Zurcher Kantonalbank Zurich Cantonalbank Trims Stock Position in Reliance, Inc. (NYSE:RS)

Zurcher Kantonalbank Zurich Cantonalbank decreased its holdings in shares of Reliance, Inc. (NYSE:RS - Free Report) by 78.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,722 shares of the industrial products company's stock after selling 50,921 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Reliance were worth $3,838,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its holdings in Reliance by 11.0% during the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 444 shares of the industrial products company's stock valued at $116,000 after purchasing an additional 44 shares during the period. Paulson Wealth Management Inc. raised its stake in Reliance by 3.3% in the 3rd quarter. Paulson Wealth Management Inc. now owns 1,361 shares of the industrial products company's stock valued at $357,000 after acquiring an additional 44 shares during the period. UMB Bank n.a. boosted its position in Reliance by 26.4% during the third quarter. UMB Bank n.a. now owns 230 shares of the industrial products company's stock worth $60,000 after purchasing an additional 48 shares during the period. Arizona State Retirement System increased its stake in shares of Reliance by 0.3% in the fourth quarter. Arizona State Retirement System now owns 16,094 shares of the industrial products company's stock worth $4,501,000 after purchasing an additional 54 shares in the last quarter. Finally, Robertson Stephens Wealth Management LLC lifted its stake in shares of Reliance by 0.3% during the 3rd quarter. Robertson Stephens Wealth Management LLC now owns 17,250 shares of the industrial products company's stock valued at $4,523,000 after buying an additional 59 shares in the last quarter. 79.26% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

RS has been the topic of a number of analyst reports. Citigroup cut shares of Reliance from a "buy" rating to a "neutral" rating and boosted their target price for the company from $280.00 to $380.00 in a report on Thursday, April 11th. KeyCorp raised their target price on Reliance from $300.00 to $362.00 and gave the stock an "overweight" rating in a research note on Friday, February 16th. Finally, BMO Capital Markets upped their price target on Reliance from $295.00 to $355.00 and gave the company an "outperform" rating in a research report on Tuesday, February 20th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, Reliance presently has a consensus rating of "Moderate Buy" and an average price target of $365.67.

Insider Buying and Selling at Reliance

In related news, CEO Karla R. Lewis sold 42,346 shares of the business's stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $318.97, for a total value of $13,507,103.62. Following the completion of the sale, the chief executive officer now owns 84,534 shares in the company, valued at approximately $26,963,809.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director James Donald Hoffman sold 40,000 shares of Reliance stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $322.95, for a total value of $12,918,000.00. Following the transaction, the director now owns 54,042 shares in the company, valued at $17,452,863.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Karla R. Lewis sold 42,346 shares of the stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $318.97, for a total value of $13,507,103.62. Following the sale, the chief executive officer now owns 84,534 shares of the company's stock, valued at $26,963,809.98. The disclosure for this sale can be found here. Insiders have sold 85,996 shares of company stock worth $27,603,878 over the last 90 days. Corporate insiders own 0.69% of the company's stock.

Reliance Price Performance

Reliance stock traded down $5.54 during midday trading on Tuesday, hitting $314.00. 233,189 shares of the company's stock were exchanged, compared to its average volume of 236,499. The stock has a 50-day moving average price of $324.81 and a two-hundred day moving average price of $290.87. Reliance, Inc. has a 52-week low of $229.12 and a 52-week high of $342.20. The company has a market cap of $18.03 billion, a P/E ratio of 13.89, a PEG ratio of 5.63 and a beta of 0.87. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.23 and a current ratio of 5.66.

Reliance (NYSE:RS - Get Free Report) last posted its quarterly earnings data on Thursday, February 15th. The industrial products company reported $4.73 earnings per share for the quarter, topping the consensus estimate of $3.92 by $0.81. Reliance had a net margin of 9.02% and a return on equity of 17.53%. The company had revenue of $3.34 billion for the quarter, compared to analysts' expectations of $3.31 billion. During the same period in the prior year, the business earned $5.87 earnings per share. Reliance's revenue for the quarter was down 7.6% compared to the same quarter last year. On average, equities research analysts forecast that Reliance, Inc. will post 19.51 earnings per share for the current year.

Reliance Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Friday, March 8th were paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 1.40%. The ex-dividend date of this dividend was Thursday, March 7th. This is a boost from Reliance's previous quarterly dividend of $1.00. Reliance's dividend payout ratio is currently 19.46%.

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.