Edge Capital Group LLC Acquires Shares of 174,473 Reliance, Inc. (NYSE:RS)

Edge Capital Group LLC acquired a new stake in Reliance, Inc. (NYSE:RS) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 174,473 shares of the industrial products company’s stock, valued at approximately $46,979,000. Reliance makes up 2.5% of Edge Capital Group LLC’s portfolio, making the stock its 8th largest position.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Quarry LP acquired a new position in Reliance in the 3rd quarter valued at about $41,000. Versant Capital Management Inc grew its position in Reliance by 157.8% in the 4th quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock valued at $58,000 after acquiring an additional 131 shares in the last quarter. Brooklyn Investment Group acquired a new position in Reliance in the 3rd quarter valued at about $78,000. UMB Bank n.a. grew 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 valued at $95,000 after acquiring an additional 104 shares in the last quarter. Finally, Abound Wealth Management grew 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 acquiring an additional 357 shares in the last quarter. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Reliance

In other Reliance news, CEO Karla R. Lewis sold 3,892 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $323.90, for a total value of $1,260,618.80. Following the completion of the sale, the chief executive officer now owns 85,117 shares in the company, valued at approximately $27,569,396.30. The trade was a 4.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.69% of the stock is currently owned by corporate insiders.

Reliance Stock Performance

Shares of Reliance stock opened at $301.06 on Monday. Reliance, Inc. has a one year low of $256.98 and a one year high of $342.20. The company has a market cap of $16.29 billion, a PE ratio of 19.50 and a beta of 0.90. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 3.21. The business has a 50-day simple moving average of $281.93 and a 200-day simple moving average of $289.35.

Reliance (NYSE:RS) last announced its quarterly earnings results on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.74 by ($0.52). The business 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 research analysts forecast that Reliance, Inc. will post 16.98 EPS for the current fiscal year.

Reliance Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be issued a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 1.59%. This is an increase from Reliance’s previous quarterly dividend of $1.10. The ex-dividend date of this dividend is Friday, March 7th. Reliance’s dividend payout ratio is 31.09%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on RS shares. The Goldman Sachs Group started coverage on Reliance in a research report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 target price for the company. Wolfe Research raised Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. Finally, KeyCorp lowered their price objective on Reliance from $325.00 to $321.00 and set an “overweight” rating for the company in a research report on Wednesday, January 22nd. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $328.17.

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.