Johnson Investment Counsel Inc. Grows Position in Reliance, Inc. (NYSE:RS)

Johnson Investment Counsel Inc. raised its holdings in shares of Reliance, Inc. (NYSE:RS - Free Report) by 13.1% during the first quarter, according to its most recent filing with the SEC. The firm owned 12,610 shares of the industrial products company's stock after purchasing an additional 1,461 shares during the period. Johnson Investment Counsel Inc.'s holdings in Reliance were worth $3,641,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Norges Bank purchased a new stake in shares of Reliance during the 4th quarter worth $186,255,000. American Century Companies Inc. raised 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 worth $114,971,000 after acquiring an additional 392,213 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Reliance by 9.4% during the fourth 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 acquiring an additional 319,576 shares during the last quarter. GAMMA Investing LLC boosted its stake in Reliance by 33,792.2% in the first quarter. GAMMA Investing LLC now owns 278,933 shares of the industrial products company's stock valued at $80,542,000 after acquiring an additional 278,110 shares in the last quarter. Finally, First Trust Advisors LP grew its holdings in Reliance by 15.5% in 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 purchasing an additional 185,873 shares during the last quarter. Institutional investors own 79.26% of the company's stock.

Reliance Trading Down 0.4%

Shares of Reliance stock opened at $308.52 on Friday. The firm's 50 day simple moving average is $295.80 and its two-hundred day simple moving average is $288.60. The firm has a market capitalization of $16.23 billion, a price-to-earnings ratio of 22.12, a PEG ratio of 1.37 and a beta of 0.88. Reliance, Inc. has a 12-month low of $250.07 and a 12-month high of $326.87. The company has a current ratio of 3.17, a quick ratio of 1.58 and a debt-to-equity ratio of 0.15.

Reliance (NYSE:RS - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The industrial products company reported $3.77 earnings per share for the quarter, beating 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 5.65% and a return on equity of 10.77%. The business's quarterly revenue was down 4.4% compared to the same quarter last year. During the same period in the previous year, the company earned $5.30 earnings per share. Analysts predict that Reliance, Inc. will post 16.98 EPS for the current year.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 23rd were issued a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date of this dividend was Friday, May 23rd. Reliance's dividend payout ratio (DPR) is 34.41%.

Analysts Set New Price Targets

Separately, KeyCorp increased their price objective on Reliance from $321.00 to $327.00 and gave the company an "overweight" rating in a report on Monday, February 24th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $319.00.

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.

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