Wealthspire Advisors LLC Trims Holdings in Reliance, Inc. (NYSE:RS)

Wealthspire Advisors LLC reduced its stake in shares of Reliance, Inc. (NYSE:RS) by 15.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 931 shares of the industrial products company’s stock after selling 172 shares during the quarter. Wealthspire Advisors LLC’s holdings in Reliance were worth $251,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Assenagon Asset Management S.A. grew its holdings in shares of Reliance by 9.7% in the third quarter. Assenagon Asset Management S.A. now owns 8,769 shares of the industrial products company’s stock valued at $2,536,000 after purchasing an additional 777 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Reliance by 112.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,569 shares of the industrial products company’s stock valued at $2,482,000 after acquiring an additional 4,537 shares in the last quarter. Integrated Advisors Network LLC raised its holdings in shares of Reliance by 8.1% in the third quarter. Integrated Advisors Network LLC now owns 1,130 shares of the industrial products company’s stock valued at $327,000 after acquiring an additional 85 shares in the last quarter. Trajan Wealth LLC bought a new stake in shares of Reliance in the third quarter valued at about $203,000. Finally, First Trust Direct Indexing L.P. raised its holdings in shares of Reliance by 16.1% in the third quarter. First Trust Direct Indexing L.P. now owns 1,640 shares of the industrial products company’s stock valued at $474,000 after acquiring an additional 228 shares in the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Reliance Stock Up 0.3 %

Shares of NYSE:RS opened at $295.03 on Friday. The stock has a market cap of $15.97 billion, a P/E ratio of 19.11 and a beta of 0.91. The company has a quick ratio of 1.58, a current ratio of 3.21 and a debt-to-equity ratio of 0.10. Reliance, Inc. has a 52-week low of $256.98 and a 52-week high of $342.20. The business has a fifty day moving average of $283.62 and a two-hundred day moving average of $289.62.

Reliance (NYSE:RS) last posted its earnings results on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share (EPS) 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 firm had revenue of $3.13 billion for the quarter, compared to analyst estimates of $3.04 billion. On average, research analysts expect that Reliance, Inc. will post 16.98 earnings per share for the current year.

Reliance Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Stockholders 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 represents a $4.80 dividend on an annualized basis and a dividend yield of 1.63%. This is an increase from Reliance’s previous quarterly dividend of $1.10. Reliance’s dividend payout ratio is presently 31.09%.

Insider Buying and Selling

In other news, CEO Karla R. Lewis sold 31,136 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $300.52, for a total value of $9,356,990.72. Following the completion of the sale, the chief executive officer now directly owns 90,230 shares of the company’s stock, valued at $27,115,919.60. This trade represents a 25.65 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.69% of the stock is currently owned by company insiders.

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.