New York State Common Retirement Fund Sells 6,740 Shares of Reliance, Inc. (NYSE:RS)

New York State Common Retirement Fund cut its stake in shares of Reliance, Inc. (NYSE:RS) by 7.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 81,218 shares of the industrial products company’s stock after selling 6,740 shares during the quarter. New York State Common Retirement Fund owned approximately 0.14% of Reliance worth $22,715,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in RS. AE Wealth Management LLC purchased a new position in Reliance in the 3rd quarter worth approximately $388,000. SG Americas Securities LLC raised its holdings in shares of Reliance by 113.0% during the 3rd quarter. SG Americas Securities LLC now owns 1,706 shares of the industrial products company’s stock worth $447,000 after acquiring an additional 905 shares in the last quarter. Exchange Traded Concepts LLC raised its holdings in shares of Reliance by 57.9% during the 3rd quarter. Exchange Traded Concepts LLC now owns 3,072 shares of the industrial products company’s stock worth $806,000 after acquiring an additional 1,126 shares in the last quarter. UMB Bank n.a. raised its holdings in shares of Reliance by 26.4% during the 3rd quarter. UMB Bank n.a. now owns 230 shares of the industrial products company’s stock worth $60,000 after acquiring an additional 48 shares in the last quarter. Finally, Asset Management One Co. Ltd. raised its holdings in shares of Reliance by 16.1% during the 3rd quarter. Asset Management One Co. Ltd. now owns 28,146 shares of the industrial products company’s stock worth $7,381,000 after acquiring an additional 3,894 shares in the last quarter. 79.26% of the stock is currently owned by institutional investors.

Insider Transactions at Reliance

In other news, CFO Arthur Ajemyan sold 3,000 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total transaction of $968,850.00. Following the transaction, the chief financial officer now owns 15,577 shares of the company’s stock, valued at approximately $5,030,592.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Arthur Ajemyan sold 3,000 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total transaction of $968,850.00. Following the transaction, the chief financial officer now owns 15,577 shares of the company’s stock, valued at approximately $5,030,592.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Karla R. Lewis sold 42,346 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $318.97, for a total value of $13,507,103.62. Following the sale, the chief executive officer now directly owns 84,534 shares in the company, valued at approximately $26,963,809.98. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 85,996 shares of company stock valued at $27,603,878. 0.69% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on RS. StockNews.com cut Reliance from a “buy” rating to a “hold” rating in a report on Friday. KeyCorp upped their price objective on Reliance from $300.00 to $362.00 and gave the stock an “overweight” rating in a report on Friday, February 16th. Citigroup lowered Reliance from a “buy” rating to a “neutral” rating and increased their price target for the company from $280.00 to $380.00 in a report on Thursday, April 11th. Finally, BMO Capital Markets decreased their price target on Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a report on Friday. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $362.33.

Reliance Stock Performance

Shares of Reliance stock opened at $290.42 on Friday. The stock’s fifty day moving average is $324.88 and its two-hundred day moving average is $291.41. The company has a market capitalization of $16.68 billion, a PE ratio of 13.56, a price-to-earnings-growth ratio of 5.15 and a beta of 0.87. The company has a quick ratio of 3.23, a current ratio of 5.74 and a debt-to-equity ratio of 0.14. Reliance, Inc. has a 52 week low of $229.12 and a 52 week high of $342.20.

Reliance (NYSE:RS) last posted its quarterly 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 return on equity of 16.26% and a net margin of 8.67%. The firm had revenue of $3.64 billion for the quarter, compared to the consensus estimate of $3.76 billion. During the same period in the previous year, the company posted $6.37 EPS. Reliance’s quarterly revenue was down 8.1% compared to the same quarter last year. As a group, analysts expect that Reliance, Inc. will post 19.51 earnings per share for the current year.

Reliance Announces Dividend

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

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.