Atria Wealth Solutions Inc. Sells 41 Shares of Reliance, Inc. (NYSE:RS)

Atria Wealth Solutions Inc. lowered its holdings in shares of Reliance, Inc. (NYSE:RS) by 3.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 1,319 shares of the industrial products company’s stock after selling 41 shares during the period. Atria Wealth Solutions Inc.’s holdings in Reliance were worth $355,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in RS. Quarry LP purchased a new stake in shares of Reliance in the 3rd quarter worth about $41,000. Versant Capital Management Inc increased its stake in Reliance by 157.8% during the 4th quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock valued at $58,000 after purchasing an additional 131 shares in the last quarter. Brooklyn Investment Group bought a new stake in Reliance during the 3rd quarter valued at about $78,000. UMB Bank n.a. increased its stake 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 purchasing an additional 104 shares in the last quarter. Finally, Abound Wealth Management grew its stake in shares of 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 acquiring an additional 357 shares during the period. Institutional investors own 79.26% of the company’s stock.

Insider Activity

In other news, CEO Karla R. Lewis sold 31,136 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $300.52, for a total transaction of $9,356,990.72. Following the sale, the chief executive officer now owns 90,230 shares of the company’s stock, valued at $27,115,919.60. This trade represents a 25.65 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.69% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on RS. KeyCorp lifted their price target on shares of Reliance from $321.00 to $327.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. The Goldman Sachs Group initiated coverage on shares of Reliance in a report on Monday, December 2nd. They set a “neutral” rating and a $341.00 price target on the stock. Finally, Wolfe Research raised shares of Reliance from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 8th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $329.17.

Reliance Stock Up 0.8 %

Shares of RS opened at $297.36 on Friday. The firm has a market capitalization of $16.09 billion, a P/E ratio of 19.26 and a beta of 0.91. Reliance, Inc. has a 12-month low of $256.98 and a 12-month high of $342.20. The company has a current ratio of 3.21, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10. The firm has a fifty day moving average price of $283.62 and a 200-day moving average price of $289.62.

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

Reliance Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 1.61%. This is a positive change from Reliance’s previous quarterly dividend of $1.10. The ex-dividend date of this dividend is Friday, March 7th. Reliance’s dividend payout ratio is presently 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.