Consolidated Planning Corp Purchases New Position in Reliance, Inc. (NYSE:RS)

Consolidated Planning Corp bought a new stake in Reliance, Inc. (NYSE:RS) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 748 shares of the industrial products company’s stock, valued at approximately $209,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Millburn Ridgefield Corp purchased a new stake in shares of Reliance in the third quarter valued at about $33,000. Catalyst Capital Advisors LLC purchased a new stake in shares of Reliance in the third quarter valued at about $33,000. Altshuler Shaham Ltd increased its stake in shares of Reliance by 183.6% during the third quarter. Altshuler Shaham Ltd now owns 207 shares of the industrial products company’s stock worth $54,000 after acquiring an additional 134 shares during the period. UMB Bank n.a. increased its stake in shares of Reliance by 26.4% during the third quarter. UMB Bank n.a. now owns 230 shares of the industrial products company’s stock worth $60,000 after acquiring an additional 48 shares during the period. Finally, Blue Trust Inc. increased its stake in shares of Reliance by 187.9% during the fourth quarter. Blue Trust Inc. now owns 285 shares of the industrial products company’s stock worth $75,000 after acquiring an additional 186 shares during the period. 79.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RS. Citigroup lowered shares of Reliance from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $280.00 to $380.00 in a research note on Thursday, April 11th. BMO Capital Markets dropped their price target on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a research note on Friday. KeyCorp increased their target price on shares of Reliance from $300.00 to $362.00 and gave the company an “overweight” rating in a report on Friday, February 16th. Finally, StockNews.com cut shares of Reliance from a “buy” rating to a “hold” rating in a report on Friday. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $362.33.

Insider Transactions at Reliance

In related news, CEO Karla R. Lewis sold 42,346 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $318.97, for a total value of $13,507,103.62. Following the sale, the chief executive officer now directly owns 84,534 shares in the company, valued at approximately $26,963,809.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Reliance news, CEO Karla R. Lewis sold 42,346 shares of Reliance stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $318.97, for a total transaction of $13,507,103.62. Following the completion of the sale, the chief executive officer now owns 84,534 shares of the company’s stock, valued at approximately $26,963,809.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director James Donald Hoffman sold 40,000 shares of the company’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 completion of the transaction, the director now directly owns 54,042 shares in the company, valued at $17,452,863.90. The disclosure for this sale can be found here. Insiders sold a total of 85,996 shares of company stock valued at $27,603,878 in the last ninety days. Corporate insiders own 0.69% of the company’s stock.

Reliance Price Performance

Shares of RS traded down $1.51 during mid-day trading on Friday, reaching $290.62. 488,495 shares of the company’s stock were exchanged, compared to its average volume of 223,247. The company has a quick ratio of 3.23, a current ratio of 5.74 and a debt-to-equity ratio of 0.14. The company has a 50-day simple moving average of $324.16 and a two-hundred day simple moving average of $291.60. Reliance, Inc. has a 52-week low of $229.12 and a 52-week high of $342.20. The company has a market cap of $16.69 billion, a price-to-earnings ratio of 13.57, a PEG ratio of 5.12 and a beta of 0.87.

Reliance (NYSE:RS) last issued its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.30 earnings per share for the quarter, missing analysts’ consensus estimates of $5.51 by ($0.21). Reliance had a return on equity of 16.26% and a net margin of 8.67%. The business had revenue of $3.64 billion for the quarter, compared to analysts’ expectations of $3.76 billion. During the same period last year, the business earned $6.37 earnings per share. The company’s revenue for the quarter was down 8.1% on a year-over-year basis. On average, sell-side analysts predict that Reliance, Inc. will post 19.6 EPS for the current fiscal year.

Reliance Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 24th will be paid a dividend of $1.10 per share. The ex-dividend date of this dividend is Thursday, May 23rd. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.51%. Reliance’s dividend payout ratio (DPR) is 20.55%.

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.