LSV Asset Management Reduces Holdings in Reliance, Inc. (NYSE:RS)

LSV Asset Management decreased its stake in shares of Reliance, Inc. (NYSE:RS) by 17.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 772,008 shares of the industrial products company’s stock after selling 160,775 shares during the quarter. LSV Asset Management owned about 1.34% of Reliance worth $215,915,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in RS. Millburn Ridgefield Corp acquired a new stake in shares of Reliance during the third quarter worth about $33,000. Catalyst Capital Advisors LLC acquired a new stake in Reliance during the 3rd quarter valued at approximately $33,000. Altshuler Shaham Ltd boosted its holdings in shares of Reliance by 183.6% in the 3rd 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 last quarter. Blue Trust Inc. increased its stake 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 during the period. Finally, Planned Solutions Inc. purchased a new position in shares of Reliance during the fourth quarter worth $89,000. 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 business’s stock in a transaction that occurred on Tuesday, February 27th. The stock was 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 in the company, valued at approximately $17,452,863.90. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Reliance news, CEO Karla R. Lewis sold 650 shares of the stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $322.96, for a total value of $209,924.00. Following the completion of the sale, the chief executive officer now owns 83,884 shares in the company, valued at approximately $27,091,176.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director James Donald Hoffman sold 40,000 shares of the company’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $322.95, for a total value of $12,918,000.00. Following the completion of the sale, the director now owns 54,042 shares of the company’s stock, valued at $17,452,863.90. The disclosure for this sale can be found here. Insiders have sold a total of 90,996 shares of company stock valued at $29,052,928 over the last ninety days. Corporate insiders own 0.69% of the company’s stock.

Analyst Upgrades and Downgrades

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

Reliance Price Performance

Shares of NYSE:RS traded down $0.94 during trading on Friday, reaching $289.78. 249,162 shares of the company’s stock traded hands, compared to its average volume of 278,406. The firm has a market cap of $16.64 billion, a PE ratio of 13.53, a P/E/G ratio of 5.08 and a beta of 0.92. Reliance, Inc. has a fifty-two week low of $229.12 and a fifty-two week high of $342.20. The company has a quick ratio of 3.21, a current ratio of 5.74 and a debt-to-equity ratio of 0.14. The company has a 50-day simple moving average of $320.99 and a 200-day simple moving average of $292.82.

Reliance (NYSE:RS) last issued 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). The business had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.76 billion. Reliance had a net margin of 8.67% and a return on equity of 16.26%. The firm’s revenue for the quarter was down 8.1% on a year-over-year basis. During the same period in the previous year, the business posted $6.37 earnings per share. As a group, analysts predict that Reliance, Inc. will post 19.6 earnings per share for the current year.

Reliance Dividend Announcement

The business also recently disclosed 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 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date is Thursday, May 23rd. Reliance’s dividend payout ratio is presently 20.55%.

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.