Reliance, Inc. (NYSE:RS) Stock Position Reduced by Geode Capital Management LLC

Geode Capital Management LLC decreased its stake in Reliance, Inc. (NYSE:RS) by 2.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 942,436 shares of the industrial products company’s stock after selling 25,912 shares during the quarter. Geode Capital Management LLC owned approximately 1.74% of Reliance worth $253,302,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the stock. Quarry LP purchased a new stake in shares of Reliance during the third quarter worth $41,000. Versant Capital Management Inc increased its position in Reliance by 157.8% in the 4th quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock worth $58,000 after purchasing an additional 131 shares during the last quarter. Jones Financial Companies Lllp raised its stake in shares of Reliance by 1,216.0% during the 4th quarter. Jones Financial Companies Lllp now owns 329 shares of the industrial products company’s stock worth $89,000 after purchasing an additional 304 shares in the last quarter. Providence First Trust Co acquired a new stake in shares of Reliance during the 4th quarter valued at about $90,000. Finally, UMB Bank n.a. grew its stake in shares of Reliance by 41.8% in the 4th quarter. UMB Bank n.a. now owns 353 shares of the industrial products company’s stock valued at $95,000 after buying an additional 104 shares in the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Price Performance

Shares of Reliance stock opened at $264.32 on Friday. 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 firm has a fifty day simple moving average of $288.35 and a 200-day simple moving average of $290.70. The stock has a market capitalization of $14.00 billion, a price-to-earnings ratio of 17.12 and a beta of 0.87. Reliance, Inc. has a 1-year low of $256.98 and a 1-year high of $342.20.

Reliance (NYSE:RS) last released its 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). The firm had revenue of $3.13 billion for the quarter, compared to analyst estimates of $3.04 billion. Reliance had a return on equity of 11.87% and a net margin of 6.33%. On average, sell-side analysts expect that Reliance, Inc. will post 16.98 earnings per share for the current year.

Reliance Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were issued a $1.20 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $4.80 dividend on an annualized basis and a yield of 1.82%. This is a positive change from Reliance’s previous quarterly dividend of $1.10. Reliance’s dividend payout ratio (DPR) is 31.09%.

Insiders Place Their Bets

In other Reliance news, CEO Karla R. Lewis sold 31,136 shares of the firm’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $300.52, for a total value of $9,356,990.72. Following the sale, the chief executive officer now directly owns 90,230 shares in the company, valued at $27,115,919.60. This trade represents a 25.65 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.69% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on RS. KeyCorp raised their price objective on shares of Reliance from $321.00 to $327.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 8th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $329.17.

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.