Corient Private Wealth LLC Lowers Position in Reliance, Inc. (NYSE:RS)

Corient Private Wealth LLC trimmed its holdings in shares of Reliance, Inc. (NYSE:RS) by 5.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 356,252 shares of the industrial products company’s stock after selling 18,667 shares during the quarter. Corient Private Wealth LLC owned about 0.66% of Reliance worth $95,925,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. Quarry LP bought a new stake in Reliance during the third quarter valued at approximately $41,000. Versant Capital Management Inc lifted 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 worth $58,000 after acquiring an additional 131 shares during the last quarter. Brooklyn Investment Group bought a new position in Reliance in the third quarter valued at $78,000. Jones Financial Companies Lllp raised its position in Reliance by 1,216.0% during the fourth quarter. Jones Financial Companies Lllp now owns 329 shares of the industrial products company’s stock valued at $89,000 after purchasing an additional 304 shares in the last quarter. Finally, Providence First Trust Co bought a new stake in Reliance during the fourth quarter worth about $90,000. 79.26% of the stock is currently owned by institutional investors.

Reliance Stock Performance

Reliance stock opened at $283.15 on Monday. 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 market cap of $15.00 billion, a P/E ratio of 18.34 and a beta of 0.87. Reliance, Inc. has a 1-year low of $256.98 and a 1-year high of $342.20. The firm has a 50-day moving average of $286.94 and a 200-day moving average of $289.96.

Reliance (NYSE:RS) last released its quarterly earnings data on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share for the quarter, missing the consensus estimate of $2.74 by ($0.52). Reliance had a return on equity of 11.87% and a net margin of 6.33%. The business had revenue of $3.13 billion during the quarter, compared to analysts’ expectations of $3.04 billion. Sell-side analysts expect that Reliance, Inc. will post 16.98 EPS for the current year.

Reliance Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be issued a $1.20 dividend. The ex-dividend date of this dividend is Friday, March 7th. This is a positive change from Reliance’s previous quarterly dividend of $1.10. This represents a $4.80 annualized dividend and a yield of 1.70%. Reliance’s dividend payout ratio is 31.09%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on RS shares. KeyCorp boosted their price objective on shares of Reliance from $321.00 to $327.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. The Goldman Sachs Group assumed coverage on shares of Reliance in a research note on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price target for the company. Finally, Wolfe Research raised Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $329.17.

Insider Transactions at Reliance

In related news, CEO Karla R. Lewis sold 31,136 shares of Reliance stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 90,230 shares in the company, valued at $27,115,919.60. The trade was a 25.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.69% of the company’s stock.

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.