Cresset Asset Management LLC Decreases Stake in Reliance, Inc. (NYSE:RS)

Cresset Asset Management LLC lowered its stake in Reliance, Inc. (NYSE:RS - Free Report) by 18.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,808 shares of the industrial products company's stock after selling 860 shares during the period. Cresset Asset Management LLC's holdings in Reliance were worth $1,025,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Barclays PLC raised its holdings in shares of Reliance by 10.7% during the third quarter. Barclays PLC now owns 76,131 shares of the industrial products company's stock worth $22,017,000 after purchasing an additional 7,373 shares during the last quarter. Nordea Investment Management AB grew its position in Reliance by 11.0% during the fourth quarter. Nordea Investment Management AB now owns 4,951 shares of the industrial products company's stock valued at $1,332,000 after buying an additional 489 shares during the period. Abound Wealth Management grew its position in Reliance by 35,700.0% during the fourth quarter. Abound Wealth Management now owns 358 shares of the industrial products company's stock valued at $96,000 after buying an additional 357 shares during the period. Oak Thistle LLC grew its position in Reliance by 103.7% during the fourth quarter. Oak Thistle LLC now owns 2,123 shares of the industrial products company's stock valued at $572,000 after buying an additional 1,081 shares during the period. Finally, Assenagon Asset Management S.A. grew its position in Reliance by 478.1% during the fourth quarter. Assenagon Asset Management S.A. now owns 50,694 shares of the industrial products company's stock valued at $13,650,000 after buying an additional 41,925 shares during the period. Hedge funds and other institutional investors own 79.26% of the company's stock.

Reliance Stock Up 2.7%

Shares of NYSE RS opened at $304.35 on Tuesday. The company's 50-day simple moving average is $283.48 and its 200-day simple moving average is $289.80. Reliance, Inc. has a 52-week low of $250.07 and a 52-week high of $326.87. The firm has a market cap of $16.01 billion, a price-to-earnings ratio of 19.71 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 (NYSE:RS - Get Free Report) last posted its quarterly earnings results 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. The firm had revenue of $3.48 billion for the quarter, compared to analyst estimates of $3.44 billion. Reliance had a net margin of 6.33% and a return on equity of 11.87%. Reliance's quarterly revenue was down 4.4% on a year-over-year basis. During the same period in the previous year, the business posted $5.30 earnings per share. Equities analysts predict that Reliance, Inc. will post 16.98 EPS for the current fiscal year.

Reliance Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 23rd will be paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend is Friday, May 23rd. Reliance's dividend payout ratio (DPR) is 34.41%.

Wall Street Analysts Forecast Growth

Separately, KeyCorp raised their price target 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. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $319.00.

Insider Activity

In related news, CEO Karla R. Lewis sold 31,136 shares of Reliance stock in a transaction that occurred 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 completion of the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.35% 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.

Want to see what other hedge funds are holding RS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Reliance, Inc. (NYSE:RS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.