Janney Montgomery Scott LLC Raises Stock Holdings in Reliance, Inc. (NYSE:RS)

Janney Montgomery Scott LLC lifted its holdings in Reliance, Inc. (NYSE:RS) by 10.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 20,806 shares of the industrial products company’s stock after purchasing an additional 1,906 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Reliance were worth $5,819,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Fifth Third Bancorp increased its stake in Reliance by 14.5% during the third quarter. Fifth Third Bancorp now owns 546 shares of the industrial products company’s stock worth $143,000 after acquiring an additional 69 shares during the last quarter. Dai ichi Life Insurance Company Ltd lifted its position in Reliance by 138.2% in the third quarter. Dai ichi Life Insurance Company Ltd now owns 27,940 shares of the industrial products company’s stock worth $7,327,000 after buying an additional 16,208 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its stake in Reliance by 9.7% during the third quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 12,169 shares of the industrial products company’s stock worth $3,191,000 after buying an additional 1,076 shares during the period. Private Advisor Group LLC increased its position in Reliance by 12.6% during the third quarter. Private Advisor Group LLC now owns 3,376 shares of the industrial products company’s stock valued at $885,000 after acquiring an additional 378 shares during the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd raised its stake in shares of Reliance by 43.4% in the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 3,447 shares of the industrial products company’s stock valued at $904,000 after acquiring an additional 1,044 shares during the period. Institutional investors own 79.26% of the company’s stock.

Reliance Stock Performance

Shares of NYSE:RS opened at $303.30 on Tuesday. The firm’s 50 day simple moving average is $315.30 and its 200-day simple moving average is $296.51. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.21 and a current ratio of 5.74. Reliance, Inc. has a one year low of $229.12 and a one year high of $342.20. The firm has a market cap of $17.42 billion, a PE ratio of 14.17, a price-to-earnings-growth ratio of 5.22 and a beta of 0.92.

Reliance (NYSE:RS) last announced its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.51 by ($0.21). The firm had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.76 billion. Reliance had a return on equity of 16.26% and a net margin of 8.67%. The firm’s revenue for the quarter was down 8.1% compared to the same quarter last year. During the same period last year, the company earned $6.37 EPS. As a group, equities analysts predict that Reliance, Inc. will post 19.63 EPS for the current year.

Reliance Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Investors 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 annualized dividend and a dividend yield of 1.45%. Reliance’s payout ratio is currently 20.55%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on RS shares. KeyCorp lifted their price target 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. StockNews.com cut Reliance from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. Citigroup lowered Reliance from a “buy” rating to a “neutral” rating and raised their price target for the stock from $280.00 to $380.00 in a research note on Thursday, April 11th. Finally, BMO Capital Markets cut their price objective on Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a research report on Friday, April 26th.

Insiders Place Their Bets

In other news, Director James Donald Hoffman sold 5,000 shares of the business’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $289.81, for a total value of $1,449,050.00. Following the completion of the sale, the director now owns 49,042 shares in the company, valued at approximately $14,212,862.02. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director James Donald Hoffman sold 5,000 shares of Reliance 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 Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Arthur Ajemyan sold 3,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total value of $968,850.00. Following the sale, the chief financial officer now owns 15,577 shares of the company’s stock, valued at $5,030,592.15. The disclosure for this sale can be found here. Insiders have sold a total of 63,000 shares of company stock worth $19,721,750 in the last three months. Corporate 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.