Reliance, Inc. (NYSE:RS) Shares Sold by Voloridge Investment Management LLC

Voloridge Investment Management LLC cut its position in Reliance, Inc. (NYSE:RS - Free Report) by 57.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 59,024 shares of the industrial products company's stock after selling 80,699 shares during the period. Voloridge Investment Management LLC owned 0.11% of Reliance worth $15,893,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Coppell Advisory Solutions LLC lifted its stake in Reliance by 224.6% during the fourth quarter. Coppell Advisory Solutions LLC now owns 185 shares of the industrial products company's stock worth $49,000 after purchasing an additional 128 shares during the last quarter. Transce3nd LLC acquired a new stake in Reliance during the fourth quarter worth approximately $58,000. Quarry LP lifted its position in shares of Reliance by 83.7% during the 4th quarter. Quarry LP now owns 259 shares of the industrial products company's stock worth $70,000 after buying an additional 118 shares during the last quarter. Jones Financial Companies Lllp lifted its position in shares of Reliance by 1,216.0% during the 4th quarter. Jones Financial Companies Lllp now owns 329 shares of the industrial products company's stock worth $89,000 after buying an additional 304 shares during the last quarter. Finally, Providence First Trust Co acquired a new position in shares of Reliance in the 4th quarter valued at $90,000. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Reliance Stock Performance

NYSE:RS traded down $5.19 during mid-day trading on Wednesday, reaching $295.05. 219,040 shares of the stock were exchanged, compared to its average volume of 394,794. The stock has a market capitalization of $15.52 billion, a P/E ratio of 19.11 and a beta of 0.91. Reliance, Inc. has a 1 year low of $250.07 and a 1 year high of $326.87. The company has a 50 day simple moving average of $287.26 and a 200-day simple moving average of $289.77. 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 announced its earnings results on Wednesday, April 23rd. The industrial products company reported $3.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.66 by $0.11. The business had revenue of $3.48 billion for the quarter, compared to analyst estimates of $3.44 billion. Reliance had a net margin of 6.33% and a return on equity of 11.87%. The company's revenue for the quarter was down 4.4% compared to the same quarter last year. During the same period last year, the firm posted $5.30 earnings per share. Analysts anticipate that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 23rd will be given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 1.63%. The ex-dividend date is Friday, May 23rd. Reliance's payout ratio is currently 34.41%.

Wall Street Analyst Weigh In

Separately, KeyCorp lifted their price target on shares of Reliance from $321.00 to $327.00 and gave the stock an "overweight" rating in a research note on Monday, February 24th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat, Reliance 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.