Reliance, Inc. (NYSE:RS) Shares Bought by Victory Capital Management Inc.

Victory Capital Management Inc. raised its stake in shares of Reliance, Inc. (NYSE:RS) by 11.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 225,739 shares of the industrial products company’s stock after purchasing an additional 22,583 shares during the quarter. Victory Capital Management Inc. owned about 0.42% of Reliance worth $60,782,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Quarry LP acquired a new stake in shares of Reliance during the third quarter worth about $41,000. Versant Capital Management Inc raised its position in Reliance by 157.8% during the 4th quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock worth $58,000 after buying an additional 131 shares during the last quarter. Brooklyn Investment Group purchased a new position in Reliance during the 3rd quarter worth approximately $78,000. Jones Financial Companies Lllp lifted its stake in Reliance by 1,216.0% during the 4th quarter. Jones Financial Companies Lllp now owns 329 shares of the industrial products company’s stock valued at $89,000 after acquiring an additional 304 shares during the period. Finally, Providence First Trust Co purchased a new stake in shares of Reliance in the 4th quarter valued at $90,000. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Reliance

In related news, CEO Karla R. Lewis sold 31,136 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $300.52, for a total transaction of $9,356,990.72. Following the completion of the transaction, the chief executive officer now owns 90,230 shares in the company, valued at $27,115,919.60. This represents a 25.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.69% of the company’s stock.

Reliance Trading Up 1.9 %

Shares of Reliance stock opened at $288.72 on Friday. The firm has a 50-day simple moving average of $285.24 and a two-hundred day simple moving average of $289.81. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 3.21. Reliance, Inc. has a fifty-two week low of $256.98 and a fifty-two week high of $342.20. The company has a market cap of $15.63 billion, a P/E ratio of 18.70 and a beta of 0.91.

Reliance (NYSE:RS) last posted its earnings results on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.74 by ($0.52). Reliance had a return on equity of 11.87% and a net margin of 6.33%. The firm had revenue of $3.13 billion for the quarter, compared to analysts’ expectations of $3.04 billion. As a group, equities analysts predict that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be paid a dividend of $1.20 per share. This is a positive change from Reliance’s previous quarterly dividend of $1.10. This represents a $4.80 annualized dividend and a dividend yield of 1.66%. The ex-dividend date of this dividend is Friday, March 7th. Reliance’s dividend payout ratio is presently 31.09%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. The Goldman Sachs Group assumed coverage on Reliance in a report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price objective for the company. Finally, KeyCorp raised their target price on Reliance from $321.00 to $327.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $329.17.

Reliance Company 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.