Bank of Montreal Can Acquires 616 Shares of Reliance, Inc. (NYSE:RS)

Bank of Montreal Can grew its holdings in Reliance, Inc. (NYSE:RS) by 6.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 10,122 shares of the industrial products company’s stock after acquiring an additional 616 shares during the period. Bank of Montreal Can’s holdings in Reliance were worth $2,725,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Versant Capital Management Inc grew its holdings in Reliance by 157.8% during the 4th quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock worth $58,000 after acquiring an additional 131 shares during the last quarter. Jones Financial Companies Lllp lifted its position in shares of Reliance by 1,216.0% during the fourth quarter. Jones Financial Companies Lllp now owns 329 shares of the industrial products company’s stock worth $89,000 after purchasing an additional 304 shares in the last quarter. Providence First Trust Co acquired a new stake in shares of Reliance in the fourth quarter valued at approximately $90,000. UMB Bank n.a. raised its position in Reliance by 41.8% in the 4th quarter. UMB Bank n.a. now owns 353 shares of the industrial products company’s stock worth $95,000 after purchasing an additional 104 shares during the last quarter. Finally, Abound Wealth Management boosted its position in Reliance by 35,700.0% in the 4th quarter. Abound Wealth Management now owns 358 shares of the industrial products company’s stock valued at $96,000 after buying an additional 357 shares during the last quarter. Institutional investors own 79.26% of the company’s stock.

Insider Activity at Reliance

In related news, CEO Karla R. Lewis sold 31,136 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $300.52, for a total transaction of $9,356,990.72. Following the completion of the sale, the chief executive officer now directly owns 90,230 shares of the company’s stock, valued at approximately $27,115,919.60. This represents a 25.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.69% of the stock is owned by corporate insiders.

Reliance Trading Down 0.5 %

NYSE:RS opened at $276.85 on Wednesday. The company has a current ratio of 3.21, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10. Reliance, Inc. has a 1-year low of $250.07 and a 1-year high of $326.87. The firm has a market capitalization of $14.64 billion, a price-to-earnings ratio of 17.93 and a beta of 0.83. The business’s 50-day moving average price is $285.52 and its two-hundred day moving average price is $289.89.

Reliance (NYSE:RS) last announced its quarterly earnings results on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share 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 net margin of 6.33% and a return on equity of 11.87%. On average, equities analysts expect that Reliance, Inc. will post 16.98 earnings per share for the current year.

Reliance Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were issued a $1.20 dividend. This is a positive change from Reliance’s previous quarterly dividend of $1.10. The ex-dividend date was Friday, March 7th. This represents a $4.80 annualized dividend and a dividend yield of 1.73%. Reliance’s payout ratio is 31.09%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on RS. KeyCorp upped their price target on Reliance from $321.00 to $327.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $319.00.

Reliance Company 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.