Vanguard Personalized Indexing Management LLC Sells 1,258 Shares of Reliance, Inc. (NYSE:RS)

Vanguard Personalized Indexing Management LLC trimmed its stake in shares of Reliance, Inc. (NYSE:RSFree Report) by 7.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 15,489 shares of the industrial products company’s stock after selling 1,258 shares during the quarter. Vanguard Personalized Indexing Management LLC’s holdings in Reliance were worth $4,332,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Raymond James Financial Services Advisors Inc. increased its stake in Reliance by 46.5% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 10,057 shares of the industrial products company’s stock worth $2,637,000 after acquiring an additional 3,194 shares during the last quarter. Park Avenue Securities LLC bought a new position in Reliance in the 3rd quarter worth about $628,000. First Trust Direct Indexing L.P. increased its stake in Reliance by 11.1% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 931 shares of the industrial products company’s stock worth $244,000 after acquiring an additional 93 shares during the last quarter. Fifth Third Bancorp increased its stake in Reliance by 14.5% in the 3rd quarter. Fifth Third Bancorp now owns 546 shares of the industrial products company’s stock worth $143,000 after acquiring an additional 69 shares during the last quarter. Finally, Panagora Asset Management Inc. increased its stake in Reliance by 26.2% in the 3rd quarter. Panagora Asset Management Inc. now owns 171,614 shares of the industrial products company’s stock worth $45,002,000 after acquiring an additional 35,627 shares during the last quarter. 79.26% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Reliance

In related news, CFO Arthur Ajemyan sold 3,000 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total transaction of $968,850.00. Following the transaction, the chief financial officer now owns 15,577 shares in the company, valued at approximately $5,030,592.15. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Reliance news, CFO Arthur Ajemyan sold 3,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $322.95, for a total transaction of $968,850.00. Following the transaction, the chief financial officer now directly owns 15,577 shares of the company’s stock, valued at approximately $5,030,592.15. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Karla R. Lewis sold 42,346 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $318.97, for a total transaction of $13,507,103.62. Following the completion of the transaction, the chief executive officer now owns 84,534 shares of the company’s stock, valued at $26,963,809.98. The disclosure for this sale can be found here. Insiders sold 105,996 shares of company stock valued at $33,438,778 in the last quarter. Company insiders own 0.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on RS. Citigroup lowered Reliance from a “buy” rating to a “neutral” rating and upped their target price for the stock from $280.00 to $380.00 in a research note on Thursday, April 11th. StockNews.com cut Reliance from a “buy” rating to a “hold” rating in a report on Wednesday. KeyCorp upped their price objective on Reliance from $300.00 to $362.00 and gave the stock an “overweight” rating in a report on Friday, February 16th. Finally, BMO Capital Markets cut their price objective on Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a report on Friday, April 26th.

Check Out Our Latest Research Report on RS

Reliance Price Performance

Shares of RS traded up $6.00 during midday trading on Wednesday, reaching $296.65. The stock had a trading volume of 378,760 shares, compared to its average volume of 258,802. The company’s 50-day moving average is $316.49 and its 200 day moving average is $295.38. Reliance, Inc. has a 12-month low of $229.12 and a 12-month high of $342.20. The company has a current ratio of 5.74, a quick ratio of 3.21 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $17.04 billion, a price-to-earnings ratio of 13.86, a price-to-earnings-growth ratio of 5.14 and a beta of 0.92.

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). Reliance had a net margin of 8.67% and a return on equity of 16.26%. The company had revenue of $3.64 billion for the quarter, compared to analysts’ expectations of $3.76 billion. During the same quarter in the prior year, the company earned $6.37 earnings per share. The company’s revenue was down 8.1% compared to the same quarter last year. On average, equities analysts predict that Reliance, Inc. will post 19.63 EPS for the current fiscal year.

Reliance Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 24th will be issued a dividend of $1.10 per share. The ex-dividend date of this dividend is Thursday, May 23rd. This represents a $4.40 dividend on an annualized basis and a yield of 1.48%. Reliance’s dividend payout ratio is currently 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.

Further Reading

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Institutional Ownership by Quarter for Reliance (NYSE:RS)

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