Millennium Management LLC Has $32.37 Million Position in Reliance, Inc. (NYSE:RS)

Millennium Management LLC increased its position in Reliance, Inc. (NYSE:RS - Free Report) by 16.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 120,198 shares of the industrial products company's stock after acquiring an additional 16,992 shares during the period. Millennium Management LLC owned approximately 0.22% of Reliance worth $32,365,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of RS. Coppell Advisory Solutions LLC boosted its position in Reliance by 224.6% during the 4th quarter. Coppell Advisory Solutions LLC now owns 185 shares of the industrial products company's stock worth $49,000 after acquiring an additional 128 shares during the period. Transce3nd LLC bought a new stake in shares of Reliance during the fourth quarter valued at about $58,000. Quarry LP raised its stake in shares of Reliance by 83.7% during 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 in the last quarter. Jones Financial Companies Lllp lifted 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 worth $89,000 after purchasing an additional 304 shares during the period. Finally, Providence First Trust Co bought a new position in Reliance in the 4th quarter valued at about $90,000. Institutional investors and hedge funds own 79.26% of the company's stock.

Insider Activity

In other Reliance news, CEO Karla R. Lewis sold 31,136 shares of the business's stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $300.52, for a total transaction of $9,356,990.72. Following the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.35% of the company's stock.

Reliance Price Performance

Shares of RS traded down $4.42 during midday trading on Thursday, reaching $295.36. The stock had a trading volume of 273,156 shares, compared to its average volume of 395,289. The firm's 50 day moving average price is $286.16 and its 200-day moving average price is $290.32. The company has a market capitalization of $15.53 billion, a P/E ratio of 19.13 and a beta of 0.91. Reliance, Inc. has a 52 week low of $250.07 and a 52 week high of $326.87. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.21 and a quick ratio of 1.58.

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

Reliance Announces Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $4.80 annualized dividend and a dividend yield of 1.63%. Reliance's dividend payout ratio is currently 34.41%.

Analyst Ratings Changes

Separately, KeyCorp boosted their price target on shares of Reliance from $321.00 to $327.00 and gave the stock an "overweight" rating in a research 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. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price 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.