Reliance, Inc. (NYSE:RS) Position Lessened by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC cut its stake in shares of Reliance, Inc. (NYSE:RS - Free Report) by 4.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm 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 quarter.

Several other hedge funds have also modified their holdings of the stock. Norges Bank acquired a new position in Reliance in the 4th quarter worth approximately $186,255,000. American Century Companies Inc. lifted its holdings in shares of Reliance by 1,127.9% in the fourth quarter. American Century Companies Inc. now owns 426,986 shares of the industrial products company's stock valued at $114,971,000 after purchasing an additional 392,213 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Reliance by 9.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,709,737 shares of the industrial products company's stock worth $998,886,000 after buying an additional 319,576 shares during the period. GAMMA Investing LLC boosted its position in shares of Reliance by 33,792.2% in the first quarter. GAMMA Investing LLC now owns 278,933 shares of the industrial products company's stock worth $80,542,000 after buying an additional 278,110 shares during the period. Finally, First Trust Advisors LP grew its holdings in shares of Reliance by 15.5% during the fourth quarter. First Trust Advisors LP now owns 1,382,916 shares of the industrial products company's stock valued at $372,364,000 after buying an additional 185,873 shares in the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.

Reliance Stock Up 1.8%

NYSE:RS traded up $5.51 during trading hours on Thursday, hitting $314.55. 150,769 shares of the company's stock traded hands, compared to its average volume of 392,261. The stock's fifty day moving average price is $299.04 and its two-hundred day moving average price is $288.60. The firm has a market cap of $16.54 billion, a P/E ratio of 22.55, a P/E/G ratio of 1.39 and a beta of 0.88. 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 twelve month low of $250.07 and a twelve month high of $326.87.

Reliance (NYSE:RS - Get Free Report) last released its earnings results on Wednesday, April 23rd. The industrial products company reported $3.77 earnings per share for the quarter, beating the consensus estimate of $3.66 by $0.11. The company had revenue of $3.48 billion for the quarter, compared to analysts' expectations of $3.44 billion. Reliance had a return on equity of 10.77% and a net margin of 5.65%. The business's revenue for the quarter was down 4.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.30 EPS. On average, research analysts expect that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Shareholders 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 annualized dividend and a yield of 1.53%. Reliance's dividend payout ratio is presently 34.41%.

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.