Reliance, Inc. (NYSE:RS) Shares Sold by Ameriprise Financial Inc.

Ameriprise Financial Inc. lowered its stake in Reliance, Inc. (NYSE:RS - Free Report) by 6.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 92,186 shares of the industrial products company's stock after selling 6,853 shares during the period. Ameriprise Financial Inc. owned approximately 0.17% of Reliance worth $24,822,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

Separately, KeyCorp increased their price objective on 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 given a buy rating to the company's stock. According to data from MarketBeat.com, Reliance currently has an average rating of "Hold" and a consensus price target of $319.00.

Reliance Trading Up 1.1%

NYSE RS traded up $3.23 during trading hours on Friday, hitting $303.96. 303,384 shares of the company's stock were exchanged, compared to its average volume of 396,750. The business's 50 day moving average is $284.80 and its 200-day moving average is $290.02. Reliance, Inc. has a 12-month low of $250.07 and a 12-month high of $326.87. The firm has a market capitalization of $15.98 billion, a P/E ratio of 19.69 and a beta of 0.91. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 3.21.

Reliance (NYSE:RS - Get Free Report) last released its 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 firm had revenue of $3.48 billion for the quarter, compared to the consensus estimate of $3.44 billion. During the same period in the prior year, the business posted $5.30 earnings per share. The firm's revenue for the quarter was down 4.4% compared to the same quarter last year. As a group, analysts anticipate that Reliance, Inc. will post 16.98 EPS for the current fiscal year.

Reliance Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 23rd will be given a dividend of $1.20 per share. The ex-dividend date is Friday, May 23rd. This represents a $4.80 annualized dividend and a yield of 1.58%. Reliance's dividend payout ratio (DPR) is presently 34.41%.

Insider Buying and Selling

In other news, CEO Karla R. Lewis sold 31,136 shares of the firm'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 transaction, the chief executive officer now directly owns 90,230 shares in the company, valued at $27,115,919.60. This trade represents a 25.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.35% of the stock is currently owned by company insiders.

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.