Reliance were worth $725,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Principal Financial Group Inc. increased its stake in Reliance by 53.5% in the 4th quarter. Principal Financial Group Inc. now owns 725,685 shares of the industrial products company’s stock worth $195,402,000 after buying an additional 252,955 shares during the period. Monument Capital Management increased its position in Reliance by 2.1% during the 4th quarter. Monument Capital Management now owns 9,829 shares of the industrial products company’s stock valued at $2,646,000 after purchasing an additional 198 shares during the period. Principal Securities Inc. increased its position in Reliance by 26.6% during the 4th quarter. Principal Securities Inc. now owns 800 shares of the industrial products company’s stock valued at $215,000 after purchasing an additional 168 shares during the period. Rhumbline Advisers increased its position in Reliance by 1.3% during the 4th quarter. Rhumbline Advisers now owns 181,125 shares of the industrial products company’s stock valued at $48,770,000 after purchasing an additional 2,389 shares during the period. Finally, Compagnie Lombard Odier SCmA increased its position in Reliance by 108.0% during the 4th quarter. Compagnie Lombard Odier SCmA now owns 36,364 shares of the industrial products company’s stock valued at $9,791,000 after purchasing an additional 18,880 shares during the period. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Reliance Stock Down 0.5 %

NYSE:RS opened at $301.06 on Friday. Reliance, Inc. has a fifty-two week low of $256.98 and a fifty-two week high of $342.20. The stock has a market capitalization of $16.29 billion, a P/E ratio of 19.50 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 company’s 50-day simple moving average is $281.93 and its 200-day simple moving average is $289.30.

Reliance (NYSE:RS) last released its quarterly earnings results on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share for the quarter, missing analysts’ consensus estimates of $2.74 by ($0.52). Reliance had a net margin of 6.33% and a return on equity of 11.87%. The firm had revenue of $3.13 billion during the quarter, compared to the consensus estimate of $3.04 billion. On average, equities analysts anticipate that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be paid a $1.20 dividend. The ex-dividend date is Friday, March 7th. This is a boost from Reliance’s previous quarterly dividend of $1.10. This represents a $4.80 dividend on an annualized basis and a yield of 1.59%. Reliance’s dividend payout ratio (DPR) is 28.50%.

Insider Buying and Selling

In related news, CEO Karla R. Lewis sold 3,892 shares of Reliance stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $323.90, for a total value of $1,260,618.80. Following the completion of the sale, the chief executive officer now directly owns 85,117 shares in the company, valued at $27,569,396.30. This trade represents a 4.37 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.69% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

RS has been the topic of a number of research reports. The Goldman Sachs Group initiated coverage on shares of Reliance in a research report on Monday, December 2nd. They set a “neutral” rating and a $341.00 target price on the stock. Wolfe Research raised shares of Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. Finally, KeyCorp cut their target price on shares of Reliance from $325.00 to $321.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 22nd. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $328.17.

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.