Reliance, Inc. (NYSE:RS) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lowered its stake in shares of Reliance, Inc. (NYSE:RS) by 95.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,196 shares of the industrial products company’s stock after selling 22,491 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Reliance were worth $322,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of RS. Pacer Advisors Inc. lifted its holdings in shares of Reliance by 6,311.2% during the 4th quarter. Pacer Advisors Inc. now owns 816,465 shares of the industrial products company’s stock valued at $219,841,000 after acquiring an additional 803,730 shares in the last quarter. International Assets Investment Management LLC raised its position in Reliance by 27,269.0% in the third quarter. International Assets Investment Management LLC now owns 112,213 shares of the industrial products company’s stock valued at $32,453,000 after purchasing an additional 111,803 shares during the period. Woodward Diversified Capital LLC acquired a new position in shares of Reliance during the fourth quarter worth about $21,015,000. Principal Financial Group Inc. grew its stake in shares of Reliance by 19.7% in the third quarter. Principal Financial Group Inc. now owns 472,730 shares of the industrial products company’s stock valued at $136,718,000 after buying an additional 77,937 shares in the last quarter. Finally, KBC Group NV raised its holdings in shares of Reliance by 68.8% during the 3rd quarter. KBC Group NV now owns 139,660 shares of the industrial products company’s stock valued at $40,391,000 after buying an additional 56,933 shares during the period. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Reliance

In other news, CEO Karla R. Lewis sold 31,136 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $300.52, for a total transaction of $9,356,990.72. Following the completion of the transaction, the chief executive officer now owns 90,230 shares in the company, valued at approximately $27,115,919.60. This represents a 25.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.69% of the company’s stock.

Reliance Price Performance

Shares of RS stock opened at $296.22 on Wednesday. The firm has a fifty day moving average of $282.48 and a two-hundred day moving average of $289.55. The firm has a market cap of $16.03 billion, a P/E ratio of 19.19 and a beta of 0.90. Reliance, Inc. has a 1-year low of $256.98 and a 1-year high of $342.20. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.21 and a quick ratio of 1.58.

Reliance (NYSE:RS) last posted its quarterly earnings results on Wednesday, February 19th. The industrial products company reported $2.22 EPS for the quarter, missing analysts’ consensus estimates of $2.74 by ($0.52). The firm had revenue of $3.13 billion during the quarter, compared to analyst estimates of $3.04 billion. Reliance had a return on equity of 11.87% and a net margin of 6.33%. As a group, research analysts anticipate that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be issued a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date of this dividend is Friday, March 7th. This is an increase from Reliance’s previous quarterly dividend of $1.10. Reliance’s payout ratio is currently 31.09%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on RS. KeyCorp raised their price target on shares of Reliance from $321.00 to $327.00 and gave the company an “overweight” rating in a report on Monday. The Goldman Sachs Group began coverage on Reliance in a research note on Monday, December 2nd. They set a “neutral” rating and a $341.00 target price for the company. Finally, Wolfe Research upgraded Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $329.17.

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.