Janney Montgomery Scott LLC trimmed its position in shares of Reliance, Inc. (NYSE:RS - Free Report) by 4.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 18,640 shares of the industrial products company's stock after selling 952 shares during the period. Janney Montgomery Scott LLC's holdings in Reliance were worth $5,382,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Johnson Investment Counsel Inc. grew its holdings in shares of Reliance by 0.4% during the 4th quarter. Johnson Investment Counsel Inc. now owns 11,149 shares of the industrial products company's stock valued at $3,002,000 after acquiring an additional 39 shares in the last quarter. Townsquare Capital LLC grew its holdings in shares of Reliance by 3.1% during the 4th quarter. Townsquare Capital LLC now owns 1,342 shares of the industrial products company's stock valued at $361,000 after acquiring an additional 40 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Reliance by 11.1% during the 1st quarter. Farther Finance Advisors LLC now owns 401 shares of the industrial products company's stock valued at $116,000 after acquiring an additional 40 shares in the last quarter. Forum Financial Management LP grew its holdings in shares of Reliance by 2.8% during the 4th quarter. Forum Financial Management LP now owns 1,619 shares of the industrial products company's stock valued at $436,000 after acquiring an additional 44 shares in the last quarter. Finally, Lido Advisors LLC grew its holdings in shares of Reliance by 4.9% during the 4th quarter. Lido Advisors LLC now owns 998 shares of the industrial products company's stock valued at $269,000 after acquiring an additional 47 shares in the last quarter. 79.26% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Separately, KeyCorp lifted 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 analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Reliance presently has an average rating of "Hold" and a consensus price target of $319.00.
Get Our Latest Analysis on RS
Reliance Stock Down 0.8%
Shares of RS opened at $306.47 on Monday. The company has a 50-day simple moving average of $296.34 and a 200-day simple moving average of $288.23. The firm has a market capitalization of $16.12 billion, a P/E ratio of 21.97, a P/E/G ratio of 1.37 and a beta of 0.89. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.58 and a current ratio of 3.17. 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 analysts' consensus estimates of $3.66 by $0.11. The business had revenue of $3.48 billion during the quarter, compared to analyst estimates of $3.44 billion. Reliance had a net margin of 5.65% and a return on equity of 10.77%. The firm's revenue for the quarter was down 4.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.30 earnings per share. On average, equities research analysts expect that Reliance, Inc. will post 16.98 earnings per share for the current year.
Reliance Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 23rd were paid a $1.20 dividend. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $4.80 dividend on an annualized basis and a yield of 1.57%. Reliance's payout ratio is currently 34.41%.
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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