Cwm LLC Grows Position in Reliance, Inc. (NYSE:RS)

Cwm LLC raised its stake in Reliance, Inc. (NYSE:RS) by 9.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,103 shares of the industrial products company’s stock after purchasing an additional 96 shares during the quarter. Cwm LLC’s holdings in Reliance were worth $368,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of RS. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Reliance in the 3rd quarter valued at approximately $224,000. CI Investments Inc. grew its position in shares of Reliance by 138.4% in the third quarter. CI Investments Inc. now owns 1,106 shares of the industrial products company’s stock valued at $290,000 after purchasing an additional 642 shares during the period. LPL Financial LLC grew its position in shares of Reliance by 2.8% in the third quarter. LPL Financial LLC now owns 26,967 shares of the industrial products company’s stock valued at $7,059,000 after purchasing an additional 735 shares during the period. Mariner LLC grew its position in shares of Reliance by 9.1% in the third quarter. Mariner LLC now owns 4,885 shares of the industrial products company’s stock valued at $1,281,000 after purchasing an additional 408 shares during the period. Finally, Northern Trust Corp grew its position in shares of Reliance by 6.0% in the third quarter. Northern Trust Corp now owns 675,801 shares of the industrial products company’s stock valued at $177,215,000 after purchasing an additional 37,971 shares during the period. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Reliance Price Performance

RS stock opened at $281.90 on Friday. The stock has a 50-day moving average price of $296.25 and a two-hundred day moving average price of $299.85. Reliance, Inc. has a 12-month low of $237.14 and a 12-month high of $342.20. The company has a current ratio of 5.74, a quick ratio of 3.21 and a debt-to-equity ratio of 0.14. The company has a market cap of $16.19 billion, a PE ratio of 13.17 and a beta of 0.90.

Reliance (NYSE:RS) last issued its earnings results on Thursday, April 25th. The industrial products company reported $5.30 earnings per share for the quarter, missing the consensus estimate of $5.51 by ($0.21). Reliance had a return on equity of 16.26% and a net margin of 8.67%. The company 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 company earned $6.37 EPS. Reliance’s quarterly revenue was down 8.1% on a year-over-year basis. As a group, research analysts predict that Reliance, Inc. will post 18.77 EPS 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. This represents a $4.40 annualized dividend and a dividend yield of 1.56%. The ex-dividend date was Thursday, May 23rd. Reliance’s payout ratio is 20.55%.

Insider Transactions at Reliance

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on RS shares. StockNews.com downgraded Reliance from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. Citigroup downgraded Reliance from a “buy” rating to a “neutral” rating and boosted their price target for the company from $280.00 to $380.00 in a research report on Thursday, April 11th. Finally, BMO Capital Markets lowered their price target on Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a research report on Friday, April 26th.

About Reliance

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.