Mackenzie Financial Corp Raises Stock Holdings in Reliance, Inc. (NYSE:RS)

Mackenzie Financial Corp lifted its position in shares of Reliance, Inc. (NYSE:RS - Free Report) by 36.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,429 shares of the industrial products company's stock after purchasing an additional 1,174 shares during the period. Mackenzie Financial Corp's holdings in Reliance were worth $1,193,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Forum Financial Management LP increased its holdings in Reliance by 2.8% during the 4th quarter. Forum Financial Management LP now owns 1,619 shares of the industrial products company's stock worth $436,000 after acquiring an additional 44 shares during the period. Neo Ivy Capital Management purchased a new stake in Reliance in the fourth quarter worth approximately $3,692,000. Investment Management Corp VA ADV bought a new position in shares of Reliance during the 4th quarter valued at $334,000. Vise Technologies Inc. purchased a new position in shares of Reliance in the fourth quarter worth about $268,000. Finally, Worldquant Millennium Advisors LLC lifted its position in Reliance by 133.8% in the fourth quarter. Worldquant Millennium Advisors LLC now owns 22,828 shares of the industrial products company's stock valued at $6,147,000 after purchasing an additional 13,063 shares during the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.

Reliance Stock Performance

Shares of NYSE RS traded up $0.53 during midday trading on Wednesday, reaching $308.75. The company had a trading volume of 557,460 shares, compared to its average volume of 396,569. The business's 50-day simple moving average is $288.58 and its 200 day simple moving average is $289.30. The company has a current ratio of 3.21, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10. The stock has a market cap of $16.24 billion, a P/E ratio of 20.00 and a beta of 0.91. Reliance, Inc. has a 1 year low of $240.53 and a 1 year high of $326.87.

Reliance (NYSE:RS - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The industrial products company reported $3.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.66 by $0.11. The business 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%. The company's revenue for the quarter was down 4.4% on a year-over-year basis. During the same period in the prior year, the company posted $5.30 EPS. On average, analysts forecast that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The company also recently declared 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. This represents a $4.80 annualized dividend and a dividend yield of 1.55%. The ex-dividend date of this dividend is Friday, May 23rd. Reliance's payout ratio is presently 34.41%.

Analyst Ratings Changes

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