Allianz Asset Management GmbH Sells 874 Shares of Reliance, Inc. (NYSE:RS)

Allianz Asset Management GmbH trimmed its holdings in Reliance, Inc. (NYSE:RS) by 0.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 130,206 shares of the industrial products company’s stock after selling 874 shares during the quarter. Allianz Asset Management GmbH owned about 0.24% of Reliance worth $35,059,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. Quarry LP purchased a new position in shares of Reliance in the 3rd quarter worth $41,000. Versant Capital Management Inc boosted its stake in Reliance by 157.8% in the 4th quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock worth $58,000 after purchasing an additional 131 shares during the period. Brooklyn Investment Group bought a new position in shares of Reliance during the 3rd quarter valued at about $78,000. UMB Bank n.a. grew its holdings in Reliance by 41.8% during the 4th quarter. UMB Bank n.a. now owns 353 shares of the industrial products company’s stock valued at $95,000 after buying an additional 104 shares in the last quarter. Finally, Abound Wealth Management increased its position in Reliance by 35,700.0% in the fourth quarter. Abound Wealth Management now owns 358 shares of the industrial products company’s stock worth $96,000 after purchasing an additional 357 shares during the last quarter. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other Reliance news, CEO Karla R. Lewis sold 3,892 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $323.90, for a total transaction of $1,260,618.80. Following the sale, the chief executive officer now directly owns 85,117 shares of the company’s stock, valued at approximately $27,569,396.30. This trade represents a 4.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.69% of the stock is owned by corporate insiders.

Reliance Price Performance

Shares of RS opened at $301.06 on Monday. The company has a quick ratio of 1.58, a current ratio of 3.21 and a debt-to-equity ratio of 0.10. The company has a market cap of $16.29 billion, a price-to-earnings ratio of 19.50 and a beta of 0.90. Reliance, Inc. has a twelve month low of $256.98 and a twelve month high of $342.20. The company has a 50 day moving average of $281.93 and a two-hundred day moving average of $289.35.

Reliance (NYSE:RS) last released its earnings results on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share for the quarter, missing the consensus estimate of $2.74 by ($0.52). Reliance had a return on equity of 11.87% and a net margin of 6.33%. The company had revenue of $3.13 billion for the quarter, compared to analysts’ expectations of $3.04 billion. As a group, analysts predict that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Increases Dividend

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

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.