2 weeks Ago By Defense World Staff
Prudential Financial Inc. reduced its stake in Reliance, Inc. ( NYSE:RS – Free Report ) by 46.
6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,363 shares of the industrial products company’s stock after selling 4,679 shares during the period. Prudential Financial Inc.
’s holdings in Reliance were worth $1,444,000 at the end of the most recent reporting period. Several other large investors have also recently added to or reduced their stakes in the stock. Pacer Advisors Inc.
raised its stake in shares of Reliance by 6,311.2% during the fourth quarter. Pacer Advisors Inc.
now owns 816,465 shares of the industrial products company’s stock valued at $219,841,000 after purchasing an additional 803,730 shares during the period. American Century Companies Inc. grew its holdings in Reliance by 1,127.
9% during the 4th quarter. American Century Companies Inc. now owns 426,986 shares of the industrial products company’s stock valued at $114,971,000 after purchasing an additional 392,213 shares in the last quarter.
Principal Financial Group Inc. increased its stake in Reliance by 53.5% during the 4th quarter.
Principal Financial Group Inc. now owns 725,685 shares of the industrial products company’s stock worth $195,402,000 after buying an additional 252,955 shares during the period. Edge Capital Group LLC acquired a new position in Reliance in the 4th quarter worth $46,979,000.
Finally, Woodward Diversified Capital LLC purchased a new position in Reliance in the 4th quarter valued at about $21,015,000. 79.26% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets Several research analysts recently commented on the company. KeyCorp boosted their price target on Reliance from $321.00 to $327.
00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Wolfe Research upgraded Reliance from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 8th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company.
Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $329.17.
Reliance Trading Down 4.0 % NYSE:RS opened at $264.32 on Friday.
The company has a market cap of $14.00 billion, a PE ratio of 17.12 and a beta of 0.
87. The business’s 50 day moving average is $288.35 and its two-hundred day moving average is $290.
70. 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 52 week low of $256.98 and a 52 week high of $342.20.
Reliance ( NYSE:RS – Get Free Report ) last released its quarterly earnings data on Wednesday, February 19th. The industrial products company reported $2.22 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 return on equity of 11.
87% and a net margin of 6.33%. On average, analysts predict that Reliance, Inc.
will post 16.98 EPS for the current year. Reliance Increases Dividend The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 21st.
Investors of record on Friday, March 7th were paid a dividend of $1.20 per share. This is a positive change from Reliance’s previous quarterly dividend of $1.
10. The ex-dividend date of this dividend was Friday, March 7th. This represents a $4.
80 annualized dividend and a yield of 1.82%. Reliance’s dividend payout ratio is 31.
09%. Insider Buying and Selling at Reliance In other Reliance news, CEO Karla R. Lewis sold 31,136 shares of the stock in a transaction on Monday, February 24th.
The stock was sold at an average price of $300.52, for a total value of $9,356,990.72.
Following the sale, the chief executive officer now directly owns 90,230 shares of the company’s stock, valued at $27,115,919.60. This trade represents a 25.
65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link . 0.
69% of the stock is currently owned by insiders. About Reliance ( 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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