Neo Ivy Capital Management Takes $3.69 Million Position in Reliance, Inc. (NYSE:RS)

Neo Ivy Capital Management purchased a new stake in Reliance, Inc. (NYSE:RS - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 13,713 shares of the industrial products company's stock, valued at approximately $3,692,000.

A number of other large investors also recently modified their holdings of the company. Coppell Advisory Solutions LLC raised 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 purchasing an additional 128 shares during the last quarter. Transce3nd LLC bought a new position in Reliance during the 4th quarter worth $58,000. Quarry LP raised its position in Reliance by 83.7% during the 4th quarter. Quarry LP now owns 259 shares of the industrial products company's stock worth $70,000 after purchasing an additional 118 shares during the last quarter. Jones Financial Companies Lllp raised its position in Reliance by 1,216.0% during the 4th 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 last quarter. Finally, Providence First Trust Co bought a new position in Reliance during the 4th quarter worth $90,000. 79.26% of the stock is currently owned by institutional investors.

Reliance Trading Up 2.8%

Reliance stock traded up $8.05 during trading hours on Tuesday, reaching $300.03. 406,595 shares of the company's stock were exchanged, compared to its average volume of 409,536. 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's 50 day simple moving average is $286.89 and its 200 day simple moving average is $289.70. The firm has a market capitalization of $15.78 billion, a PE ratio of 19.43 and a beta of 0.91. Reliance, Inc. has a twelve month low of $250.07 and a twelve month high of $326.87.

Reliance (NYSE:RS - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The industrial products company reported $3.77 EPS for the quarter, beating the consensus estimate of $3.66 by $0.11. The company had revenue of $3.48 billion during 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 firm's revenue for the quarter was down 4.4% compared to the same quarter last year. During the same period last year, the business posted $5.30 EPS. Research analysts predict that Reliance, Inc. will post 16.98 earnings per share for the current year.

Reliance Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 23rd will be paid a $1.20 dividend. The ex-dividend date is Friday, May 23rd. This represents a $4.80 annualized dividend and a dividend yield of 1.60%. Reliance's dividend payout ratio is presently 34.41%.

Analysts Set New Price Targets

Separately, KeyCorp increased their price target 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 issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus 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.