California Public Employees Retirement System Has $34.42 Million Stake in Reliance, Inc. (NYSE:RS)

California Public Employees Retirement System decreased its position in shares of Reliance, Inc. (NYSE:RS) by 2.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 123,054 shares of the industrial products company’s stock after selling 3,575 shares during the quarter. California Public Employees Retirement System’s holdings in Reliance were worth $34,416,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of RS. Wellington Management Group LLP lifted its holdings in Reliance by 1.0% during the 3rd quarter. Wellington Management Group LLP now owns 1,197,200 shares of the industrial products company’s stock worth $313,942,000 after buying an additional 12,166 shares during the period. Invesco Ltd. lifted its holdings in Reliance by 35.4% during the 3rd quarter. Invesco Ltd. now owns 723,755 shares of the industrial products company’s stock worth $189,790,000 after buying an additional 189,326 shares during the period. Northern Trust Corp lifted its holdings in Reliance by 6.0% during the 3rd quarter. Northern Trust Corp now owns 675,801 shares of the industrial products company’s stock worth $177,215,000 after buying an additional 37,971 shares during the period. Pacer Advisors Inc. lifted its holdings in Reliance by 7.1% during the 4th quarter. Pacer Advisors Inc. now owns 536,462 shares of the industrial products company’s stock worth $150,038,000 after buying an additional 35,627 shares during the period. Finally, Legal & General Group Plc lifted its holdings in Reliance by 0.5% during the 3rd quarter. Legal & General Group Plc now owns 324,868 shares of the industrial products company’s stock worth $85,190,000 after buying an additional 1,465 shares during the period. Institutional investors and hedge funds own 79.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. StockNews.com downgraded Reliance from a “buy” rating to a “hold” rating in a report on Friday. KeyCorp lifted their target price on Reliance from $300.00 to $362.00 and gave the stock an “overweight” rating in a report on Friday, February 16th. BMO Capital Markets cut their target price on Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a report on Friday. Finally, Citigroup downgraded Reliance from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $280.00 to $380.00 in a research note on Thursday, April 11th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Reliance presently has a consensus rating of “Hold” and a consensus price target of $362.33.

Insider Activity at Reliance

In related news, CEO Karla R. Lewis sold 650 shares of the business’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $322.96, for a total value of $209,924.00. Following the completion of the sale, the chief executive officer now directly owns 83,884 shares of the company’s stock, valued at approximately $27,091,176.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Reliance news, Director James Donald Hoffman sold 40,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $322.95, for a total transaction of $12,918,000.00. Following the completion of the sale, the director now directly owns 54,042 shares of the company’s stock, valued at approximately $17,452,863.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Karla R. Lewis sold 650 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $322.96, for a total value of $209,924.00. Following the sale, the chief executive officer now directly owns 83,884 shares of the company’s stock, valued at $27,091,176.64. The disclosure for this sale can be found here. Insiders sold 85,996 shares of company stock valued at $27,603,878 in the last three months. Corporate insiders own 0.69% of the company’s stock.

Reliance Stock Down 0.6 %

Shares of NYSE:RS opened at $290.42 on Friday. The company has a market capitalization of $16.68 billion, a price-to-earnings ratio of 13.56, a P/E/G ratio of 5.15 and a beta of 0.87. The company has a debt-to-equity ratio of 0.14, a current ratio of 5.74 and a quick ratio of 3.23. The business’s 50-day moving average is $324.88 and its 200-day moving average is $291.41. Reliance, Inc. has a 1 year low of $229.12 and a 1 year high of $342.20.

Reliance (NYSE:RS) last issued its earnings results on Thursday, April 25th. The industrial products company reported $5.30 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 the consensus estimate of $3.76 billion. During the same period in the previous year, the firm earned $6.37 earnings per share. The business’s quarterly revenue was down 8.1% on a year-over-year basis. Equities research analysts predict that Reliance, Inc. will post 19.51 earnings per share for the current year.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 24th will be given a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend is Thursday, May 23rd. Reliance’s payout ratio is 20.55%.

About Reliance

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.