Reliance, Inc. (NYSE:RS) Shares Purchased by State of Michigan Retirement System

State of Michigan Retirement System increased its holdings in shares of Reliance, Inc. (NYSE:RS) by 2.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,897 shares of the industrial products company’s stock after buying an additional 300 shares during the quarter. State of Michigan Retirement System’s holdings in Reliance were worth $4,978,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Wellington Management Group LLP lifted its stake in shares of Reliance by 2.3% during the fourth quarter. Wellington Management Group LLP now owns 1,224,274 shares of the industrial products company’s stock worth $342,405,000 after buying an additional 27,074 shares during the period. First Trust Advisors LP grew its stake in Reliance by 7.9% during the 4th quarter. First Trust Advisors LP now owns 885,818 shares of the industrial products company’s stock valued at $247,746,000 after purchasing an additional 64,895 shares during the last quarter. Norges Bank purchased a new stake in Reliance during the 4th quarter valued at about $186,693,000. Pacer Advisors Inc. increased its holdings in shares of Reliance by 7.1% in the fourth quarter. Pacer Advisors Inc. now owns 536,462 shares of the industrial products company’s stock valued at $150,038,000 after purchasing an additional 35,627 shares during the period. Finally, Legal & General Group Plc raised its stake in shares of Reliance by 0.5% in the third quarter. Legal & General Group Plc now owns 324,868 shares of the industrial products company’s stock worth $85,190,000 after purchasing an additional 1,465 shares during the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Reliance

In other news, COO Stephen Paul Koch sold 20,421 shares of the company’s stock in a transaction on Friday, May 31st. The stock was sold at an average price of $295.38, for a total value of $6,031,954.98. Following the sale, the chief operating officer now directly owns 7,552 shares in the company, valued at $2,230,709.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Reliance news, Director James Donald Hoffman sold 5,000 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $290.04, for a total value of $1,450,200.00. Following the transaction, the director now owns 44,042 shares in the company, valued at approximately $12,773,941.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Stephen Paul Koch sold 20,421 shares of the stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $295.38, for a total value of $6,031,954.98. Following the completion of the transaction, the chief operating officer now directly owns 7,552 shares of the company’s stock, valued at approximately $2,230,709.76. The disclosure for this sale can be found here. Insiders have sold a total of 40,421 shares of company stock worth $11,866,855 over the last three months. 0.69% of the stock is currently owned by corporate insiders.

Reliance Trading Up 1.0 %

RS opened at $282.84 on Wednesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.21 and a current ratio of 5.74. Reliance, Inc. has a one year low of $237.14 and a one year high of $342.20. The business’s 50-day simple moving average is $290.86 and its 200-day simple moving average is $300.76. The company has a market cap of $16.24 billion, a P/E ratio of 13.21 and a beta of 0.87.

Reliance (NYSE:RS) last announced its earnings results on Thursday, April 25th. The industrial products company reported $5.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.51 by ($0.21). Reliance had a net margin of 8.67% and a return on equity of 16.26%. The firm had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.76 billion. During the same period last year, the company earned $6.37 earnings per share. The firm’s revenue for the quarter was down 8.1% compared to the same quarter last year. As a group, equities research analysts expect that Reliance, Inc. will post 18.66 EPS for the current fiscal year.

Reliance Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 24th were issued a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date was Thursday, May 23rd. Reliance’s dividend payout ratio is presently 20.55%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. BMO Capital Markets reduced their target price on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a report on Friday, April 26th. Citigroup downgraded Reliance from a “buy” rating to a “neutral” rating and raised their target price for the company from $280.00 to $380.00 in a research report on Thursday, April 11th. StockNews.com lowered shares of Reliance from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. Finally, Bank of America dropped their target price on Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Reliance presently has an average rating of “Hold” and an average price target of $355.50.

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.