Pinebridge Investments L.P. Buys 4,694 Shares of Reliance, Inc. (NYSE:RS)

Pinebridge Investments L.P. boosted its stake in Reliance, Inc. (NYSE:RS - Free Report) by 42.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,840 shares of the industrial products company's stock after purchasing an additional 4,694 shares during the period. Pinebridge Investments L.P.'s holdings in Reliance were worth $4,265,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Quent Capital LLC grew its holdings in Reliance by 4.1% during the 4th quarter. Quent Capital LLC now owns 941 shares of the industrial products company's stock worth $253,000 after acquiring an additional 37 shares during the last quarter. Johnson Investment Counsel Inc. raised its stake in shares of Reliance by 0.4% during the fourth quarter. Johnson Investment Counsel Inc. now owns 11,149 shares of the industrial products company's stock valued at $3,002,000 after acquiring an additional 39 shares during the last quarter. Townsquare Capital LLC lifted its holdings in shares of Reliance by 3.1% during the fourth quarter. Townsquare Capital LLC now owns 1,342 shares of the industrial products company's stock worth $361,000 after purchasing an additional 40 shares during the period. Forum Financial Management LP increased its holdings in Reliance by 2.8% in the fourth quarter. Forum Financial Management LP now owns 1,619 shares of the industrial products company's stock valued at $436,000 after purchasing an additional 44 shares during the period. Finally, Harbor Capital Advisors Inc. raised its position in Reliance by 0.6% during the 4th quarter. Harbor Capital Advisors Inc. now owns 7,715 shares of the industrial products company's stock worth $2,077,000 after purchasing an additional 49 shares during the last quarter. 79.26% of the stock is currently owned by institutional investors.

Reliance Stock Performance

NYSE:RS traded up $1.81 during trading hours on Thursday, reaching $290.04. The stock had a trading volume of 43,072 shares, compared to its average volume of 398,478. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 3.21. The stock has a market cap of $15.34 billion, a P/E ratio of 18.78 and a beta of 0.83. Reliance, Inc. has a 12-month low of $250.07 and a 12-month high of $326.87. The stock has a 50 day simple moving average of $282.73 and a 200 day simple moving average of $289.52.

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. Reliance had a return on equity of 11.87% and a net margin of 6.33%. The business had revenue of $3.48 billion for the quarter, compared to analysts' expectations of $3.44 billion. During the same quarter in the prior year, the firm posted $5.30 EPS. The firm's quarterly revenue was down 4.4% on a year-over-year basis. On average, research analysts forecast that Reliance, Inc. will post 16.98 EPS for the current fiscal year.

Reliance Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 23rd will be issued a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 1.65%. The ex-dividend date of this dividend is Friday, May 23rd. Reliance's payout ratio is 34.41%.

Insider Activity

In related news, CEO Karla R. Lewis sold 31,136 shares of the business's stock in a transaction dated Monday, February 24th. The stock was 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 directly owns 90,230 shares in the company, valued at $27,115,919.60. The trade was a 25.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.35% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on RS shares. Wolfe Research upgraded Reliance from an "underperform" rating to a "peer perform" rating in a research report on Wednesday, January 8th. KeyCorp increased their target price on shares of Reliance from $321.00 to $327.00 and gave the company an "overweight" rating in a research report on Monday, February 24th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, Reliance has a consensus rating of "Hold" and a consensus price target of $319.00.

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.