Lindbrook Capital LLC Grows Stock Holdings in Reliance, Inc. (NYSE:RS)

Lindbrook Capital LLC lifted its stake in shares of Reliance, Inc. (NYSE:RS) by 8.4% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 480 shares of the industrial products company’s stock after buying an additional 37 shares during the period. Lindbrook Capital LLC’s holdings in Reliance were worth $134,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in shares of Reliance by 11.0% during the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 444 shares of the industrial products company’s stock valued at $116,000 after buying an additional 44 shares during the period. Paulson Wealth Management Inc. boosted its stake in Reliance by 3.3% during the third quarter. Paulson Wealth Management Inc. now owns 1,361 shares of the industrial products company’s stock worth $357,000 after acquiring an additional 44 shares in the last quarter. UMB Bank n.a. boosted its stake in Reliance by 26.4% during the third quarter. UMB Bank n.a. now owns 230 shares of the industrial products company’s stock worth $60,000 after acquiring an additional 48 shares in the last quarter. Arizona State Retirement System boosted its stake in Reliance by 0.3% during the fourth quarter. Arizona State Retirement System now owns 16,094 shares of the industrial products company’s stock worth $4,501,000 after acquiring an additional 54 shares in the last quarter. Finally, Robertson Stephens Wealth Management LLC boosted its stake in Reliance by 0.3% during the third quarter. Robertson Stephens Wealth Management LLC now owns 17,250 shares of the industrial products company’s stock worth $4,523,000 after acquiring an additional 59 shares in the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Reliance Trading Down 1.7 %

Shares of NYSE RS opened at $314.00 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.23 and a current ratio of 5.66. The firm’s 50 day moving average price is $324.81 and its 200-day moving average price is $290.87. Reliance, Inc. has a 52-week low of $229.12 and a 52-week high of $342.20. The company has a market cap of $18.03 billion, a PE ratio of 13.89, a P/E/G ratio of 5.63 and a beta of 0.87.

Reliance (NYSE:RS) last released its quarterly earnings data on Thursday, February 15th. The industrial products company reported $4.73 earnings per share for the quarter, beating the consensus estimate of $3.92 by $0.81. Reliance had a net margin of 9.02% and a return on equity of 17.53%. The firm had revenue of $3.34 billion during the quarter, compared to analysts’ expectations of $3.31 billion. During the same period in the previous year, the company earned $5.87 earnings per share. The firm’s quarterly revenue was down 7.6% on a year-over-year basis. On average, equities research analysts expect that Reliance, Inc. will post 19.51 EPS for the current fiscal year.

Reliance Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were issued a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 1.40%. This is a boost from Reliance’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Thursday, March 7th. Reliance’s payout ratio is presently 19.46%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Citigroup lowered shares of Reliance from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $280.00 to $380.00 in a research note on Thursday, April 11th. BMO Capital Markets boosted their price objective on shares of Reliance from $295.00 to $355.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 20th. Finally, KeyCorp boosted their price objective on shares of Reliance from $300.00 to $362.00 and gave the stock an “overweight” rating in a research note on Friday, February 16th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Reliance presently has an average rating of “Moderate Buy” and an average target price of $365.67.

Insider Activity

In other news, 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 transaction of $12,918,000.00. Following the completion of the transaction, the director now directly owns 54,042 shares of the company’s stock, valued at $17,452,863.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Reliance news, CEO Karla R. Lewis sold 650 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $322.96, for a total transaction of $209,924.00. Following the completion of the sale, the chief executive officer now directly owns 83,884 shares of the company’s stock, valued at $27,091,176.64. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director James Donald Hoffman sold 40,000 shares of the company’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 transaction of $12,918,000.00. Following the sale, the director now directly 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 85,996 shares of company stock valued at $27,603,878 over the last three months. Insiders own 0.69% 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.