SBI Okasan Asset Management Co.Ltd. bought a new position in shares of Reliance, Inc. (NYSE:RS – Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,300 shares of the industrial products company’s stock, valued at approximately $674,000.
Other institutional investors have also recently made changes to their positions in the company. Foundations Investment Advisors LLC purchased a new stake in shares of Reliance during the third quarter worth $1,576,000. CWA Asset Management Group LLC purchased a new stake in shares of Reliance during the fourth quarter worth $10,297,000. Canada Post Corp Registered Pension Plan purchased a new stake in shares of Reliance during the third quarter worth $873,000. Principal Financial Group Inc. lifted its position in shares of Reliance by 4.2% during the third quarter. Principal Financial Group Inc. now owns 755,756 shares of the industrial products company’s stock worth $212,243,000 after acquiring an additional 30,765 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in shares of Reliance by 24.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 24,284 shares of the industrial products company’s stock worth $7,015,000 after acquiring an additional 4,817 shares in the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.
Reliance Trading Up 0.9%
Reliance stock opened at $381.37 on Friday. The stock has a market cap of $19.47 billion, a P/E ratio of 24.88, a PEG ratio of 1.17 and a beta of 0.95. Reliance, Inc. has a fifty-two week low of $260.31 and a fifty-two week high of $386.39. The firm’s fifty day moving average price is $339.22 and its 200-day moving average price is $317.22. The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.24 and a current ratio of 4.39.
Reliance Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, June 5th. Investors of record on Friday, May 22nd will be paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Friday, May 22nd. Reliance’s dividend payout ratio is currently 32.62%.
Insiders Place Their Bets
In related news, CFO Arthur Ajemyan sold 3,500 shares of the stock in a transaction on Monday, April 27th. The stock was sold at an average price of $358.12, for a total value of $1,253,420.00. Following the transaction, the chief financial officer owned 16,840 shares of the company’s stock, valued at $6,030,740.80. This represents a 17.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP William A. Smith II sold 6,615 shares of the stock in a transaction on Monday, March 9th. The shares were sold at an average price of $298.61, for a total value of $1,975,305.15. Following the completion of the transaction, the senior vice president directly owned 21,747 shares in the company, valued at approximately $6,493,871.67. This represents a 23.32% decrease in their position. The SEC filing for this sale provides additional information. 0.40% of the stock is owned by corporate insiders.
Analyst Ratings Changes
RS has been the topic of several recent research reports. BMO Capital Markets increased their target price on Reliance from $320.00 to $350.00 and gave the stock a “market perform” rating in a research report on Monday, April 27th. Seaport Research Partners increased their target price on Reliance from $340.00 to $390.00 and gave the stock a “buy” rating in a research report on Tuesday, April 28th. Wall Street Zen raised shares of Reliance from a “hold” rating to a “buy” rating in a report on Saturday, April 11th. KeyCorp upped their price target on shares of Reliance from $341.00 to $378.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. Finally, The Goldman Sachs Group initiated coverage on shares of Reliance in a report on Wednesday, April 1st. They issued a “neutral” rating and a $300.00 price target on the stock. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Reliance presently has an average rating of “Hold” and an average target price of $344.67.
Get Our Latest Stock Report on RS
Reliance Profile
Reliance Steel & Aluminum Co (NYSE: RS) is a leading metals service center company that distributes and processes a broad array of metal products. The company offers cut-to-length, shearing, blanking, sawing, bending, machining and value-added services for carbon and alloy steel, stainless steel, aluminum, brass, titanium and specialty metal alloys. Its products serve diverse end markets, including energy, infrastructure, general manufacturing, transportation, aerospace and defense.
Founded in 1939 in Los Angeles, Reliance Steel & Aluminum has grown through a combination of organic expansion and strategic acquisitions.
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