Reliance (NYSE:RS) Reaches New 1-Year High at $337.76

Reliance, Inc. (NYSE:RSGet Free Report) hit a new 52-week high during trading on Wednesday . The company traded as high as $337.76 and last traded at $335.86, with a volume of 29907 shares traded. The stock had previously closed at $333.08.

Analyst Upgrades and Downgrades

RS has been the topic of a number of analyst reports. KeyCorp raised their price objective on shares of Reliance from $300.00 to $362.00 and gave the stock an “overweight” rating in a research note on Friday, February 16th. BMO Capital Markets raised their price objective on shares of Reliance from $295.00 to $355.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 20th.

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Reliance Stock Up 1.3 %

The business has a fifty day simple moving average of $313.84 and a two-hundred day simple moving average of $284.25. The company has a current ratio of 5.66, a quick ratio of 3.23 and a debt-to-equity ratio of 0.15. The company has a market cap of $19.38 billion, a PE ratio of 14.73, a price-to-earnings-growth ratio of 4.76 and a beta of 0.87.

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

Reliance Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Friday, March 8th were issued a $1.10 dividend. This is a positive change from Reliance’s previous quarterly dividend of $1.00. This represents a $4.40 annualized dividend and a yield of 1.30%. The ex-dividend date of this dividend was Thursday, March 7th. Reliance’s payout ratio is 19.46%.

Insider Activity at Reliance

In related news, CEO Karla R. Lewis sold 650 shares of the business’s stock in a transaction dated 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 directly owns 83,884 shares in the company, valued at approximately $27,091,176.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Reliance news, CEO Karla R. Lewis sold 42,346 shares of Reliance stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $318.97, for a total value of $13,507,103.62. Following the completion of the transaction, 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 filing with the SEC, which is accessible through this hyperlink. Also, CEO Karla R. Lewis sold 650 shares of Reliance stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $322.96, for a total value of $209,924.00. Following the completion of the transaction, the chief executive officer now directly owns 83,884 shares of the company’s stock, valued at $27,091,176.64. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 85,996 shares of company stock worth $27,603,878. Company insiders own 0.71% of the company’s stock.

Institutional Investors Weigh In On Reliance

Institutional investors have recently added to or reduced their stakes in the business. United Capital Management of KS Inc. lifted its stake in Reliance by 0.8% during the third quarter. United Capital Management of KS Inc. now owns 26,668 shares of the industrial products company’s stock worth $6,993,000 after purchasing an additional 219 shares during the last quarter. Vest Financial LLC lifted its stake in Reliance by 35.2% in the fourth quarter. Vest Financial LLC now owns 47,759 shares of the industrial products company’s stock valued at $13,357,000 after buying an additional 12,423 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its stake in Reliance by 15.9% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 210,218 shares of the industrial products company’s stock valued at $55,125,000 after buying an additional 28,889 shares during the last quarter. Natixis purchased a new stake in Reliance in the second quarter valued at approximately $166,000. Finally, Comerica Bank purchased a new stake in Reliance in the third quarter valued at approximately $8,173,000. Hedge funds and other institutional investors own 79.26% of the company’s stock.

About Reliance

(Get Free Report)

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.

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