Reliance, Inc. (NYSE:RS) Shares Sold by Man Group plc

Man Group plc lowered its holdings in Reliance, Inc. (NYSE:RS - Free Report) by 14.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,376 shares of the industrial products company's stock after selling 2,073 shares during the period. Man Group plc's holdings in Reliance were worth $3,332,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Coppell Advisory Solutions LLC boosted its holdings in Reliance by 224.6% in the fourth quarter. Coppell Advisory Solutions LLC now owns 185 shares of the industrial products company's stock valued at $49,000 after purchasing an additional 128 shares during the last quarter. Transce3nd LLC purchased a new position in Reliance in the fourth quarter valued at about $58,000. Quarry LP boosted its holdings in Reliance by 83.7% in the fourth quarter. Quarry LP now owns 259 shares of the industrial products company's stock valued at $70,000 after purchasing an additional 118 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in Reliance by 1,216.0% in the fourth quarter. Jones Financial Companies Lllp now owns 329 shares of the industrial products company's stock valued at $89,000 after purchasing an additional 304 shares during the last quarter. Finally, Providence First Trust Co purchased a new position in Reliance in the fourth quarter valued at about $90,000. Hedge funds and other institutional investors own 79.26% of the company's stock.

Analysts Set New Price Targets

Separately, KeyCorp increased their target price on Reliance from $321.00 to $327.00 and gave the stock 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 company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $319.00.

Reliance Stock Performance

NYSE:RS traded up $8.05 during trading hours on Tuesday, reaching $300.03. 406,595 shares of the stock were exchanged, compared to its average volume of 395,495. The company has a quick ratio of 1.58, a current ratio of 3.21 and a debt-to-equity ratio of 0.10. The firm has a 50 day simple moving average of $287.26 and a 200-day simple moving average of $289.77. Reliance, Inc. has a 52 week low of $250.07 and a 52 week high of $326.87. The stock has a market capitalization of $15.78 billion, a P/E ratio of 19.43 and a beta of 0.91.

Reliance (NYSE:RS - Get Free Report) last announced its quarterly 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 the consensus estimate of $3.44 billion. Reliance had a return on equity of 11.87% and a net margin of 6.33%. The business's revenue was down 4.4% on a year-over-year basis. During the same quarter last year, the business posted $5.30 EPS. As a group, sell-side analysts forecast that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 23rd will be issued a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 1.60%. The ex-dividend date is Friday, May 23rd. Reliance's dividend payout ratio (DPR) is 34.41%.

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.