Reliance, Inc. (NYSE:RS) Holdings Boosted by Gallacher Capital Management LLC

Gallacher Capital Management LLC lifted its stake in Reliance, Inc. (NYSE:RS) by 64.1% in the fourth quarter, HoldingsChannel reports. The fund owned 1,347 shares of the industrial products company’s stock after purchasing an additional 526 shares during the quarter. Gallacher Capital Management LLC’s holdings in Reliance were worth $377,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Invesco Ltd. raised its stake in shares of Reliance by 35.4% during the 3rd quarter. Invesco Ltd. now owns 723,755 shares of the industrial products company’s stock worth $189,790,000 after purchasing an additional 189,326 shares in the last quarter. Hsbc Holdings PLC raised its stake in shares of Reliance by 68.6% in the third quarter. Hsbc Holdings PLC now owns 193,347 shares of the industrial products company’s stock valued at $50,699,000 after acquiring an additional 78,699 shares during the last quarter. Northern Trust Corp boosted its position in Reliance by 6.0% in the 3rd quarter. Northern Trust Corp now owns 675,801 shares of the industrial products company’s stock valued at $177,215,000 after buying an additional 37,971 shares during the last quarter. Panagora Asset Management Inc. boosted its holdings in Reliance by 26.2% in the third quarter. Panagora Asset Management Inc. now owns 171,614 shares of the industrial products company’s stock valued at $45,002,000 after acquiring an additional 35,627 shares during the last quarter. Finally, Pacer Advisors Inc. grew its position in shares of Reliance by 7.1% during the 4th quarter. Pacer Advisors Inc. now owns 536,462 shares of the industrial products company’s stock worth $150,038,000 after buying an additional 35,627 shares during the period. 79.26% of the stock is owned by institutional investors.

Analyst Ratings Changes

RS has been the topic of several recent analyst reports. StockNews.com lowered shares of Reliance from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. KeyCorp boosted their price objective 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. BMO Capital Markets reduced their price objective on shares of 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 cut Reliance from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $280.00 to $380.00 in a research report on Thursday, April 11th.

Insider Transactions at Reliance

In other Reliance news, Director James Donald Hoffman sold 5,000 shares of the company’s 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 completion of the transaction, the director now owns 49,042 shares in the company, valued at approximately $14,212,862.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Karla R. Lewis sold 42,346 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $318.97, for a total transaction of $13,507,103.62. Following the completion of the transaction, the chief executive officer now owns 84,534 shares of the company’s stock, valued at $26,963,809.98. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director James Donald Hoffman sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $289.81, for a total transaction of $1,449,050.00. Following the sale, the director now directly owns 49,042 shares in the company, valued at approximately $14,212,862.02. The disclosure for this sale can be found here. Insiders have sold 90,996 shares of company stock worth $29,052,928 in the last 90 days. Insiders own 0.69% of the company’s stock.

Reliance Stock Up 0.8 %

Shares of NYSE:RS traded up $2.38 during trading on Monday, reaching $292.16. 298,522 shares of the stock were exchanged, compared to its average volume of 253,481. Reliance, Inc. has a 1-year low of $229.12 and a 1-year high of $342.20. The stock has a fifty day moving average of $320.99 and a two-hundred day moving average of $293.10. The company has a debt-to-equity ratio of 0.14, a current ratio of 5.74 and a quick ratio of 3.21. The firm has a market cap of $16.78 billion, a price-to-earnings ratio of 13.53, a price-to-earnings-growth ratio of 5.08 and a beta of 0.92.

Reliance (NYSE:RS) last posted its earnings results 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). The company had revenue of $3.64 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the business earned $6.37 EPS. Research analysts anticipate that Reliance, Inc. will post 19.6 earnings per share for the current fiscal year.

Reliance Announces Dividend

The company 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 $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date of this dividend is Thursday, May 23rd. Reliance’s payout ratio is 20.55%.

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.