Reliance, Inc. (NYSE:RS) Holdings Trimmed by New York State Common Retirement Fund

New York State Common Retirement Fund lowered its position in shares of Reliance, Inc. (NYSE:RS) by 5.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 116,052 shares of the industrial products company’s stock after selling 6,052 shares during the quarter. New York State Common Retirement Fund owned 0.21% of Reliance worth $31,248,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of RS. Blue Trust Inc. boosted its position in shares of Reliance by 84.8% in the 3rd quarter. Blue Trust Inc. now owns 1,024 shares of the industrial products company’s stock valued at $292,000 after purchasing an additional 470 shares during the period. Raymond James & Associates boosted its position in shares of Reliance by 26.1% in the 3rd quarter. Raymond James & Associates now owns 33,713 shares of the industrial products company’s stock valued at $9,750,000 after purchasing an additional 6,985 shares during the period. Sequoia Financial Advisors LLC boosted its position in shares of Reliance by 26.4% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 2,458 shares of the industrial products company’s stock valued at $711,000 after purchasing an additional 513 shares during the period. Eastern Bank purchased a new stake in Reliance in the 3rd quarter worth about $234,000. Finally, International Assets Investment Management LLC lifted its stake in Reliance by 27,269.0% in the 3rd quarter. International Assets Investment Management LLC now owns 112,213 shares of the industrial products company’s stock worth $32,453,000 after acquiring an additional 111,803 shares in the last quarter. Institutional investors own 79.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on RS shares. Wolfe Research raised Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. KeyCorp reduced their price objective on Reliance from $325.00 to $321.00 and set an “overweight” rating for the company in a research note on Wednesday, January 22nd. The Goldman Sachs Group started coverage on Reliance in a research note on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price objective for the company. Finally, BMO Capital Markets reduced their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $328.17.

Reliance Stock Up 3.3 %

RS opened at $303.25 on Friday. Reliance, Inc. has a fifty-two week low of $256.98 and a fifty-two week high of $342.20. The business has a 50-day moving average of $281.75 and a 200-day moving average of $289.17. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. The company has a market capitalization of $16.41 billion, a PE ratio of 16.65 and a beta of 0.91.

Reliance (NYSE:RS) last posted its quarterly earnings results 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 13.68% and a net margin of 7.42%. The firm had revenue of $3.13 billion for the quarter, compared to analysts’ expectations of $3.04 billion. Equities research analysts forecast that Reliance, Inc. will post 16.38 EPS for the current fiscal year.

Reliance Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.58%. 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 presently 24.16%.

Insider Activity at Reliance

In other Reliance news, CEO Karla R. Lewis sold 3,892 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $323.90, for a total value of $1,260,618.80. Following the sale, the chief executive officer now owns 85,117 shares of the company’s stock, valued at $27,569,396.30. This trade represents a 4.37 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.69% of the stock is owned by company insiders.

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.