Reliance, Inc. (NYSE:RS) Shares Purchased by NorthCrest Asset Manangement LLC

NorthCrest Asset Manangement LLC lifted its position in shares of Reliance, Inc. (NYSE:RS) by 3.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,859 shares of the industrial products company’s stock after buying an additional 221 shares during the quarter. NorthCrest Asset Manangement LLC’s holdings in Reliance were worth $1,981,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Coppell Advisory Solutions LLC lifted its position in Reliance by 224.6% during the fourth quarter. Coppell Advisory Solutions LLC now owns 185 shares of the industrial products company’s stock worth $49,000 after buying an additional 128 shares during the period. Transce3nd LLC purchased a new position in shares of Reliance during the 4th quarter worth about $58,000. Quarry LP boosted its position in shares of Reliance by 83.7% in the fourth quarter. Quarry LP now owns 259 shares of the industrial products company’s stock worth $70,000 after acquiring an additional 118 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in Reliance by 1,216.0% in the fourth quarter. Jones Financial Companies Lllp now owns 329 shares of the industrial products company’s stock valued at $89,000 after purchasing an additional 304 shares during the period. Finally, Providence First Trust Co acquired a new position in Reliance during the fourth quarter worth approximately $90,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, KeyCorp lifted their price target on shares of Reliance from $321.00 to $327.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Reliance has an average rating of “Hold” and an average target price of $319.00.

Reliance Stock Up 0.0%

RS opened at $309.99 on Friday. Reliance, Inc. has a 1 year low of $250.07 and a 1 year high of $326.87. The firm has a 50 day moving average price of $293.13 and a 200 day moving average price of $288.97. 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 company has a market cap of $16.30 billion, a PE ratio of 20.08 and a beta of 0.88.

Reliance (NYSE:RS) last released its quarterly earnings data on Wednesday, April 23rd. The industrial products company reported $3.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.66 by $0.11. The company had revenue of $3.48 billion during the quarter, compared to analyst estimates of $3.44 billion. Reliance had a net margin of 6.33% and a return on equity of 11.87%. The business’s quarterly revenue was down 4.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.30 earnings per share. Sell-side analysts expect that Reliance, Inc. will post 16.98 earnings per share for the current year.

Reliance Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 23rd were given a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 1.55%. The ex-dividend date was Friday, May 23rd. Reliance’s payout ratio is 34.41%.

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.