Mutual of America Capital Management LLC Reduces Stock Position in Reliance, Inc. (NYSE:RS)

Mutual of America Capital Management LLC lowered its position in Reliance, Inc. (NYSE:RS - Free Report) by 3.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,589 shares of the industrial products company's stock after selling 1,146 shares during the period. Mutual of America Capital Management LLC owned approximately 0.05% of Reliance worth $7,698,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Quent Capital LLC raised its stake in shares of Reliance by 4.1% during the 4th quarter. Quent Capital LLC now owns 941 shares of the industrial products company's stock valued at $253,000 after buying an additional 37 shares during the last quarter. Harbor Capital Advisors Inc. grew its holdings in Reliance by 0.6% during the fourth quarter. Harbor Capital Advisors Inc. now owns 7,715 shares of the industrial products company's stock worth $2,077,000 after acquiring an additional 49 shares during the period. Janney Montgomery Scott LLC raised its position in Reliance by 0.3% during the third quarter. Janney Montgomery Scott LLC now owns 19,578 shares of the industrial products company's stock valued at $5,662,000 after acquiring an additional 58 shares in the last quarter. CIBC Asset Management Inc lifted its holdings in Reliance by 2.3% in the fourth quarter. CIBC Asset Management Inc now owns 2,694 shares of the industrial products company's stock valued at $725,000 after acquiring an additional 60 shares during the period. Finally, Covestor Ltd boosted its position in Reliance by 17.6% in the 3rd quarter. Covestor Ltd now owns 462 shares of the industrial products company's stock worth $133,000 after purchasing an additional 69 shares in the last quarter. Institutional investors and hedge funds own 79.26% of the company's stock.

Insiders Place Their Bets

In other Reliance news, CEO Karla R. Lewis sold 31,136 shares of the company's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $300.52, for a total value of $9,356,990.72. Following the transaction, the chief executive officer now owns 90,230 shares of the company's stock, valued at $27,115,919.60. This represents a 25.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.69% of the stock is owned by insiders.

Reliance Price Performance

Shares of RS stock traded down $8.01 on Tuesday, reaching $281.01. 568,126 shares of the company were exchanged, compared to its average volume of 433,586. Reliance, Inc. has a 1 year low of $256.98 and a 1 year high of $342.20. The business has a 50-day moving average price of $284.56 and a 200 day moving average price of $289.90. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 3.21. The company has a market cap of $15.21 billion, a price-to-earnings ratio of 18.20 and a beta of 0.91.

Reliance (NYSE:RS - Get Free Report) last released its earnings results on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.74 by ($0.52). The business had revenue of $3.13 billion for the quarter, compared to analysts' expectations of $3.04 billion. Reliance had a return on equity of 11.87% and a net margin of 6.33%. Equities research analysts forecast that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be given a dividend of $1.20 per share. This is a boost from Reliance's previous quarterly dividend of $1.10. This represents a $4.80 annualized dividend and a yield of 1.71%. The ex-dividend date of this dividend is Friday, March 7th. Reliance's dividend payout ratio (DPR) is presently 31.09%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on RS shares. KeyCorp lifted their target price on shares of Reliance from $321.00 to $327.00 and gave the company an "overweight" rating in a report on Monday, February 24th. Wolfe Research raised shares of Reliance from an "underperform" rating to a "peer perform" rating in a report on Wednesday, January 8th. Finally, The Goldman Sachs Group began coverage on shares of Reliance in a research report on Monday, December 2nd. They issued a "neutral" rating and a $341.00 price objective for the company. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Reliance currently has an average rating of "Hold" and a consensus price target of $329.17.

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.