Wellington Management Group LLP Raises Position in Reliance, Inc. (NYSE:RS)

Wellington Management Group LLP boosted its position in shares of Reliance, Inc. (NYSE:RS) by 2.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,224,274 shares of the industrial products company’s stock after buying an additional 27,074 shares during the period. Wellington Management Group LLP’s holdings in Reliance were worth $342,405,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Lindbrook Capital LLC lifted its stake in shares of Reliance by 8.4% in the fourth quarter. Lindbrook Capital LLC now owns 480 shares of the industrial products company’s stock worth $134,000 after buying an additional 37 shares in the last quarter. Avantax Advisory Services Inc. lifted its stake in Reliance by 4.2% in the 4th quarter. Avantax Advisory Services Inc. now owns 1,023 shares of the industrial products company’s stock worth $286,000 after purchasing an additional 41 shares in the last quarter. Arizona State Retirement System boosted its holdings in shares of Reliance by 0.3% during the 4th quarter. Arizona State Retirement System now owns 16,094 shares of the industrial products company’s stock worth $4,501,000 after purchasing an additional 54 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its position in shares of Reliance by 6.3% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 907 shares of the industrial products company’s stock valued at $254,000 after purchasing an additional 54 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its holdings in shares of Reliance by 0.5% in the fourth quarter. Daiwa Securities Group Inc. now owns 13,010 shares of the industrial products company’s stock valued at $3,639,000 after purchasing an additional 60 shares during the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Stock Performance

Shares of Reliance stock opened at $284.88 on Tuesday. The business’s fifty day simple moving average is $300.14 and its 200-day simple moving average is $299.83. The company has a quick ratio of 3.21, a current ratio of 5.74 and a debt-to-equity ratio of 0.14. The firm has a market cap of $16.36 billion, a PE ratio of 13.31 and a beta of 0.90. Reliance, Inc. has a 52 week low of $237.14 and a 52 week high of $342.20.

Reliance (NYSE:RS) last announced 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). The company had revenue of $3.64 billion for the quarter, compared to analysts’ expectations of $3.76 billion. Reliance had a return on equity of 16.26% and a net margin of 8.67%. The company’s quarterly revenue was down 8.1% compared to the same quarter last year. During the same period last year, the business earned $6.37 EPS. Equities analysts forecast that Reliance, Inc. will post 18.77 earnings per share for the current year.

Reliance Announces Dividend

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

Wall Street Analyst Weigh In

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

Insider Transactions at Reliance

In related news, COO Stephen Paul Koch sold 20,421 shares of the stock in a transaction dated Friday, May 31st. The stock was 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 owns 7,552 shares of the company’s stock, valued at approximately $2,230,709.76. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, COO Stephen Paul Koch sold 20,421 shares of the company’s stock in a transaction that occurred on 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 sale, the chief operating officer now directly owns 7,552 shares of the company’s stock, valued at approximately $2,230,709.76. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director James Donald Hoffman sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $289.81, for a total transaction of $1,449,050.00. Following the completion of the transaction, the director now directly owns 49,042 shares of the company’s stock, valued at approximately $14,212,862.02. The disclosure for this sale can be found here. Insiders sold a total of 40,421 shares of company stock worth $11,866,855 over the last ninety days. Company insiders own 0.69% of the company’s stock.

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.