Wealth Enhancement Advisory Services LLC Increases Stock Position in Reliance, Inc. (NYSE:RS)

Wealth Enhancement Advisory Services LLC grew its stake in shares of Reliance, Inc. (NYSE:RS - Free Report) by 20.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 34,291 shares of the industrial products company's stock after acquiring an additional 5,882 shares during the quarter. Wealth Enhancement Advisory Services LLC owned about 0.06% of Reliance worth $9,902,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in shares of Reliance in the fourth quarter worth approximately $186,255,000. American Century Companies Inc. boosted 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 worth $114,971,000 after buying an additional 392,213 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings 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 last quarter. GAMMA Investing LLC boosted its holdings 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 last quarter. Finally, First Trust Advisors LP boosted its holdings in shares of Reliance by 15.5% in the fourth quarter. First Trust Advisors LP now owns 1,382,916 shares of the industrial products company's stock worth $372,364,000 after buying an additional 185,873 shares during the last quarter. Hedge funds and other institutional investors own 79.26% of the company's stock.

Analyst Ratings Changes

Separately, KeyCorp raised their price objective on shares of Reliance from $321.00 to $327.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Reliance currently has a consensus rating of "Hold" and an average price target of $319.00.

Reliance Price Performance

NYSE RS opened at $309.21 on Tuesday. Reliance, Inc. has a 12 month low of $250.07 and a 12 month high of $326.87. The stock has a market cap of $16.26 billion, a price-to-earnings ratio of 22.17, a PEG ratio of 1.37 and a beta of 0.89. The company's 50 day moving average is $296.96 and its two-hundred day moving average is $288.27. The company has a current ratio of 3.17, a quick ratio of 1.58 and a debt-to-equity ratio of 0.15.

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

Reliance Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 23rd were given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 1.55%. The ex-dividend date was 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.

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