Reliance, Inc. (NYSE:RS) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System reduced its stake in Reliance, Inc. (NYSE:RS - Free Report) by 2.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 56,953 shares of the industrial products company's stock after selling 1,304 shares during the quarter. New York State Teachers Retirement System owned 0.11% of Reliance worth $15,335,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in RS. Trust Point Inc. grew its position in Reliance by 3.6% in the 3rd quarter. Trust Point Inc. now owns 972 shares of the industrial products company's stock valued at $281,000 after acquiring an additional 34 shares in the last quarter. Quent Capital LLC grew its holdings in shares of Reliance by 4.1% in the fourth quarter. Quent Capital LLC now owns 941 shares of the industrial products company's stock valued at $253,000 after purchasing an additional 37 shares in the last quarter. Harbor Capital Advisors Inc. increased its stake in Reliance by 0.6% during the 4th quarter. Harbor Capital Advisors Inc. now owns 7,715 shares of the industrial products company's stock worth $2,077,000 after buying an additional 49 shares during the period. Janney Montgomery Scott LLC lifted its holdings in Reliance by 0.3% during the 3rd quarter. Janney Montgomery Scott LLC now owns 19,578 shares of the industrial products company's stock worth $5,662,000 after buying an additional 58 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its position in Reliance by 2.4% in the 3rd quarter. CIBC Asset Management Inc now owns 2,634 shares of the industrial products company's stock valued at $762,000 after buying an additional 62 shares during the period. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

RS has been the topic of a number of recent research reports. BMO Capital Markets cut their price objective on Reliance from $340.00 to $330.00 and set an "outperform" rating on the stock in a research report on Friday, October 25th. The Goldman Sachs Group initiated coverage on Reliance in a report on Monday, December 2nd. They set a "neutral" rating and a $341.00 price target on the stock. KeyCorp decreased their price objective on Reliance from $325.00 to $321.00 and set an "overweight" rating for the company in a research note on Wednesday, January 22nd. Finally, Wolfe Research raised Reliance from an "underperform" rating to a "peer perform" rating in a research report on Wednesday, January 8th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, Reliance has a consensus rating of "Hold" and a consensus target price of $328.17.

Insider Buying and Selling at Reliance

In other Reliance news, CEO Karla R. Lewis sold 3,892 shares of the business's stock in a transaction that occurred on 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 sale, the chief executive officer now owns 85,117 shares in the company, valued at approximately $27,569,396.30. The trade was a 4.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.69% of the stock is currently owned by insiders.

Reliance Stock Up 3.3 %

NYSE RS traded up $9.63 during trading on Thursday, reaching $303.25. 874,174 shares of the company's stock were exchanged, compared to its average volume of 425,869. Reliance, Inc. has a 1 year low of $256.98 and a 1 year high of $342.20. The stock has a market cap of $16.41 billion, a P/E ratio of 16.65 and a beta of 0.91. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 3.31. The company has a 50 day moving average price of $281.72 and a two-hundred day moving average price of $289.07.

Reliance (NYSE:RS - Get Free Report) last posted its earnings results on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share for the quarter, missing the consensus estimate 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 13.68% and a net margin of 7.42%. On average, equities research analysts anticipate that Reliance, Inc. will post 16.38 EPS for the current fiscal year.

Reliance Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be given a $1.20 dividend. 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 yield of 1.58%. Reliance's payout ratio is 24.16%.

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.