Allspring Global Investments Holdings LLC Cuts Stock Position in Reliance, Inc. (NYSE:RS)

Allspring Global Investments Holdings LLC cut its holdings in Reliance, Inc. (NYSE:RS) by 95.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,196 shares of the industrial products company’s stock after selling 22,491 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Reliance were worth $322,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RS. Raymond James & Associates grew its stake in shares of Reliance by 26.1% during the third quarter. Raymond James & Associates now owns 33,713 shares of the industrial products company’s stock valued at $9,750,000 after buying an additional 6,985 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in Reliance by 27,269.0% during the 3rd quarter. International Assets Investment Management LLC now owns 112,213 shares of the industrial products company’s stock valued at $32,453,000 after acquiring an additional 111,803 shares during the period. Assenagon Asset Management S.A. grew its position in Reliance by 9.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 8,769 shares of the industrial products company’s stock valued at $2,536,000 after acquiring an additional 777 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Reliance by 112.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,569 shares of the industrial products company’s stock worth $2,482,000 after purchasing an additional 4,537 shares during the period. Finally, Forsta AP Fonden boosted its stake in shares of Reliance by 6.6% during the third quarter. Forsta AP Fonden now owns 11,300 shares of the industrial products company’s stock valued at $3,268,000 after purchasing an additional 700 shares during the period. Institutional investors own 79.26% of the company’s stock.

Analysts Set New Price Targets

RS has been the topic of several research reports. 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. KeyCorp upped their price target on shares of Reliance from $321.00 to $327.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $329.17.

Insider Buying and Selling

In other Reliance news, CEO Karla R. Lewis sold 31,136 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $300.52, for a total transaction of $9,356,990.72. Following the completion of the sale, the chief executive officer now directly owns 90,230 shares of the company’s stock, valued at $27,115,919.60. This represents a 25.65 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.69% of the stock is owned by company insiders.

Reliance Stock Down 1.0 %

Shares of RS opened at $296.22 on Wednesday. The stock has a market capitalization of $16.03 billion, a PE ratio of 19.19 and a beta of 0.90. Reliance, Inc. has a 1 year low of $256.98 and a 1 year high of $342.20. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 3.21. The company’s 50-day simple moving average is $282.48 and its 200-day simple moving average is $289.55.

Reliance (NYSE:RS) last issued its quarterly 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. Analysts forecast that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Increases Dividend

The business 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. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.62%. This is an increase from Reliance’s previous quarterly dividend of $1.10. The ex-dividend date is Friday, March 7th. Reliance’s dividend payout ratio (DPR) is 31.09%.

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.