Elevation Point Wealth Partners LLC acquired a new position in Reliance, Inc. (NYSE:RS – Free Report) in the 1st quarter, Holdings Channel reports. The institutional investor acquired 1,884 shares of the industrial products company’s stock, valued at approximately $573,000.
A number of other hedge funds also recently bought and sold shares of the company. Elevation Wealth Partners LLC bought a new position in shares of Reliance in the 4th quarter worth approximately $28,000. Brown Brothers Harriman & Co. grew its position in Reliance by 86.2% during the fourth quarter. Brown Brothers Harriman & Co. now owns 108 shares of the industrial products company’s stock valued at $31,000 after buying an additional 50 shares during the period. Greenline Wealth Management LLC bought a new stake in Reliance during the fourth quarter valued at approximately $32,000. Quarry LP purchased a new stake in Reliance during the third quarter valued at approximately $32,000. Finally, Parkside Financial Bank & Trust increased its holdings in Reliance by 87.3% during the fourth quarter. Parkside Financial Bank & Trust now owns 118 shares of the industrial products company’s stock valued at $34,000 after buying an additional 55 shares during the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.
Reliance Stock Performance
RS opened at $380.33 on Wednesday. The company has a 50 day simple moving average of $381.16 and a two-hundred day simple moving average of $338.96. The company has a debt-to-equity ratio of 0.24, a current ratio of 4.39 and a quick ratio of 2.24. The firm has a market cap of $19.42 billion, a P/E ratio of 24.81, a PEG ratio of 1.16 and a beta of 0.97. Reliance, Inc. has a 1-year low of $260.31 and a 1-year high of $419.83.
Reliance Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Stockholders of record on Friday, May 22nd were paid a $1.25 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.3%. Reliance’s dividend payout ratio is 32.62%.
Insider Activity
In other Reliance news, CFO Arthur Ajemyan sold 3,500 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer directly owned 16,840 shares in the company, valued at $6,030,740.80. This represents a 17.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.40% of the company’s stock.
Analysts Set New Price Targets
Several research analysts have recently weighed in on RS shares. JPMorgan Chase & Co. lifted their price target on shares of Reliance from $345.00 to $378.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 10th. Weiss Ratings upgraded Reliance from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, May 18th. KeyCorp raised their target price on Reliance from $378.00 to $418.00 and gave the stock an “overweight” rating in a report on Wednesday, June 24th. BMO Capital Markets lifted their target price on Reliance from $320.00 to $350.00 and gave the company a “market perform” rating in a research report on Monday, April 27th. Finally, Wells Fargo & Company boosted their price target on Reliance from $343.00 to $376.00 and gave the company an “equal weight” rating in a report on Thursday, June 4th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Reliance presently has a consensus rating of “Hold” and an average target price of $364.50.
Check Out Our Latest Stock Analysis on RS
Reliance Company 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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