Chancellor Financial Group WB LP Makes New Investment in Reliance, Inc. (NYSE:RS)

Chancellor Financial Group WB LP bought a new stake in shares of Reliance, Inc. (NYSE:RS - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 2,000 shares of the industrial products company's stock, valued at approximately $539,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank acquired a new stake in Reliance during the 4th quarter valued at approximately $186,255,000. American Century Companies Inc. boosted its stake in shares of Reliance by 1,127.9% during the 4th quarter. American Century Companies Inc. now owns 426,986 shares of the industrial products company's stock valued at $114,971,000 after buying an additional 392,213 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Reliance by 9.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,709,737 shares of the industrial products company's stock valued at $998,886,000 after buying an additional 319,576 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Reliance by 53.5% during the fourth quarter. Principal Financial Group Inc. now owns 725,685 shares of the industrial products company's stock worth $195,402,000 after buying an additional 252,955 shares in the last quarter. Finally, First Trust Advisors LP grew its position in shares of Reliance by 15.5% during the fourth quarter. First Trust Advisors LP now owns 1,382,916 shares of the industrial products company's stock worth $372,364,000 after buying an additional 185,873 shares in the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.

Reliance Stock Up 0.2%

NYSE:RS traded up $0.54 during mid-day trading on Friday, reaching $292.48. The stock had a trading volume of 695,521 shares, compared to its average volume of 394,961. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.21 and a quick ratio of 1.58. The company has a market capitalization of $15.38 billion, a price-to-earnings ratio of 18.94 and a beta of 0.91. Reliance, Inc. has a 1-year low of $250.07 and a 1-year high of $326.87. The stock's 50 day simple moving average is $287.69 and its two-hundred day simple moving average is $289.09.

Reliance (NYSE:RS - Get Free Report) last released its earnings results on Wednesday, April 23rd. The industrial products company reported $3.77 EPS for the quarter, topping analysts' consensus estimates of $3.66 by $0.11. Reliance had a return on equity of 11.87% and a net margin of 6.33%. The company had revenue of $3.48 billion for the quarter, compared to the consensus estimate of $3.44 billion. During the same quarter last year, the business posted $5.30 EPS. Reliance's quarterly revenue was down 4.4% compared to the same quarter last year. Equities analysts anticipate that Reliance, Inc. will post 16.98 EPS for the current year.

Reliance Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 23rd will be issued a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date of this dividend is Friday, May 23rd. Reliance's dividend payout ratio is presently 34.41%.

Analyst Upgrades and Downgrades

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

Reliance Company 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.