Comerica Bank Sells 1,421 Shares of Reliance, Inc. (NYSE:RS)

Comerica Bank lessened its holdings in Reliance, Inc. (NYSE:RS - Free Report) by 5.0% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 26,898 shares of the industrial products company's stock after selling 1,421 shares during the period. Comerica Bank's holdings in Reliance were worth $7,243,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Schonfeld Strategic Advisors LLC boosted its position in shares of Reliance by 31.7% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 2,834 shares of the industrial products company's stock worth $763,000 after acquiring an additional 682 shares during the last quarter. AdvisorShares Investments LLC purchased a new position in shares of Reliance during the fourth quarter valued at about $423,000. Lido Advisors LLC increased its holdings in shares of Reliance by 4.9% in the fourth quarter. Lido Advisors LLC now owns 998 shares of the industrial products company's stock worth $269,000 after purchasing an additional 47 shares during the last quarter. Northern Trust Corp lifted its position in shares of Reliance by 32.7% in the fourth quarter. Northern Trust Corp now owns 597,348 shares of the industrial products company's stock worth $160,842,000 after buying an additional 147,076 shares in the last quarter. Finally, Quarry LP boosted its stake in Reliance by 83.7% during the fourth quarter. Quarry LP now owns 259 shares of the industrial products company's stock valued at $70,000 after buying an additional 118 shares during the last quarter. 79.26% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, KeyCorp raised their target price on shares of Reliance from $321.00 to $327.00 and gave the company an "overweight" rating in a report on Monday, February 24th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Reliance currently has an average rating of "Hold" and a consensus price target of $319.00.

Insider Transactions at Reliance

In other news, CEO Karla R. Lewis sold 31,136 shares of the business's stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 90,230 shares in the company, valued at approximately $27,115,919.60. The trade was a 25.65 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.35% of the company's stock.

Reliance Trading Down 0.6 %

RS traded down $1.69 during trading on Friday, reaching $294.16. The company had a trading volume of 57,712 shares, compared to its average volume of 396,641. 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 $250.07 and a 52 week high of $326.87. The stock has a market cap of $15.47 billion, a P/E ratio of 19.05 and a beta of 0.91. The business has a 50 day simple moving average of $282.75 and a 200-day simple moving average of $289.57.

Reliance (NYSE:RS - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The industrial products company reported $3.77 earnings per share for the quarter, topping analysts' consensus estimates of $3.66 by $0.11. Reliance had a net margin of 6.33% and a return on equity of 11.87%. The company had revenue of $3.48 billion for the quarter, compared to analyst estimates of $3.44 billion. During the same period in the prior year, the company posted $5.30 EPS. The firm's revenue for the quarter was down 4.4% on a year-over-year basis. On average, equities analysts anticipate that Reliance, Inc. will post 16.98 EPS for the current fiscal year.

Reliance Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 23rd will be given a dividend of $1.20 per share. The ex-dividend date is Friday, May 23rd. This represents a $4.80 annualized dividend and a dividend yield of 1.63%. Reliance's dividend payout ratio (DPR) is 34.41%.

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.