Russell Investments Group Ltd. Has $44 Million Stock Holdings in Reliance, Inc. (NYSE:RS)

Russell Investments Group Ltd. increased its stake in Reliance, Inc. (NYSE:RS) by 5.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 156,893 shares of the industrial products company’s stock after acquiring an additional 7,897 shares during the quarter. Russell Investments Group Ltd. owned about 0.27% of Reliance worth $44,000,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. AE Wealth Management LLC bought a new stake in Reliance during the third quarter valued at $388,000. SG Americas Securities LLC boosted its position in shares of Reliance by 113.0% during the 3rd quarter. SG Americas Securities LLC now owns 1,706 shares of the industrial products company’s stock valued at $447,000 after purchasing an additional 905 shares in the last quarter. UMB Bank n.a. grew 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 purchasing an additional 48 shares during the period. Asset Management One Co. Ltd. increased its holdings in Reliance by 16.1% in the third quarter. Asset Management One Co. Ltd. now owns 28,146 shares of the industrial products company’s stock worth $7,381,000 after purchasing an additional 3,894 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC lifted its stake in Reliance by 12.1% in the third quarter. Linden Thomas Advisory Services LLC now owns 3,451 shares of the industrial products company’s stock valued at $905,000 after buying an additional 372 shares during the period. 79.26% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. StockNews.com downgraded shares of Reliance from a “buy” rating to a “hold” rating in a research report on Friday. KeyCorp increased their target price 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. BMO Capital Markets decreased their price target on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a research note on Friday. Finally, Citigroup cut shares of Reliance from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $280.00 to $380.00 in a research report on Thursday, April 11th.

Insider Activity at Reliance

In other news, CEO Karla R. Lewis sold 42,346 shares of the company’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $318.97, for a total value of $13,507,103.62. Following the completion of the sale, the chief executive officer now owns 84,534 shares in the company, valued at approximately $26,963,809.98. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CFO Arthur Ajemyan sold 3,000 shares of Reliance stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total transaction of $968,850.00. Following the sale, the chief financial officer now directly owns 15,577 shares in the company, valued at $5,030,592.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Karla R. Lewis sold 42,346 shares of the business’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $318.97, for a total value of $13,507,103.62. Following the completion of the transaction, the chief executive officer now directly owns 84,534 shares in the company, valued at approximately $26,963,809.98. The disclosure for this sale can be found here. Insiders have sold a total of 85,996 shares of company stock valued at $27,603,878 over the last 90 days. Insiders own 0.69% of the company’s stock.

Reliance Price Performance

Shares of RS opened at $293.93 on Tuesday. The business’s fifty day moving average is $324.16 and its 200 day moving average is $291.99. Reliance, Inc. has a 12-month low of $229.12 and a 12-month high of $342.20. The company has a quick ratio of 3.21, a current ratio of 5.74 and a debt-to-equity ratio of 0.14. The stock has a market cap of $16.88 billion, a P/E ratio of 13.73, a P/E/G ratio of 5.09 and a beta of 0.87.

Reliance (NYSE:RS) last released its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.30 earnings per share for the quarter, missing the consensus estimate of $5.51 by ($0.21). The business had revenue of $3.64 billion for the quarter, compared to analyst estimates of $3.76 billion. Reliance had a return on equity of 16.26% and a net margin of 8.67%. The business’s quarterly revenue was down 8.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $6.37 EPS. Sell-side analysts anticipate that Reliance, Inc. will post 19.6 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 24th will be issued a $1.10 dividend. The ex-dividend date is Thursday, May 23rd. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.50%. Reliance’s dividend payout ratio is presently 20.55%.

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.