Twinbeech Capital LP Invests $1.80 Million in Reliance, Inc. (NYSE:RS)

Twinbeech Capital LP purchased a new position in shares of Reliance, Inc. (NYSE:RS - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,697 shares of the industrial products company's stock, valued at approximately $1,803,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Barclays PLC grew its position in shares of Reliance by 10.7% during the third quarter. Barclays PLC now owns 76,131 shares of the industrial products company's stock worth $22,017,000 after buying an additional 7,373 shares in the last quarter. Park Avenue Securities LLC grew its position in shares of Reliance by 18.1% during the fourth quarter. Park Avenue Securities LLC now owns 2,037 shares of the industrial products company's stock worth $549,000 after buying an additional 312 shares in the last quarter. HB Wealth Management LLC grew its position in shares of Reliance by 52.8% during the fourth quarter. HB Wealth Management LLC now owns 1,209 shares of the industrial products company's stock worth $326,000 after buying an additional 418 shares in the last quarter. UMB Bank n.a. grew its position in shares of Reliance by 41.8% during the fourth quarter. UMB Bank n.a. now owns 353 shares of the industrial products company's stock worth $95,000 after buying an additional 104 shares in the last quarter. Finally, CX Institutional grew its position in shares of Reliance by 5.8% during the fourth quarter. CX Institutional now owns 4,713 shares of the industrial products company's stock worth $1,269,000 after buying an additional 259 shares in the last quarter. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, KeyCorp upped 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 equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $319.00.

Reliance Stock Up 1.8%

RS traded up $5.33 on Tuesday, reaching $297.31. The company's stock had a trading volume of 87,068 shares, compared to its average volume of 406,229. The company has a market capitalization of $15.63 billion, a price-to-earnings ratio of 19.25 and a beta of 0.91. Reliance, Inc. has a fifty-two week low of $250.07 and a fifty-two week high of $326.87. The stock has a 50 day moving average of $286.89 and a two-hundred day moving average of $289.70. The company has a quick ratio of 1.58, a current ratio of 3.21 and a debt-to-equity ratio of 0.10.

Reliance (NYSE:RS - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $3.48 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the company earned $5.30 earnings per share. As a group, analysts forecast that Reliance, Inc. will post 16.98 EPS for the current fiscal year.

Reliance Dividend Announcement

The company 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 payout ratio is currently 34.41%.

Reliance 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.