Planned Solutions Inc. Purchases New Position in Reliance, Inc. (NYSE:RS)

Planned Solutions Inc. purchased a new stake in Reliance, Inc. (NYSE:RS) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 320 shares of the industrial products company’s stock, valued at approximately $89,000.

Several other hedge funds have also recently bought and sold shares of RS. Worth Asset Management LLC acquired a new stake in shares of Reliance in the first quarter valued at $28,000. Millburn Ridgefield Corp bought a new position in Reliance in the 3rd quarter worth approximately $33,000. Catalyst Capital Advisors LLC acquired a new position in Reliance during the 3rd quarter worth $33,000. Penserra Capital Management LLC acquired a new stake in shares of Reliance in the 1st quarter valued at $46,000. Finally, Altshuler Shaham Ltd boosted its holdings in Reliance by 183.6% in the third quarter. Altshuler Shaham Ltd now owns 207 shares of the industrial products company’s stock valued at $54,000 after acquiring an additional 134 shares during the last quarter. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have commented on RS shares. BMO Capital Markets lifted their target price on shares of Reliance from $295.00 to $355.00 and gave the stock an “outperform” rating in a report on Tuesday, February 20th. KeyCorp raised their target price on Reliance from $300.00 to $362.00 and gave the stock an “overweight” rating in a report on Friday, February 16th.

Insider Buying and Selling at Reliance

In related news, CFO Arthur Ajemyan sold 3,000 shares of the business’s stock in a transaction on 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 sale, the chief financial officer now directly owns 15,577 shares in the company, valued at approximately $5,030,592.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Karla R. Lewis sold 42,346 shares of the stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $318.97, for a total transaction of $13,507,103.62. Following the sale, the chief executive officer now directly owns 84,534 shares of the company’s stock, valued at approximately $26,963,809.98. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Arthur Ajemyan sold 3,000 shares of the firm’s stock in a transaction on 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 owns 15,577 shares in the company, valued at approximately $5,030,592.15. The disclosure for this sale can be found here. Insiders have sold a total of 85,996 shares of company stock valued at $27,603,878 in the last three months. 0.62% of the stock is currently owned by company insiders.

Reliance Price Performance

Shares of NYSE RS opened at $336.90 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.66 and a quick ratio of 3.23. The business has a 50-day moving average of $309.62 and a 200-day moving average of $282.15. The stock has a market capitalization of $19.34 billion, a price-to-earnings ratio of 14.90, a PEG ratio of 4.73 and a beta of 0.87. Reliance, Inc. has a fifty-two week low of $229.12 and a fifty-two week high of $337.11.

Reliance (NYSE:RS) last announced its quarterly earnings results on Thursday, February 15th. The industrial products company reported $4.73 EPS for the quarter, beating analysts’ consensus estimates of $3.92 by $0.81. The firm had revenue of $3.34 billion during the quarter, compared to analysts’ expectations of $3.31 billion. Reliance had a net margin of 9.02% and a return on equity of 17.53%. The company’s revenue for the quarter was down 7.6% compared to the same quarter last year. During the same quarter last year, the company posted $5.87 earnings per share. As a group, sell-side analysts predict that Reliance, Inc. will post 19.34 earnings per share for the current fiscal year.

Reliance Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Friday, March 8th were paid a $1.10 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $4.40 dividend on an annualized basis and a yield of 1.31%. This is a positive change from Reliance’s previous quarterly dividend of $1.00. Reliance’s dividend payout ratio is 19.46%.

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.