BI Asset Management Fondsmaeglerselskab A S Buys 12,313 Shares of Reliance, Inc. (NYSE:RS)

BI Asset Management Fondsmaeglerselskab A S increased its stake in shares of Reliance, Inc. (NYSE:RSFree Report) by 554.1% in the first quarter, Holdings Channel.com reports. The fund owned 14,535 shares of the industrial products company’s stock after purchasing an additional 12,313 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in Reliance were worth $4,857,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Reliance during the fourth quarter valued at approximately $186,693,000. Principal Financial Group Inc. raised its holdings in Reliance by 29.7% during the 4th quarter. Principal Financial Group Inc. now owns 286,847 shares of the industrial products company’s stock valued at $80,226,000 after buying an additional 65,691 shares during the period. First Trust Advisors LP lifted its position in Reliance by 7.9% in the fourth quarter. First Trust Advisors LP now owns 885,818 shares of the industrial products company’s stock worth $247,746,000 after buying an additional 64,895 shares during the last quarter. Schroder Investment Management Group boosted its stake in Reliance by 51.2% during the fourth quarter. Schroder Investment Management Group now owns 177,771 shares of the industrial products company’s stock worth $49,719,000 after buying an additional 60,229 shares during the period. Finally, Pacer Advisors Inc. boosted its stake in Reliance by 7.1% during the fourth 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. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. KeyCorp dropped their price target on shares of Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a research note on Wednesday, July 3rd. Citigroup lowered Reliance from a “buy” rating to a “neutral” rating and boosted their target price for the company from $280.00 to $380.00 in a research report on Thursday, April 11th. BMO Capital Markets reduced their price target on Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a report on Friday, April 26th. Bank of America cut their price objective on Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. Finally, StockNews.com downgraded Reliance from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Reliance presently has a consensus rating of “Hold” and a consensus target price of $346.25.

Read Our Latest Analysis on RS

Insider Activity

In other news, COO Stephen Paul Koch sold 20,421 shares of the stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $295.38, for a total transaction of $6,031,954.98. Following the transaction, the chief operating officer now directly owns 7,552 shares in the company, valued at $2,230,709.76. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, COO Stephen Paul Koch sold 20,421 shares of the company’s stock in a transaction on Friday, May 31st. The stock was sold at an average price of $295.38, for a total transaction of $6,031,954.98. Following the completion of the sale, the chief operating officer now directly owns 7,552 shares in the company, valued at approximately $2,230,709.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James Donald Hoffman sold 5,000 shares of Reliance stock in a transaction dated Tuesday, April 30th. The shares were 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 disclosure for this sale can be found here. In the last quarter, insiders sold 40,421 shares of company stock worth $11,866,855. 0.69% of the stock is currently owned by corporate insiders.

Reliance Trading Up 1.1 %

Shares of NYSE RS traded up $2.98 during trading hours on Wednesday, reaching $280.88. The stock had a trading volume of 33,971 shares, compared to its average volume of 301,305. Reliance, Inc. has a 52-week low of $237.14 and a 52-week high of $342.20. The firm has a market cap of $16.13 billion, a price-to-earnings ratio of 13.04 and a beta of 0.86. The business’s fifty day moving average price is $289.44 and its two-hundred day moving average price is $300.89. The company has a current ratio of 5.74, a quick ratio of 3.21 and a debt-to-equity ratio of 0.14.

Reliance (NYSE:RSGet Free Report) last issued its earnings results on Thursday, April 25th. The industrial products company reported $5.30 earnings per share for the quarter, missing the consensus estimate of $5.51 by ($0.21). The firm had revenue of $3.64 billion during the quarter, compared to analysts’ expectations of $3.76 billion. Reliance had a return on equity of 16.26% and a net margin of 8.67%. Reliance’s quarterly revenue was down 8.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $6.37 earnings per share. Analysts expect that Reliance, Inc. will post 18.66 EPS for the current fiscal year.

Reliance Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 24th were given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date of this dividend was Thursday, May 23rd. Reliance’s dividend payout ratio (DPR) is 20.55%.

Reliance Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Reliance (NYSE:RS)

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