New York State Common Retirement Fund Has $31.25 Million Holdings in Reliance, Inc. (NYSE:RS)

New York State Common Retirement Fund lessened its position in shares of Reliance, Inc. (NYSE:RS) by 5.0% during the 4th quarter, Holdings Channel.com reports. The firm 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’s holdings in Reliance were worth $31,248,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of RS. Quarry LP acquired a new stake in Reliance in the 3rd quarter valued at $41,000. Versant Capital Management Inc boosted its stake in Reliance by 157.8% in the 4th quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock valued at $58,000 after buying an additional 131 shares in the last quarter. Brooklyn Investment Group acquired a new stake in Reliance in the 3rd quarter valued at $78,000. UMB Bank n.a. boosted its stake in Reliance by 41.8% in the 4th quarter. UMB Bank n.a. now owns 353 shares of the industrial products company’s stock valued at $95,000 after buying an additional 104 shares in the last quarter. Finally, Abound Wealth Management boosted its stake in Reliance by 35,700.0% in the 4th quarter. Abound Wealth Management now owns 358 shares of the industrial products company’s stock valued at $96,000 after buying an additional 357 shares in the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Insider Buying and Selling

In other Reliance news, CEO Karla R. Lewis sold 3,892 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 85,117 shares of the company’s stock, valued at approximately $27,569,396.30. The trade was a 4.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.69% of the stock is owned by insiders.

Reliance Trading Up 3.3 %

RS stock opened at $303.25 on Friday. The company has a market cap of $16.41 billion, a P/E ratio of 16.65 and a beta of 0.91. Reliance, Inc. has a twelve month low of $256.98 and a twelve month high of $342.20. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. The business has a fifty day moving average of $281.75 and a 200-day moving average of $289.17.

Reliance (NYSE:RS) last released its 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). The firm had revenue of $3.13 billion for the quarter, compared to the consensus estimate of $3.04 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. As a group, equities research analysts expect that Reliance, Inc. will post 16.38 EPS for the current 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 dividend of $1.20 per share. The ex-dividend date of this dividend is Friday, March 7th. This is a boost from Reliance’s previous quarterly dividend of $1.10. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.58%. Reliance’s payout ratio is 24.16%.

Wall Street Analyst Weigh In

RS has been the topic of several recent analyst reports. Wolfe Research raised Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. The Goldman Sachs Group began coverage on Reliance in a research report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price objective for the company. BMO Capital Markets cut their price objective on 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 cut their price objective on Reliance from $325.00 to $321.00 and set an “overweight” rating for the company in a research report on Wednesday, January 22nd. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $328.17.

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.