Townsquare Capital LLC Grows Holdings in Reliance, Inc. (NYSE:RS)

Townsquare Capital LLC grew its holdings in shares of Reliance, Inc. (NYSE:RS) by 3.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,342 shares of the industrial products company’s stock after acquiring an additional 40 shares during the period. Townsquare Capital LLC’s holdings in Reliance were worth $361,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Pacer Advisors Inc. increased its position in shares of Reliance by 6,311.2% in the 4th quarter. Pacer Advisors Inc. now owns 816,465 shares of the industrial products company’s stock worth $219,841,000 after purchasing an additional 803,730 shares during the last quarter. Norges Bank bought a new position in Reliance during the 4th quarter worth approximately $186,255,000. American Century Companies Inc. grew its position in shares of Reliance by 1,127.9% in the 4th quarter. American Century Companies Inc. now owns 426,986 shares of the industrial products company’s stock worth $114,971,000 after acquiring an additional 392,213 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Reliance by 53.5% during the 4th quarter. Principal Financial Group Inc. now owns 725,685 shares of the industrial products company’s stock valued at $195,402,000 after acquiring an additional 252,955 shares in the last quarter. Finally, Edge Capital Group LLC bought a new position in Reliance during the fourth quarter worth $46,979,000. 79.26% of the stock is owned by hedge funds and other institutional investors.

Reliance Stock Performance

RS opened at $271.83 on Tuesday. Reliance, Inc. has a twelve month low of $250.07 and a twelve month high of $326.87. The stock has a market cap of $14.38 billion, a PE ratio of 17.61 and a beta of 0.83. The business’s 50 day moving average is $284.50 and its 200-day moving average is $289.64. 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 (NYSE:RS) last issued 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 business had revenue of $3.13 billion for 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, analysts predict that Reliance, Inc. will post 16.98 earnings per share for the current year.

Reliance Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were given a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 1.77%. This is an increase from Reliance’s previous quarterly dividend of $1.10. The ex-dividend date of this dividend was Friday, March 7th. Reliance’s dividend payout ratio is 31.09%.

Analyst Ratings Changes

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

Insider Buying and Selling at Reliance

In other news, CEO Karla R. Lewis sold 31,136 shares of Reliance stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $300.52, for a total value of $9,356,990.72. Following the transaction, the chief executive officer now owns 90,230 shares of the company’s stock, valued at $27,115,919.60. The trade was a 25.65 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.35% of the stock is currently owned by corporate insiders.

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.