Swiss National Bank Sells 6,000 Shares of Reliance, Inc. (NYSE:RS)

Swiss National Bank decreased its holdings in shares of Reliance, Inc. (NYSE:RS) by 3.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 183,200 shares of the industrial products company’s stock after selling 6,000 shares during the quarter. Swiss National Bank’s holdings in Reliance were worth $51,237,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of RS. Millburn Ridgefield Corp bought a new stake in shares of Reliance during the 3rd quarter worth approximately $33,000. Catalyst Capital Advisors LLC purchased a new stake in Reliance in the third quarter worth $33,000. Altshuler Shaham Ltd lifted its position in shares of Reliance by 183.6% during the third quarter. Altshuler Shaham Ltd now owns 207 shares of the industrial products company’s stock worth $54,000 after purchasing an additional 134 shares during the last quarter. Blue Trust Inc. boosted its stake in shares of Reliance by 187.9% during the fourth quarter. Blue Trust Inc. now owns 285 shares of the industrial products company’s stock valued at $75,000 after purchasing an additional 186 shares during the period. Finally, Planned Solutions Inc. bought a new position in shares of Reliance in the fourth quarter worth about $89,000. Institutional investors own 79.26% of the company’s stock.

Insider Activity

In other Reliance news, CEO Karla R. Lewis sold 42,346 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $318.97, for a total value of $13,507,103.62. Following the sale, the chief executive officer now owns 84,534 shares in the company, valued at approximately $26,963,809.98. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CFO Arthur Ajemyan sold 3,000 shares of the stock in a transaction that occurred on 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 legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Karla R. Lewis sold 42,346 shares of the business’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 sale, the chief executive officer now directly owns 84,534 shares of the company’s stock, valued at approximately $26,963,809.98. The disclosure for this sale can be found here. Insiders sold a total of 90,996 shares of company stock valued at $29,052,928 in the last quarter. 0.69% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

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

Reliance Stock Up 0.8 %

Shares of NYSE RS opened at $292.16 on Tuesday. The stock has a market capitalization of $16.78 billion, a PE ratio of 13.65, a price-to-earnings-growth ratio of 5.08 and a beta of 0.92. The company has a current ratio of 5.74, a quick ratio of 3.21 and a debt-to-equity ratio of 0.14. Reliance, Inc. has a 12-month low of $229.12 and a 12-month high of $342.20. The stock’s fifty day simple moving average is $320.32 and its two-hundred day simple moving average is $293.39.

Reliance (NYSE:RS) last posted its earnings results on Thursday, April 25th. The industrial products company reported $5.30 EPS for the quarter, missing analysts’ consensus estimates of $5.51 by ($0.21). Reliance had a net margin of 8.67% and a return on equity of 16.26%. The firm had revenue of $3.64 billion for the quarter, compared to analysts’ expectations of $3.76 billion. During the same period in the previous year, the company earned $6.37 EPS. The company’s revenue was down 8.1% on a year-over-year basis. As a group, analysts expect that Reliance, Inc. will post 19.6 EPS for the current fiscal year.

Reliance Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 24th will be given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 1.51%. The ex-dividend date of this dividend is Thursday, May 23rd. Reliance’s dividend payout ratio is currently 20.55%.

Reliance Profile

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.