Fisher Asset Management LLC Sells 1,276 Shares of Reliance, Inc. (NYSE:RS)

Fisher Asset Management LLC cut its holdings in Reliance, Inc. (NYSE:RS) by 17.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,211 shares of the industrial products company’s stock after selling 1,276 shares during the period. Fisher Asset Management LLC’s holdings in Reliance were worth $1,737,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Sequoia Financial Advisors LLC grew its holdings in Reliance by 378.5% during the fourth quarter. Sequoia Financial Advisors LLC now owns 5,919 shares of the industrial products company’s stock valued at $1,655,000 after purchasing an additional 4,682 shares during the period. United Capital Management of KS Inc. increased its holdings in Reliance by 0.8% in the 3rd quarter. United Capital Management of KS Inc. now owns 26,668 shares of the industrial products company’s stock worth $6,993,000 after acquiring an additional 219 shares in the last quarter. Vest Financial LLC raised its stake in Reliance by 35.2% during the 4th quarter. Vest Financial LLC now owns 47,759 shares of the industrial products company’s stock worth $13,357,000 after acquiring an additional 12,423 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its holdings in Reliance by 15.9% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 210,218 shares of the industrial products company’s stock valued at $55,125,000 after purchasing an additional 28,889 shares in the last quarter. Finally, Comerica Bank bought a new position in shares of Reliance in the third quarter worth approximately $8,173,000. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Insider Activity at Reliance

In other news, CEO Karla R. Lewis sold 650 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $322.96, for a total value of $209,924.00. Following the completion of the sale, the chief executive officer now directly owns 83,884 shares of the company’s stock, valued at approximately $27,091,176.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Karla R. Lewis sold 650 shares of the stock in a transaction on Friday, February 16th. The shares were sold at an average price of $322.96, for a total value of $209,924.00. Following the sale, the chief executive officer now owns 83,884 shares of the company’s stock, valued at $27,091,176.64. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director James Donald Hoffman sold 5,000 shares of Reliance stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $292.77, for a total transaction of $1,463,850.00. Following the transaction, the director now directly owns 39,042 shares of the company’s stock, valued at $11,430,326.34. The disclosure for this sale can be found here. In the last quarter, insiders sold 100,996 shares of company stock valued at $31,966,978. Insiders own 0.69% of the company’s stock.

Reliance Trading Down 0.9 %

Shares of RS stock opened at $292.81 on Thursday. 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 stock has a market capitalization of $16.82 billion, a price-to-earnings ratio of 13.68, a price-to-earnings-growth ratio of 5.08 and a beta of 0.92. Reliance, Inc. has a 12-month low of $229.12 and a 12-month high of $342.20. The stock’s 50-day moving average price is $319.19 and its 200-day moving average price is $293.74.

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

Reliance Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders 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 dividend yield of 1.50%. The ex-dividend date is Thursday, May 23rd. Reliance’s dividend payout ratio is 20.55%.

Wall Street Analysts Forecast Growth

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

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.