Oliver Luxxe Assets LLC Buys 1,002 Shares of Reliance, Inc. (NYSE:RS)

Oliver Luxxe Assets LLC increased its stake in Reliance, Inc. (NYSE:RS) by 5.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 21,176 shares of the industrial products company’s stock after purchasing an additional 1,002 shares during the quarter. Reliance makes up approximately 1.0% of Oliver Luxxe Assets LLC’s portfolio, making the stock its 28th biggest holding. Oliver Luxxe Assets LLC’s holdings in Reliance were worth $5,702,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of RS. Trust Point Inc. increased its stake in shares of Reliance by 3.6% in the third quarter. Trust Point Inc. now owns 972 shares of the industrial products company’s stock worth $281,000 after purchasing an additional 34 shares in the last quarter. National Bank of Canada FI grew 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 buying an additional 41 shares in the last quarter. Fulton Bank N.A. raised its holdings in Reliance by 3.1% during the 3rd quarter. Fulton Bank N.A. now owns 1,570 shares of the industrial products company’s stock valued at $454,000 after acquiring an additional 47 shares during the period. UMB Bank n.a. lifted its position in shares of Reliance by 27.0% during the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock worth $72,000 after acquiring an additional 53 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its holdings in shares of Reliance by 0.3% in the third quarter. Janney Montgomery Scott LLC now owns 19,578 shares of the industrial products company’s stock worth $5,662,000 after acquiring an additional 58 shares during the period. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on RS shares. BMO Capital Markets decreased their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. The Goldman Sachs Group initiated coverage on Reliance in a research report on Monday, December 2nd. They set a “neutral” rating and a $341.00 price target on the stock. Finally, KeyCorp cut their price objective on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research report on Monday, October 14th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Reliance presently has a consensus rating of “Hold” and an average price target of $328.83.

Insiders Place Their Bets

In other 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 of the company’s stock, valued at $27,569,396.30. The trade was a 4.37 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP William A. Smith II sold 6,500 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the completion of the transaction, the senior vice president now directly owns 16,849 shares in the company, valued at $5,420,491.79. This trade represents a 27.84 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,724 shares of company stock worth $6,856,500. 0.69% of the stock is currently owned by company insiders.

Reliance Price Performance

RS stock traded up $2.84 during midday trading on Monday, reaching $270.59. The company had a trading volume of 332,409 shares, compared to its average volume of 351,647. The firm has a 50-day moving average price of $297.94 and a 200-day moving average price of $290.52. Reliance, Inc. has a 1 year low of $256.98 and a 1 year high of $342.20. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. The company has a market capitalization of $14.64 billion, a P/E ratio of 14.86 and a beta of 0.91.

Reliance (NYSE:RS) last posted its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.66 by ($0.02). Reliance had a net margin of 7.42% and a return on equity of 13.68%. The business had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.38 billion. During the same quarter in the previous year, the company earned $5.00 earnings per share. The business’s quarterly revenue was down 5.6% on a year-over-year basis. On average, research analysts anticipate that Reliance, Inc. will post 16.42 earnings per share for the current fiscal year.

Reliance Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were given a dividend of $1.10 per share. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $4.40 annualized dividend and a dividend yield of 1.63%. Reliance’s dividend payout ratio is presently 24.16%.

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.