Swiss National Bank Has $51.24 Million Stock Holdings in Reliance, Inc. (NYSE:RS)

Swiss National Bank lowered its stake in Reliance, Inc. (NYSE:RS) by 3.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 183,200 shares of the industrial products company’s stock after selling 6,000 shares during the quarter. Swiss National Bank owned about 0.32% of Reliance worth $51,237,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Millburn Ridgefield Corp bought a new stake in Reliance in the third quarter valued at approximately $33,000. Catalyst Capital Advisors LLC bought a new position in Reliance during the third quarter worth about $33,000. Altshuler Shaham Ltd grew its stake in Reliance by 183.6% in the third quarter. Altshuler Shaham Ltd now owns 207 shares of the industrial products company’s stock valued at $54,000 after acquiring an additional 134 shares during the period. Blue Trust Inc. increased its holdings in shares of Reliance by 187.9% in the fourth quarter. Blue Trust Inc. now owns 285 shares of the industrial products company’s stock worth $75,000 after acquiring an additional 186 shares in the last quarter. Finally, Planned Solutions Inc. acquired a new stake in shares of Reliance during the fourth quarter worth about $89,000. 79.26% of the stock is currently owned by institutional investors.

Reliance Stock Performance

Shares of NYSE RS opened at $292.16 on Tuesday. Reliance, Inc. has a 52 week low of $229.12 and a 52 week high of $342.20. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.21 and a current ratio of 5.74. The stock has a 50 day moving average price of $320.32 and a 200 day moving average price of $293.39. The stock has a market capitalization of $16.78 billion, a PE ratio of 13.65, a price-to-earnings-growth ratio of 5.08 and a beta of 0.92.

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

Reliance Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 24th will be paid a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 1.51%. The ex-dividend date of this dividend is Thursday, May 23rd. Reliance’s payout ratio is 20.55%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. KeyCorp increased their target price on Reliance from $300.00 to $362.00 and gave the stock an “overweight” rating in a research note on Friday, February 16th. StockNews.com lowered shares of Reliance from a “buy” rating to a “hold” rating in a report on Friday, April 26th. BMO Capital Markets cut their price objective on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a research report on Friday, April 26th. Finally, Citigroup cut Reliance from a “buy” rating to a “neutral” rating and increased their target price for the stock from $280.00 to $380.00 in a report on Thursday, April 11th.

Insider Activity at Reliance

In other Reliance news, CEO Karla R. Lewis sold 42,346 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $318.97, for a total transaction of $13,507,103.62. Following the sale, the chief executive officer now owns 84,534 shares of the company’s stock, valued at $26,963,809.98. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director James Donald Hoffman sold 5,000 shares of the stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $289.81, for a total value of $1,449,050.00. Following the transaction, the director now directly owns 49,042 shares in the company, valued at approximately $14,212,862.02. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Karla R. Lewis sold 42,346 shares of Reliance stock in a transaction dated 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 transaction, the chief executive officer now owns 84,534 shares of the company’s stock, valued at approximately $26,963,809.98. The disclosure for this sale can be found here. Insiders sold a total of 90,996 shares of company stock valued at $29,052,928 in the last quarter. Insiders own 0.69% of the company’s stock.

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.