Kingsview Wealth Management LLC Has $1.01 Million Stock Holdings in Reliance, Inc. (NYSE:RS)

Kingsview Wealth Management LLC reduced its position in Reliance, Inc. (NYSE:RSFree Report) by 8.9% in the 4th quarter, HoldingsChannel reports. The firm owned 3,625 shares of the industrial products company’s stock after selling 353 shares during the period. Kingsview Wealth Management LLC’s holdings in Reliance were worth $1,014,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Invesco Ltd. lifted its stake in shares of Reliance by 35.4% during the 3rd quarter. Invesco Ltd. now owns 723,755 shares of the industrial products company’s stock worth $189,790,000 after buying an additional 189,326 shares during the last quarter. Hsbc Holdings PLC lifted its holdings in Reliance by 68.6% during the 3rd quarter. Hsbc Holdings PLC now owns 193,347 shares of the industrial products company’s stock worth $50,699,000 after purchasing an additional 78,699 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Reliance by 29.7% in the 4th quarter. Principal Financial Group Inc. now owns 286,847 shares of the industrial products company’s stock valued at $80,226,000 after purchasing an additional 65,691 shares during the period. Northern Trust Corp grew its holdings in Reliance by 6.0% in the 3rd quarter. Northern Trust Corp now owns 675,801 shares of the industrial products company’s stock valued at $177,215,000 after buying an additional 37,971 shares in the last quarter. Finally, Pacer Advisors Inc. lifted its holdings in shares of Reliance by 7.1% during the fourth quarter. Pacer Advisors Inc. now owns 536,462 shares of the industrial products company’s stock worth $150,038,000 after buying an additional 35,627 shares in the last quarter. Institutional investors own 79.26% of the company’s stock.

Insider Buying and Selling at Reliance

In other news, Director James Donald Hoffman sold 40,000 shares of the stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $322.95, for a total value of $12,918,000.00. Following the completion of the transaction, the director now owns 54,042 shares of the company’s stock, valued at $17,452,863.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director James Donald Hoffman sold 40,000 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $322.95, for a total transaction of $12,918,000.00. Following the sale, the director now owns 54,042 shares of the company’s stock, valued at approximately $17,452,863.90. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Arthur Ajemyan sold 3,000 shares of the company’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total value of $968,850.00. Following the completion of 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 disclosure for this sale can be found here. Insiders have sold a total of 105,346 shares of company stock worth $33,228,854 over the last 90 days. Insiders own 0.69% of the company’s stock.

Reliance Stock Performance

Shares of Reliance stock opened at $298.37 on Monday. 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 cap of $17.14 billion, a PE ratio of 13.94, a price-to-earnings-growth ratio of 5.22 and a beta of 0.92. The company has a 50 day moving average of $315.59 and a 200-day moving average of $296.25. Reliance, Inc. has a 1-year low of $229.12 and a 1-year high of $342.20.

Reliance (NYSE:RSGet Free Report) last released 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). The business had revenue of $3.64 billion for the quarter, compared to the consensus estimate of $3.76 billion. Reliance had a return on equity of 16.26% and a net margin of 8.67%. The firm’s revenue for the quarter was down 8.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $6.37 earnings per share. As a group, equities research analysts forecast that Reliance, Inc. will post 19.63 earnings per share for the current fiscal year.

Reliance Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 24th will be paid a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 1.47%. The ex-dividend date of this dividend is Thursday, May 23rd. Reliance’s dividend payout ratio (DPR) is presently 20.55%.

Analyst Ratings Changes

A number of research firms recently commented on RS. Citigroup lowered shares of Reliance from a “buy” rating to a “neutral” rating and raised their price target for the stock from $280.00 to $380.00 in a research report on Thursday, April 11th. StockNews.com cut shares of Reliance from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th. BMO Capital Markets cut their price target on Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a research note on Friday, April 26th. Finally, KeyCorp lifted their price objective on Reliance from $300.00 to $362.00 and gave the company an “overweight” rating in a report on Friday, February 16th.

Check Out Our Latest Research Report on RS

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.

See Also

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Institutional Ownership by Quarter for Reliance (NYSE:RS)

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