Occidental Asset Management LLC Acquires 898 Shares of Reliance, Inc. (NYSE:RS)

Occidental Asset Management LLC grew its holdings in Reliance, Inc. (NYSE:RS) by 5.8% during the fourth quarter, HoldingsChannel.com reports. The firm owned 16,494 shares of the industrial products company’s stock after acquiring an additional 898 shares during the quarter. Occidental Asset Management LLC’s holdings in Reliance were worth $4,441,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in RS. Quarry LP bought a new position in Reliance in the third quarter worth approximately $41,000. Versant Capital Management Inc grew its position in shares of 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 in the last quarter. UMB Bank n.a. raised its holdings in shares of Reliance by 27.0% in the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after acquiring an additional 53 shares in the last quarter. Brooklyn Investment Group purchased a new stake in Reliance in the third quarter worth about $78,000. Finally, Abound Wealth Management increased its position in Reliance by 35,700.0% during the 4th quarter. Abound Wealth Management now owns 358 shares of the industrial products company’s stock valued at $96,000 after purchasing an additional 357 shares during the period. 79.26% of the stock is currently owned by institutional investors.

Insider Transactions at Reliance

In related news, CEO Karla R. Lewis sold 3,892 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $323.90, for a total transaction of $1,260,618.80. Following the completion of the sale, the chief executive officer now directly owns 85,117 shares in the company, valued at approximately $27,569,396.30. The trade was a 4.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Arthur Ajemyan sold 6,332 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $318.18, for a total value of $2,014,715.76. Following the completion of the transaction, the chief financial officer now owns 9,245 shares in the company, valued at $2,941,574.10. The trade was a 40.65 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 21,724 shares of company stock valued at $6,856,500 over the last 90 days. Corporate insiders own 0.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on RS shares. BMO Capital Markets dropped their price objective on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. The Goldman Sachs Group began coverage on Reliance in a research report on Monday, December 2nd. They set a “neutral” rating and a $341.00 price objective on the stock. Wolfe Research raised Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. Finally, KeyCorp dropped their target price on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research note on Monday, October 14th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $328.83.

Reliance Price Performance

Shares of RS opened at $284.41 on Friday. The company has a market capitalization of $15.39 billion, a P/E ratio of 15.62 and a beta of 0.91. The business’s 50-day moving average is $293.56 and its two-hundred day moving average is $289.88. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 3.31. Reliance, Inc. has a fifty-two week low of $256.98 and a fifty-two week high of $342.20.

Reliance (NYSE:RS) last issued its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The business had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.38 billion. During the same quarter in the prior year, the company posted $5.00 EPS. The business’s revenue for the quarter was down 5.6% compared to the same quarter last year. Research analysts predict that Reliance, Inc. will post 16.42 earnings per share for the current year.

Reliance Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were given a $1.10 dividend. The ex-dividend date was Friday, November 22nd. This represents a $4.40 annualized dividend and a dividend yield of 1.55%. Reliance’s dividend payout ratio (DPR) is 24.16%.

Reliance 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.