Redwood Investment Management LLC Invests $1.43 Million in Reliance, Inc. (NYSE:RS)

Redwood Investment Management LLC bought a new stake in Reliance, Inc. (NYSE:RS - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 5,295 shares of the industrial products company's stock, valued at approximately $1,426,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Coppell Advisory Solutions LLC boosted its stake in Reliance by 224.6% in the fourth quarter. Coppell Advisory Solutions LLC now owns 185 shares of the industrial products company's stock valued at $49,000 after buying an additional 128 shares in the last quarter. Transce3nd LLC bought a new position in shares of Reliance in the fourth quarter worth about $58,000. Quarry LP lifted its holdings in shares of Reliance by 83.7% in the fourth quarter. Quarry LP now owns 259 shares of the industrial products company's stock worth $70,000 after acquiring an additional 118 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in shares of Reliance by 1,216.0% in the 4th quarter. Jones Financial Companies Lllp now owns 329 shares of the industrial products company's stock valued at $89,000 after purchasing an additional 304 shares in the last quarter. Finally, Providence First Trust Co bought a new stake in shares of Reliance during the 4th quarter valued at approximately $90,000. Institutional investors own 79.26% of the company's stock.

Reliance Price Performance

RS traded down $3.84 on Wednesday, reaching $300.10. The stock had a trading volume of 66,471 shares, compared to its average volume of 394,354. The company has a current ratio of 3.21, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $15.78 billion, a price-to-earnings ratio of 19.45 and a beta of 0.91. Reliance, Inc. has a fifty-two week low of $250.07 and a fifty-two week high of $326.87. The firm has a 50-day moving average of $285.84 and a 200-day moving average of $290.26.

Reliance (NYSE:RS - Get Free Report) last released 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. Reliance had a return on equity of 11.87% and a net margin of 6.33%. The company had revenue of $3.48 billion for the quarter, compared to analysts' expectations of $3.44 billion. During the same period in the previous year, the business posted $5.30 earnings per share. The business's quarterly revenue was down 4.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Reliance, Inc. will post 16.98 EPS for the current year.

Reliance Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 23rd will be given a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 1.60%. The ex-dividend date is Friday, May 23rd. Reliance's dividend payout ratio (DPR) is currently 34.41%.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Reliance

In other Reliance news, CEO Karla R. Lewis sold 31,136 shares of the company's stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $300.52, for a total value of $9,356,990.72. Following the sale, the chief executive officer now owns 90,230 shares in the company, valued at approximately $27,115,919.60. The trade was a 25.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.35% of the company's stock.

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.