Reliance, Inc. (NYSE:RS) CEO Sells $9,356,990.72 in Stock

Reliance, Inc. (NYSE:RS) CEO Karla R. Lewis sold 31,136 shares of the company’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $300.52, for a total transaction of $9,356,990.72. Following the transaction, the chief executive officer now owns 90,230 shares of the company’s stock, valued at approximately $27,115,919.60. The trade was a 25.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Reliance Stock Performance

NYSE:RS opened at $295.03 on Friday. The firm has a market capitalization of $15.97 billion, a PE ratio of 19.11 and a beta of 0.91. The company has a quick ratio of 1.58, a current ratio of 3.21 and a debt-to-equity ratio of 0.10. Reliance, Inc. has a 12-month low of $256.98 and a 12-month high of $342.20. The firm has a 50-day moving average price of $283.62 and a 200 day moving average price of $289.62.

Reliance (NYSE:RS) last issued its 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 company had revenue of $3.13 billion during the quarter, compared to analyst estimates of $3.04 billion. Reliance had a return on equity of 11.87% and a net margin of 6.33%. Research analysts anticipate that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be issued a dividend of $1.20 per share. The ex-dividend date of this dividend is Friday, March 7th. This is a boost from Reliance’s previous quarterly dividend of $1.10. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.63%. Reliance’s dividend payout ratio (DPR) is presently 31.09%.

Institutional Investors Weigh In On Reliance

Several institutional investors and hedge funds have recently made changes to their positions in the company. Quent Capital LLC lifted its holdings in Reliance by 4.1% during the 4th quarter. Quent Capital LLC now owns 941 shares of the industrial products company’s stock valued at $253,000 after purchasing an additional 37 shares during the last quarter. Johnson Investment Counsel Inc. raised its stake in shares of Reliance by 0.4% in the fourth quarter. Johnson Investment Counsel Inc. now owns 11,149 shares of the industrial products company’s stock valued at $3,002,000 after acquiring an additional 39 shares during the last quarter. Townsquare Capital LLC raised its stake in shares of Reliance by 3.1% in the fourth quarter. Townsquare Capital LLC now owns 1,342 shares of the industrial products company’s stock valued at $361,000 after acquiring an additional 40 shares during the last quarter. Forum Financial Management LP boosted its holdings in shares of Reliance by 2.8% in the 4th quarter. Forum Financial Management LP now owns 1,619 shares of the industrial products company’s stock worth $436,000 after acquiring an additional 44 shares in the last quarter. Finally, Lido Advisors LLC grew its position in Reliance by 4.9% during the 4th quarter. Lido Advisors LLC now owns 998 shares of the industrial products company’s stock worth $269,000 after acquiring an additional 47 shares during the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on RS shares. Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 8th. KeyCorp upped their price target on Reliance from $321.00 to $327.00 and gave the company an “overweight” rating in a report on Monday. Finally, The Goldman Sachs Group started coverage on Reliance in a report on Monday, December 2nd. They set a “neutral” rating and a $341.00 price objective on the stock. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Reliance has an average rating of “Hold” and an average target price of $329.17.

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.