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

Polar Asset Management Partners Inc. reduced its position in Reliance, Inc. (NYSE:RS - Free Report) by 66.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. 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.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Proficio Capital Partners LLC bought a new stake in shares of Reliance during the 4th quarter worth $7,352,000. Pure Financial Advisors LLC raised its stake in Reliance by 232.9% during the fourth quarter. Pure Financial Advisors LLC now owns 9,281 shares of the industrial products company's stock worth $2,499,000 after acquiring an additional 6,493 shares in the last quarter. Merewether Investment Management LP bought a new position in shares of Reliance in the fourth quarter worth about $9,963,000. BTS Asset Management Inc. acquired a new stake in shares of Reliance in the 4th quarter valued at approximately $707,000. Finally, Loomis Sayles & Co. L P boosted its stake in shares of Reliance by 3.5% in the 4th quarter. Loomis Sayles & Co. L P now owns 48,213 shares of the industrial products company's stock valued at $12,982,000 after purchasing an additional 1,640 shares in the last quarter. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Reliance Price Performance

RS traded down $1.39 on Friday, reaching $293.23. The stock had a trading volume of 31,700 shares, compared to its average volume of 394,129. Reliance, Inc. has a fifty-two week low of $250.07 and a fifty-two week high of $326.87. The firm has a 50-day moving average of $286.48 and a 200-day moving average of $290.37. The company has a current ratio of 3.21, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $15.42 billion, a price-to-earnings ratio of 18.97 and a beta of 0.91.

Reliance (NYSE:RS - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The industrial products company reported $3.77 earnings per share for the quarter, topping the consensus estimate of $3.66 by $0.11. Reliance had a return on equity of 11.87% and a net margin of 6.33%. The company had revenue of $3.48 billion for the quarter, compared to analysts' expectations of $3.44 billion. During the same period in the previous year, the business posted $5.30 earnings per share. The business's quarterly revenue was down 4.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Reliance, Inc. will post 16.98 EPS for the current year.

Reliance Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 23rd will be given a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 1.64%. The ex-dividend date of this dividend is Friday, May 23rd. Reliance's dividend payout ratio (DPR) is currently 34.41%.

Wall Street Analysts Forecast Growth

Separately, KeyCorp increased their price objective on shares of Reliance from $321.00 to $327.00 and gave the company 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 issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $319.00.

Insider Buying and Selling at Reliance

In other Reliance news, CEO Karla R. Lewis sold 31,136 shares of the company's stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $300.52, for a total value 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 SEC, which is accessible through this link. Corporate insiders own 0.35% of the company's stock.

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.