Worldquant Millennium Advisors LLC Buys 13,063 Shares of Reliance, Inc. (NYSE:RS)

Worldquant Millennium Advisors LLC lifted its stake in shares of Reliance, Inc. (NYSE:RS - Free Report) by 133.8% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 22,828 shares of the industrial products company's stock after acquiring an additional 13,063 shares during the period. Worldquant Millennium Advisors LLC's holdings in Reliance were worth $6,147,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in RS. Proficio Capital Partners LLC purchased a new position in Reliance in the 4th quarter worth $7,352,000. Merewether Investment Management LP purchased a new position in shares of Reliance during the fourth quarter valued at about $9,963,000. Loomis Sayles & Co. L P increased its position in shares of Reliance by 3.5% during the fourth quarter. Loomis Sayles & Co. L P now owns 48,213 shares of the industrial products company's stock valued at $12,982,000 after buying an additional 1,640 shares during the period. O Shaughnessy Asset Management LLC boosted its stake in Reliance by 38.5% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 34,697 shares of the industrial products company's stock worth $9,343,000 after acquiring an additional 9,642 shares in the last quarter. Finally, Daiwa Securities Group Inc. boosted its stake in Reliance by 15.0% during the fourth quarter. Daiwa Securities Group Inc. now owns 13,010 shares of the industrial products company's stock worth $3,503,000 after acquiring an additional 1,700 shares in the last quarter. 79.26% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, KeyCorp upped their target price 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 given a buy rating to the stock. Based on data from MarketBeat.com, Reliance currently has an average rating of "Hold" and an average target price of $319.00.

Reliance Stock Performance

Reliance stock traded up $5.33 during midday trading on Tuesday, reaching $297.31. 87,068 shares of the company traded hands, compared to its average volume of 394,293. The firm has a market capitalization of $15.63 billion, a price-to-earnings ratio of 19.25 and a beta of 0.91. The business has a 50 day moving average of $286.89 and a two-hundred day moving average of $289.70. Reliance, Inc. has a 12 month low of $250.07 and a 12 month high of $326.87. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.21 and a quick ratio of 1.58.

Reliance (NYSE:RS - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The industrial products company reported $3.77 earnings per share for the quarter, topping the consensus estimate of $3.66 by $0.11. The business had revenue of $3.48 billion for the quarter, compared to analysts' expectations of $3.44 billion. Reliance had a net margin of 6.33% and a return on equity of 11.87%. The company's revenue was down 4.4% compared to the same quarter last year. During the same quarter last year, the company posted $5.30 EPS. As a group, research analysts predict that Reliance, Inc. will post 16.98 earnings per share for the current year.

Reliance Announces Dividend

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 given a dividend of $1.20 per share. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $4.80 annualized dividend and a dividend yield of 1.61%. Reliance's payout ratio is 34.41%.

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.