Nuveen Asset Management LLC Grows Holdings in Reliance, Inc. (NYSE:RS)

Nuveen Asset Management LLC grew its holdings in shares of Reliance, Inc. (NYSE:RS - Free Report) by 22.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 424,952 shares of the industrial products company's stock after acquiring an additional 78,877 shares during the period. Nuveen Asset Management LLC owned about 0.79% of Reliance worth $114,423,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Reliance Stock Performance

Shares of Reliance stock traded down $0.75 during trading on Tuesday, hitting $303.71. 259,467 shares of the company's stock were exchanged, compared to its average volume of 395,368. 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 business has a 50-day simple moving average of $285.34 and a 200-day simple moving average of $290.17. Reliance, Inc. has a 52-week low of $250.07 and a 52-week high of $326.87. The stock has a market capitalization of $15.97 billion, a price-to-earnings ratio of 19.67 and a beta of 0.91.

Reliance (NYSE:RS - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The industrial products company reported $3.77 earnings per share (EPS) for the quarter, topping the consensus estimate 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%. The firm's revenue was down 4.4% compared to the same quarter last year. During the same quarter last year, the company posted $5.30 earnings per share. On average, research analysts forecast that Reliance, Inc. will post 16.98 EPS for the current year.

Reliance Announces Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.58%. Reliance's dividend payout ratio (DPR) is currently 34.41%.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Reliance

In related news, CEO Karla R. Lewis sold 31,136 shares of the business'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 transaction, the chief executive officer now directly owns 90,230 shares in the company, valued at approximately $27,115,919.60. The trade was a 25.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.35% of the stock is owned by corporate insiders.

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.