Texas Permanent School Fund Corp Raises Holdings in Reliance, Inc. (NYSE:RS)

Texas Permanent School Fund Corp grew its holdings in Reliance, Inc. (NYSE:RS - Free Report) by 5.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 53,208 shares of the industrial products company's stock after acquiring an additional 2,910 shares during the period. Texas Permanent School Fund Corp owned about 0.09% of Reliance worth $15,196,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in RS. International Assets Investment Management LLC grew its position in Reliance by 27,948.4% during the fourth quarter. International Assets Investment Management LLC now owns 8,695 shares of the industrial products company's stock valued at $2,432,000 after buying an additional 8,664 shares during the period. Private Advisor Group LLC increased its stake in shares of Reliance by 6.6% in the 4th quarter. Private Advisor Group LLC now owns 3,600 shares of the industrial products company's stock valued at $1,007,000 after purchasing an additional 224 shares in the last quarter. Lincoln National Corp raised its holdings in Reliance by 24.8% in the 4th quarter. Lincoln National Corp now owns 1,197 shares of the industrial products company's stock worth $335,000 after purchasing an additional 238 shares during the period. Principal Securities Inc. purchased a new position in Reliance during the fourth quarter worth approximately $128,000. Finally, BNP Paribas Financial Markets grew its holdings in Reliance by 42.7% in the fourth quarter. BNP Paribas Financial Markets now owns 27,541 shares of the industrial products company's stock valued at $7,703,000 after purchasing an additional 8,240 shares during the period. Institutional investors and hedge funds own 79.26% of the company's stock.

Reliance Trading Down 0.2 %

Reliance stock traded down $0.45 during mid-day trading on Monday, hitting $272.24. The company's stock had a trading volume of 378,634 shares, compared to its average volume of 317,126. Reliance, Inc. has a 1 year low of $237.14 and a 1 year high of $342.20. The company has a current ratio of 5.02, a quick ratio of 2.43 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $14.98 billion, a PE ratio of 12.72 and a beta of 0.86. The stock's fifty day moving average is $287.77 and its two-hundred day moving average is $300.57.

Reliance (NYSE:RS - Get Free Report) last announced its earnings results on Thursday, July 25th. The industrial products company reported $4.65 earnings per share for the quarter, missing the consensus estimate of $4.73 by ($0.08). Reliance had a return on equity of 14.73% and a net margin of 7.99%. The company had revenue of $3.64 billion for the quarter, compared to analysts' expectations of $3.64 billion. During the same period last year, the business earned $6.49 EPS. The company's quarterly revenue was down 6.1% compared to the same quarter last year. On average, analysts anticipate that Reliance, Inc. will post 17.21 EPS for the current year.

Reliance Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were issued a $1.10 dividend. The ex-dividend date was Friday, August 16th. This represents a $4.40 annualized dividend and a dividend yield of 1.62%. Reliance's dividend payout ratio is presently 20.55%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. StockNews.com lowered Reliance from a "buy" rating to a "hold" rating in a research report on Wednesday, May 15th. Bank of America cut their target price on shares of Reliance from $340.00 to $335.00 and set a "neutral" rating for the company in a research note on Wednesday, June 26th. KeyCorp decreased their price target on shares of Reliance from $341.00 to $325.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 3rd. Finally, Wolfe Research lowered Reliance from a "peer perform" rating to an "underperform" rating and set a $262.00 price objective for the company. in a research note on Friday, July 26th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $329.40.

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.