New York State Teachers Retirement System Decreases Stake in Reliance, Inc. (NYSE:RS)

New York State Teachers Retirement System lessened its stake in Reliance, Inc. (NYSE:RS) by 9.9% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 58,257 shares of the industrial products company’s stock after selling 6,376 shares during the quarter. New York State Teachers Retirement System owned 0.11% of Reliance worth $16,849,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in RS. Innealta Capital LLC purchased a new position in Reliance in the second quarter valued at about $28,000. UMB Bank n.a. increased its stake in Reliance by 27.0% in the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after purchasing an additional 53 shares in the last quarter. National Bank of Canada FI raised its holdings in Reliance by 17.9% during the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock worth $76,000 after purchasing an additional 41 shares during the last quarter. Headlands Technologies LLC purchased a new stake in Reliance during the first quarter worth $86,000. Finally, International Assets Investment Management LLC acquired a new stake in Reliance in the second quarter valued at $117,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

Insider Transactions at Reliance

In related news, Director Mark V. Kaminski sold 5,000 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $298.01, for a total value of $1,490,050.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.69% of the company’s stock.

Reliance Trading Up 0.3 %

Reliance stock opened at $287.09 on Friday. The stock has a 50-day moving average price of $284.57 and a 200 day moving average price of $290.10. Reliance, Inc. has a 52 week low of $261.77 and a 52 week high of $342.20. The stock has a market cap of $15.79 billion, a PE ratio of 15.77 and a beta of 0.85. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12.

Reliance (NYSE:RS) last issued its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). The firm had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. The business’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same quarter last year, the firm earned $5.00 earnings per share. Equities research analysts predict that Reliance, Inc. will post 16.96 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date of this dividend is Friday, November 22nd. Reliance’s dividend payout ratio is presently 24.16%.

Analyst Ratings Changes

Several research analysts have recently issued reports on RS shares. Wolfe Research downgraded Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target for the company. in a research note on Friday, July 26th. BMO Capital Markets cut their target price on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Finally, KeyCorp lowered their price target on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Reliance has an average rating of “Hold” and an average target price of $326.40.

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.