Goldman Sachs Group Inc. Boosts Stake in Reliance, Inc. (NYSE:RS)

Goldman Sachs Group Inc. grew its stake in Reliance, Inc. (NYSE:RS) by 8.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 225,332 shares of the industrial products company’s stock after buying an additional 17,494 shares during the period. Goldman Sachs Group Inc. owned 0.39% of Reliance worth $63,021,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in RS. Wellington Management Group LLP raised its holdings in shares of Reliance by 1.0% during the third quarter. Wellington Management Group LLP now owns 1,197,200 shares of the industrial products company’s stock worth $313,942,000 after purchasing an additional 12,166 shares during the last quarter. First Trust Advisors LP raised its holdings in shares of Reliance by 7.9% during the fourth quarter. First Trust Advisors LP now owns 885,818 shares of the industrial products company’s stock worth $247,746,000 after purchasing an additional 64,895 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Reliance by 35.4% during the third quarter. Invesco Ltd. now owns 723,755 shares of the industrial products company’s stock worth $189,790,000 after purchasing an additional 189,326 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Reliance by 6.0% during the third quarter. Northern Trust Corp now owns 675,801 shares of the industrial products company’s stock worth $177,215,000 after purchasing an additional 37,971 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Reliance during the fourth quarter worth $186,693,000. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on RS. BMO Capital Markets reduced their target price on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a report on Friday, April 26th. Citigroup cut shares of Reliance from a “buy” rating to a “neutral” rating and raised their target price for the stock from $280.00 to $380.00 in a report on Thursday, April 11th. Finally, StockNews.com cut shares of Reliance from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th.

Insider Activity

In other news, Director James Donald Hoffman sold 5,000 shares of Reliance stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $289.81, for a total value of $1,449,050.00. Following the sale, the director now owns 49,042 shares in the company, valued at $14,212,862.02. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, COO Stephen Paul Koch sold 20,421 shares of the business’s stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $295.38, for a total transaction of $6,031,954.98. Following the transaction, the chief operating officer now directly owns 7,552 shares in the company, valued at $2,230,709.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James Donald Hoffman sold 5,000 shares of the business’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $289.81, for a total transaction of $1,449,050.00. Following the transaction, the director now owns 49,042 shares in the company, valued at $14,212,862.02. The disclosure for this sale can be found here. Insiders have sold a total of 40,421 shares of company stock worth $11,866,855 over the last 90 days. 0.69% of the stock is currently owned by company insiders.

Reliance Stock Up 2.8 %

RS opened at $284.88 on Tuesday. Reliance, Inc. has a fifty-two week low of $237.14 and a fifty-two week high of $342.20. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.21 and a current ratio of 5.74. The company has a fifty day moving average of $300.14 and a two-hundred day moving average of $299.83. The stock has a market capitalization of $16.36 billion, a price-to-earnings ratio of 13.31 and a beta of 0.90.

Reliance (NYSE:RS) last released its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.30 earnings per share for the quarter, missing analysts’ consensus estimates of $5.51 by ($0.21). Reliance had a net margin of 8.67% and a return on equity of 16.26%. The firm had revenue of $3.64 billion during the quarter, compared to analysts’ expectations of $3.76 billion. During the same period in the previous year, the firm posted $6.37 EPS. The firm’s quarterly revenue was down 8.1% on a year-over-year basis. On average, research analysts expect that Reliance, Inc. will post 18.77 earnings per share for the current year.

Reliance Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 24th were given a $1.10 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $4.40 annualized dividend and a dividend yield of 1.54%. Reliance’s dividend payout ratio (DPR) is 20.55%.

Reliance 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.