Envestnet Portfolio Solutions Inc. Has $347,000 Stock Position in Reliance, Inc. (NYSE:RS)

Envestnet Portfolio Solutions Inc. lifted its position in Reliance, Inc. (NYSE:RS) by 12.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,289 shares of the industrial products company’s stock after acquiring an additional 145 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Reliance were worth $347,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Pacer Advisors Inc. raised its stake in Reliance by 6,311.2% during the 4th quarter. Pacer Advisors Inc. now owns 816,465 shares of the industrial products company’s stock valued at $219,841,000 after purchasing an additional 803,730 shares during the period. Principal Financial Group Inc. grew its holdings in shares of Reliance by 53.5% during the fourth quarter. Principal Financial Group Inc. now owns 725,685 shares of the industrial products company’s stock valued at $195,402,000 after buying an additional 252,955 shares in the last quarter. Bank of New York Mellon Corp raised its position in Reliance by 5.4% during the fourth quarter. Bank of New York Mellon Corp now owns 503,400 shares of the industrial products company’s stock valued at $135,546,000 after buying an additional 25,750 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Reliance by 0.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 397,453 shares of the industrial products company’s stock worth $107,018,000 after acquiring an additional 2,921 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec boosted its position in Reliance by 7.3% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 296,033 shares of the industrial products company’s stock worth $85,616,000 after acquiring an additional 20,056 shares during the period. Institutional investors and hedge funds own 79.26% of the company’s stock.

Insiders Place Their Bets

In other Reliance news, CEO Karla R. Lewis sold 31,136 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 90,230 shares in the company, valued at $27,115,919.60. This represents a 25.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.69% of the company’s stock.

Analysts Set New Price Targets

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

Reliance Stock Performance

RS stock opened at $293.85 on Friday. The firm has a 50 day moving average of $289.06 and a two-hundred day moving average of $290.28. Reliance, Inc. has a 12 month low of $256.98 and a 12 month high of $342.20. The company has a market capitalization of $15.57 billion, a price-to-earnings ratio of 19.03 and a beta of 0.87. The company has a quick ratio of 1.58, a current ratio of 3.21 and a debt-to-equity ratio of 0.10.

Reliance (NYSE:RS) last posted its earnings results on Wednesday, February 19th. The industrial products company reported $2.22 EPS 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 business had revenue of $3.13 billion for the quarter, compared to analyst estimates of $3.04 billion. As a group, equities analysts anticipate that Reliance, Inc. will post 16.98 EPS for the current fiscal year.

Reliance Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were issued a $1.20 dividend. This is a positive change from Reliance’s previous quarterly dividend of $1.10. This represents a $4.80 annualized dividend and a yield of 1.63%. The ex-dividend date was Friday, March 7th. Reliance’s payout ratio is 31.09%.

Reliance Company 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.