Merewether Investment Management LP Invests $9.96 Million in Reliance, Inc. (NYSE:RS)

Merewether Investment Management LP acquired a new position in shares of Reliance, Inc. (NYSE:RS - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 37,000 shares of the industrial products company's stock, valued at approximately $9,963,000. Merewether Investment Management LP owned about 0.07% of Reliance as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Barclays PLC raised its position in Reliance by 10.7% in the third quarter. Barclays PLC now owns 76,131 shares of the industrial products company's stock valued at $22,017,000 after purchasing an additional 7,373 shares during the period. Nordea Investment Management AB increased its position in shares of Reliance by 11.0% during the fourth quarter. Nordea Investment Management AB now owns 4,951 shares of the industrial products company's stock worth $1,332,000 after acquiring an additional 489 shares during the last quarter. Abound Wealth Management increased its position in shares of Reliance by 35,700.0% during the fourth quarter. Abound Wealth Management now owns 358 shares of the industrial products company's stock worth $96,000 after acquiring an additional 357 shares during the last quarter. Oak Thistle LLC increased its holdings in Reliance by 103.7% in the fourth quarter. Oak Thistle LLC now owns 2,123 shares of the industrial products company's stock valued at $572,000 after buying an additional 1,081 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in Reliance by 478.1% in the fourth quarter. Assenagon Asset Management S.A. now owns 50,694 shares of the industrial products company's stock valued at $13,650,000 after buying an additional 41,925 shares during the last quarter. Institutional investors and hedge funds own 79.26% of the company's stock.

Insiders Place Their Bets

In other news, CEO Karla R. Lewis sold 31,136 shares of the company's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $300.52, for a total transaction of $9,356,990.72. Following the completion of the transaction, the chief executive officer now owns 90,230 shares of the company's stock, valued at approximately $27,115,919.60. This represents a 25.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.35% of the company's stock.

Reliance Price Performance

NYSE RS opened at $304.35 on Tuesday. The business's fifty day moving average is $283.48 and its two-hundred day moving average is $289.80. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 3.21. Reliance, Inc. has a 1 year low of $250.07 and a 1 year high of $326.87. The stock has a market capitalization of $16.01 billion, a P/E ratio of 19.71 and a beta of 0.91.

Reliance (NYSE:RS - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $3.48 billion during 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%. Reliance's revenue for the quarter was down 4.4% on a year-over-year basis. During the same period in the prior year, the company posted $5.30 earnings per share. On average, research analysts forecast 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. Investors of record on Friday, May 23rd will be issued a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date of this dividend is Friday, May 23rd. Reliance's dividend payout ratio is presently 34.41%.

Wall Street Analysts Forecast Growth

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

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.

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