Pinebridge Investments L.P. Increases Stock Holdings in Reliance, Inc. (NYSE:RS)

Pinebridge Investments L.P. grew its holdings in shares of Reliance, Inc. (NYSE:RS) by 42.1% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 15,840 shares of the industrial products company’s stock after purchasing an additional 4,694 shares during the quarter. Pinebridge Investments L.P.’s holdings in Reliance were worth $4,265,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Quent Capital LLC increased its position in Reliance by 4.1% in the fourth quarter. Quent Capital LLC now owns 941 shares of the industrial products company’s stock worth $253,000 after buying an additional 37 shares in the last quarter. Johnson Investment Counsel Inc. increased its holdings in Reliance by 0.4% in the 4th quarter. Johnson Investment Counsel Inc. now owns 11,149 shares of the industrial products company’s stock worth $3,002,000 after acquiring an additional 39 shares in the last quarter. Townsquare Capital LLC raised its stake in Reliance by 3.1% during the 4th quarter. Townsquare Capital LLC now owns 1,342 shares of the industrial products company’s stock worth $361,000 after acquiring an additional 40 shares during the period. Forum Financial Management LP lifted its holdings in Reliance by 2.8% during the fourth quarter. Forum Financial Management LP now owns 1,619 shares of the industrial products company’s stock valued at $436,000 after purchasing an additional 44 shares in the last quarter. Finally, Harbor Capital Advisors Inc. boosted its position in shares of Reliance by 0.6% in the fourth quarter. Harbor Capital Advisors Inc. now owns 7,715 shares of the industrial products company’s stock worth $2,077,000 after purchasing an additional 49 shares during the period. Institutional investors own 79.26% of the company’s stock.

Analysts Set New Price Targets

RS has been the topic of a number of analyst reports. Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. KeyCorp boosted their price objective on Reliance from $321.00 to $327.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Reliance presently has a consensus rating of “Hold” and an average price target of $319.00.

Insider Buying and Selling

In related news, CEO Karla R. Lewis sold 31,136 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $300.52, for a total value of $9,356,990.72. Following the completion of the transaction, the chief executive officer now owns 90,230 shares of the company’s stock, valued at approximately $27,115,919.60. This trade represents a 25.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.35% of the stock is currently owned by company insiders.

Reliance Stock Performance

RS opened at $284.54 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 3.21. The stock has a market capitalization of $15.05 billion, a price-to-earnings ratio of 18.43 and a beta of 0.83. The company has a fifty day moving average of $283.42 and a 200 day moving average of $289.54. Reliance, Inc. has a fifty-two week low of $250.07 and a fifty-two week high of $326.87.

Reliance (NYSE:RS) last issued its quarterly earnings data on Wednesday, April 23rd. The industrial products company reported $3.77 earnings per share for the quarter, beating analysts’ consensus estimates of $3.66 by $0.11. The firm had revenue of $3.48 billion during the quarter, compared to analyst estimates of $3.44 billion. Reliance had a return on equity of 11.87% and a net margin of 6.33%. As a group, sell-side analysts forecast that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 23rd will be issued a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date is Friday, May 23rd. Reliance’s dividend payout ratio (DPR) is presently 31.09%.

About Reliance

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.