Oregon Public Employees Retirement Fund Has $3.41 Million Position in Reliance, Inc. (NYSE:RS)

Oregon Public Employees Retirement Fund cut its position in shares of Reliance, Inc. (NYSE:RS) by 16.3% in the second quarter, Holdings Channel reports. The institutional investor owned 11,928 shares of the industrial products company’s stock after selling 2,316 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Reliance were worth $3,407,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Riverview Trust Co bought a new position in shares of Reliance during the 1st quarter worth approximately $25,000. Contravisory Investment Management Inc. acquired a new stake in Reliance in the 1st quarter valued at $30,000. Innealta Capital LLC acquired a new stake in Reliance in the 2nd quarter valued at $28,000. Rise Advisors LLC bought a new stake in Reliance during the 1st quarter worth about $49,000. Finally, Partnership Wealth Management LLC acquired a new position in shares of Reliance during the 4th quarter worth about $43,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on RS shares. StockNews.com downgraded Reliance from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. Wolfe Research lowered Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target on the stock. in a research report on Friday, July 26th. Bank of America cut their price objective on Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Finally, KeyCorp decreased their target price on shares of Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a research note on Wednesday, July 3rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $329.40.

Reliance Price Performance

NYSE:RS opened at $273.49 on Thursday. Reliance, Inc. has a 12-month low of $237.14 and a 12-month high of $342.20. The firm has a market capitalization of $15.05 billion, a price-to-earnings ratio of 12.77 and a beta of 0.86. The stock’s 50 day moving average price is $288.36 and its two-hundred day moving average price is $301.70. The company has a quick ratio of 2.43, a current ratio of 5.02 and a debt-to-equity ratio of 0.15.

Reliance (NYSE:RS) last posted its quarterly earnings results on Thursday, July 25th. The industrial products company reported $4.65 earnings per share for the quarter, missing analysts’ consensus estimates of $4.73 by ($0.08). Reliance had a net margin of 7.99% and a return on equity of 14.73%. The business had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter last year, the company posted $6.49 EPS. The firm’s revenue was down 6.1% on a year-over-year basis. On average, analysts anticipate that Reliance, Inc. will post 17.21 earnings per share for the current year.

Reliance Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were issued a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend was Friday, August 16th. Reliance’s payout ratio is 20.55%.

Reliance 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.