Neo Ivy Capital Management bought a new position in Reliance, Inc. (NYSE:RS - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 13,713 shares of the industrial products company's stock, valued at approximately $3,692,000.
Several other hedge funds have also modified their holdings of the company. Pacer Advisors Inc. raised its stake in shares of Reliance by 6,311.2% during the 4th quarter. Pacer Advisors Inc. now owns 816,465 shares of the industrial products company's stock worth $219,841,000 after acquiring an additional 803,730 shares in the last quarter. Norges Bank acquired a new stake in shares of Reliance in the 4th quarter worth $186,255,000. American Century Companies Inc. grew its stake in 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 buying an additional 392,213 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in Reliance by 9.4% during the 4th 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 buying an additional 319,576 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in Reliance by 53.5% during the 4th quarter. Principal Financial Group Inc. now owns 725,685 shares of the industrial products company's stock valued at $195,402,000 after buying an additional 252,955 shares in the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.
Reliance Stock Performance
RS stock traded down $1.94 during midday trading on Wednesday, reaching $298.30. The stock had a trading volume of 57,167 shares, compared to its average volume of 394,155. The firm has a fifty day simple moving average of $287.26 and a two-hundred 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 company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 3.21. The stock has a market cap of $15.69 billion, a PE ratio of 19.32 and a beta of 0.91.
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 (EPS) for the quarter, topping the consensus estimate of $3.66 by $0.11. The firm had revenue of $3.48 billion during the quarter, compared to analysts' expectations of $3.44 billion. Reliance had a return on equity of 11.87% and a net margin of 6.33%. The company'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 earnings per share. As a group, equities research analysts anticipate that Reliance, Inc. will post 16.98 EPS for the current year.
Reliance Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Stockholders 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 1.61%. The ex-dividend date is Friday, May 23rd. Reliance's dividend payout ratio (DPR) is currently 34.41%.
Analyst Upgrades and Downgrades
Separately, KeyCorp boosted their price target on Reliance from $321.00 to $327.00 and gave the stock an "overweight" rating in a research note on Monday, February 24th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Reliance currently has a consensus rating of "Hold" and an average target price of $319.00.
Check Out Our Latest Research Report on Reliance
About Reliance
(
Free Report)
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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