Summit Global Investments Has $1.39 Million Stock Position in Reliance, Inc. (NYSE:RS)

Summit Global Investments increased its holdings in Reliance, Inc. (NYSE:RS) by 3.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,955 shares of the industrial products company’s stock after acquiring an additional 186 shares during the period. Summit Global Investments’ holdings in Reliance were worth $1,386,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Millburn Ridgefield Corp purchased a new stake in Reliance in the 3rd quarter valued at about $33,000. Catalyst Capital Advisors LLC purchased a new stake in Reliance in the 3rd quarter valued at about $33,000. Altshuler Shaham Ltd increased its stake in Reliance by 183.6% in the 3rd quarter. Altshuler Shaham Ltd now owns 207 shares of the industrial products company’s stock valued at $54,000 after buying an additional 134 shares during the last quarter. Blue Trust Inc. increased its stake in Reliance by 187.9% in the 4th quarter. Blue Trust Inc. now owns 285 shares of the industrial products company’s stock valued at $75,000 after buying an additional 186 shares during the last quarter. Finally, Planned Solutions Inc. purchased a new stake in Reliance in the 4th quarter valued at about $89,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on RS. KeyCorp increased their target price on shares of Reliance from $300.00 to $362.00 and gave the company an “overweight” rating in a research report on Friday, February 16th. StockNews.com downgraded shares of Reliance from a “buy” rating to a “hold” rating in a report on Friday, April 26th. BMO Capital Markets cut their price objective on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a report on Friday, April 26th. Finally, Citigroup downgraded shares of Reliance from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $280.00 to $380.00 in a report on Thursday, April 11th.

Reliance Price Performance

NYSE:RS traded down $0.94 during trading hours on Friday, hitting $289.78. The stock had a trading volume of 249,162 shares, compared to its average volume of 278,406. The company has a 50 day simple moving average of $320.99 and a two-hundred day simple moving average of $292.61. The company has a debt-to-equity ratio of 0.14, a current ratio of 5.74 and a quick ratio of 3.21. Reliance, Inc. has a one year low of $229.12 and a one year high of $342.20. The firm has a market capitalization of $16.64 billion, a price-to-earnings ratio of 13.53, a P/E/G ratio of 5.10 and a beta of 0.92.

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

Reliance Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 24th will be given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 1.52%. The ex-dividend date of this dividend is Thursday, May 23rd. Reliance’s dividend payout ratio (DPR) is currently 20.55%.

Insider Buying and Selling

In related news, Director James Donald Hoffman sold 5,000 shares of Reliance stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $289.81, for a total value of $1,449,050.00. Following the transaction, the director now owns 49,042 shares in the company, valued at approximately $14,212,862.02. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Reliance news, CEO Karla R. Lewis sold 650 shares of the firm’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $322.96, for a total value of $209,924.00. Following the sale, the chief executive officer now owns 83,884 shares of the company’s stock, valued at approximately $27,091,176.64. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director James Donald Hoffman sold 5,000 shares of the firm’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $289.81, for a total transaction of $1,449,050.00. Following the completion of the sale, the director now directly owns 49,042 shares in the company, valued at approximately $14,212,862.02. The disclosure for this sale can be found here. Insiders have sold a total of 90,996 shares of company stock worth $29,052,928 in the last 90 days. 0.69% of the stock is owned by company 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.