Envestnet Portfolio Solutions Inc. Boosts Holdings in Reliance, Inc. (NYSE:RS)

Envestnet Portfolio Solutions Inc. raised its position in shares of Reliance, Inc. (NYSE:RS) by 6.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 907 shares of the industrial products company’s stock after purchasing an additional 54 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Reliance were worth $254,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in RS. Catalyst Capital Advisors LLC bought a new stake in shares of Reliance during the third quarter valued at approximately $33,000. Altshuler Shaham Ltd raised its position in shares of Reliance by 183.6% during the third quarter. Altshuler Shaham Ltd now owns 207 shares of the industrial products company’s stock valued at $54,000 after buying an additional 134 shares during the last quarter. Blue Trust Inc. raised its position in shares of Reliance by 187.9% during the fourth quarter. Blue Trust Inc. now owns 285 shares of the industrial products company’s stock valued at $75,000 after buying an additional 186 shares during the last quarter. Planned Solutions Inc. bought a new stake in shares of Reliance during the fourth quarter valued at approximately $89,000. Finally, GAMMA Investing LLC bought a new stake in shares of Reliance during the fourth quarter valued at approximately $114,000. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Insider Buying and Selling at Reliance

In other Reliance news, Director James Donald Hoffman sold 40,000 shares of the stock in a transaction dated 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 sale, 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 legal filing with the SEC, which is accessible through this link. In other news, Director James Donald Hoffman sold 40,000 shares of the company’s stock in a transaction dated 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 transaction, the director now owns 54,042 shares in the company, valued at $17,452,863.90. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Arthur Ajemyan sold 3,000 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $322.95, for a total transaction of $968,850.00. Following the transaction, the chief financial officer now owns 15,577 shares in the company, valued at approximately $5,030,592.15. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 63,000 shares of company stock valued at $19,721,750. 0.69% of the stock is currently owned by insiders.

Reliance Stock Down 0.3 %

Shares of RS opened at $303.80 on Friday. The firm has a market capitalization of $17.45 billion, a P/E ratio of 14.19, a P/E/G ratio of 6.78 and a beta of 0.92. Reliance, Inc. has a 12-month low of $229.12 and a 12-month high of $342.20. The company has a current ratio of 5.74, a quick ratio of 3.21 and a debt-to-equity ratio of 0.14. The firm has a fifty day moving average price of $313.82 and a 200-day moving average price of $297.34.

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 analysts’ consensus estimates of $5.51 by ($0.21). Reliance had a return on equity of 16.26% and a net margin of 8.67%. The business had revenue of $3.64 billion during the quarter, compared to analysts’ expectations of $3.76 billion. During the same period last year, the company earned $6.37 earnings per share. The firm’s revenue was down 8.1% compared to the same quarter last year. Equities research analysts expect that Reliance, Inc. will post 19.63 earnings per share for the current year.

Reliance Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 24th will be given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 1.45%. The ex-dividend date of this dividend is Thursday, May 23rd. Reliance’s payout ratio is 20.55%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. KeyCorp boosted their price target on shares of Reliance from $300.00 to $362.00 and gave the stock an “overweight” rating in a research report on Friday, February 16th. StockNews.com cut shares of Reliance from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. 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 shares of Reliance from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $280.00 to $380.00 in a research report on Thursday, April 11th.

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.