Polar Asset Management Partners Inc. Sells 7,300 Shares of Reliance, Inc. (NYSE:RS)

Polar Asset Management Partners Inc. decreased its position in shares of Reliance, Inc. (NYSE:RS - Free Report) by 66.4% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 3,700 shares of the industrial products company's stock after selling 7,300 shares during the quarter. Polar Asset Management Partners Inc.'s holdings in Reliance were worth $996,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in RS. Mackenzie Financial Corp lifted its holdings in Reliance by 36.1% during the 4th quarter. Mackenzie Financial Corp now owns 4,429 shares of the industrial products company's stock worth $1,193,000 after purchasing an additional 1,174 shares in the last quarter. Forum Financial Management LP lifted 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 purchasing an additional 44 shares in the last quarter. Neo Ivy Capital Management purchased a new stake in Reliance during the 4th quarter worth about $3,692,000. Investment Management Corp VA ADV purchased a new stake in Reliance during the 4th quarter worth about $334,000. Finally, Vise Technologies Inc. purchased a new stake in shares of Reliance in the 4th quarter valued at about $268,000. Institutional investors own 79.26% of the company's stock.

Reliance Price Performance

Shares of Reliance stock traded up $0.54 during trading on Friday, hitting $292.48. 695,521 shares of the stock traded hands, compared to its average volume of 396,130. 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 stock has a market cap of $15.38 billion, a price-to-earnings ratio of 18.94 and a beta of 0.91. The firm's fifty day moving average is $287.69 and its 200-day moving average is $289.40. Reliance, Inc. has a 52 week low of $250.07 and a 52 week high of $326.87.

Reliance (NYSE:RS - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $3.48 billion for the quarter, compared to analyst estimates of $3.44 billion. Reliance had a return on equity of 11.87% and a net margin of 6.33%. The company's revenue was down 4.4% on a year-over-year basis. During the same period in the prior year, the company earned $5.30 EPS. Research analysts expect that Reliance, Inc. will post 16.98 EPS for the current fiscal year.

Reliance Announces Dividend

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 given a dividend of $1.20 per share. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $4.80 annualized dividend and a yield of 1.64%. Reliance's payout ratio is 34.41%.

Analyst Ratings Changes

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