Victory Capital Management Inc. Has $42.31 Million Stake in Reliance, Inc. (NYSE:RS)

Victory Capital Management Inc. cut its holdings in Reliance, Inc. (NYSE:RS - Free Report) by 76.6% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 151,283 shares of the industrial products company's stock after selling 495,944 shares during the period. Victory Capital Management Inc. owned about 0.26% of Reliance worth $42,311,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Certuity LLC purchased a new position in shares of Reliance during the 4th quarter worth $264,000. Van ECK Associates Corp grew its holdings in Reliance by 2.6% in the 4th quarter. Van ECK Associates Corp now owns 31,004 shares of the industrial products company's stock valued at $8,671,000 after buying an additional 793 shares during the period. Consolidated Planning Corp acquired a new position in shares of Reliance during the 4th quarter valued at about $209,000. Russell Investments Group Ltd. increased its position in Reliance by 5.3% during the fourth quarter. Russell Investments Group Ltd. now owns 156,893 shares of the industrial products company's stock worth $44,000,000 after purchasing an additional 7,897 shares during the last quarter. Finally, South Dakota Investment Council purchased a new position in Reliance during the fourth quarter worth approximately $1,800,000. 79.26% of the stock is owned by institutional investors and hedge funds.

Reliance Stock Up 0.8 %

Shares of RS traded up $2.38 during midday trading on Monday, reaching $292.16. 298,522 shares of the company were exchanged, compared to its average volume of 254,459. Reliance, Inc. has a 1-year low of $229.12 and a 1-year high of $342.20. The stock has a 50-day moving average price of $320.99 and a 200-day moving average price of $293.10. The company has a current ratio of 5.74, a quick ratio of 3.21 and a debt-to-equity ratio of 0.14. The company has a market cap of $16.78 billion, a price-to-earnings ratio of 13.53, a P/E/G ratio of 5.08 and a beta of 0.92.

Reliance (NYSE:RS - Get Free Report) last released its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.30 EPS for the quarter, missing the consensus estimate of $5.51 by ($0.21). The company had revenue of $3.64 billion for the quarter, compared to analyst estimates of $3.76 billion. Reliance had a return on equity of 16.26% and a net margin of 8.67%. The business's revenue was down 8.1% on a year-over-year basis. During the same period last year, the firm posted $6.37 earnings per share. Research analysts expect that Reliance, Inc. will post 19.6 earnings per share for the current year.

Reliance Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 24th will be issued a $1.10 dividend. The ex-dividend date is Thursday, May 23rd. This represents a $4.40 dividend on an annualized basis and a yield of 1.51%. Reliance's dividend payout ratio is currently 20.55%.

Insider Buying and Selling at Reliance

In related news, Director James Donald Hoffman sold 40,000 shares of the 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 completion of the transaction, the director now owns 54,042 shares of the company's stock, valued at $17,452,863.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Arthur Ajemyan sold 3,000 shares of Reliance stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total value of $968,850.00. Following the completion of the transaction, the chief financial officer now directly owns 15,577 shares in the company, valued at $5,030,592.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James Donald Hoffman sold 40,000 shares of the business's stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $322.95, for a total value of $12,918,000.00. Following the completion of the sale, the director now owns 54,042 shares of the company's stock, valued at $17,452,863.90. The disclosure for this sale can be found here. Insiders sold a total of 90,996 shares of company stock valued at $29,052,928 in the last ninety days. Insiders own 0.69% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on RS shares. BMO Capital Markets dropped their price objective on Reliance from $355.00 to $345.00 and set an "outperform" rating for the company in a report on Friday, April 26th. Citigroup lowered Reliance from a "buy" rating to a "neutral" rating and lifted their price objective for the company from $280.00 to $380.00 in a research note on Thursday, April 11th. KeyCorp boosted their target price on Reliance from $300.00 to $362.00 and gave the stock an "overweight" rating in a report on Friday, February 16th. Finally, StockNews.com cut shares of Reliance from a "buy" rating to a "hold" rating in a research report on Friday, April 26th.

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.