Public Employees Retirement System of Ohio Lowers Stake in Reliance, Inc. (NYSE:RS)

Public Employees Retirement System of Ohio lessened its holdings in Reliance, Inc. (NYSE:RS - Free Report) by 26.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 27,727 shares of the industrial products company's stock after selling 9,784 shares during the quarter. Public Employees Retirement System of Ohio owned 0.05% of Reliance worth $8,019,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Trust Point Inc. lifted its holdings in Reliance by 3.6% in the third 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 during the period. National Bank of Canada FI lifted its stake in shares of Reliance by 17.9% in the 2nd quarter. National Bank of Canada FI now owns 270 shares of the industrial products company's stock valued at $76,000 after purchasing an additional 41 shares during the period. Fulton Bank N.A. boosted its holdings in Reliance by 3.1% during the third quarter. Fulton Bank N.A. now owns 1,570 shares of the industrial products company's stock worth $454,000 after buying an additional 47 shares in the last quarter. Consolidated Planning Corp grew its position in Reliance by 7.1% during the second quarter. Consolidated Planning Corp now owns 752 shares of the industrial products company's stock valued at $215,000 after buying an additional 50 shares during the period. Finally, UMB Bank n.a. increased its holdings in Reliance by 27.0% in the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company's stock valued at $72,000 after buying an additional 53 shares in the last quarter. Hedge funds and other institutional investors own 79.26% of the company's stock.

Reliance Price Performance

Shares of Reliance stock traded down $9.27 during trading hours on Friday, reaching $292.16. 263,375 shares of the company's stock were exchanged, compared to its average volume of 319,810. The business has a fifty day moving average of $303.42 and a two-hundred day moving average of $292.38. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $15.81 billion, a P/E ratio of 16.57 and a beta of 0.87. Reliance, Inc. has a 1 year low of $264.99 and a 1 year high of $342.20.

Reliance (NYSE:RS - Get Free Report) last released its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing analysts' consensus estimates of $3.66 by ($0.02). Reliance had a net margin of 7.42% and a return on equity of 13.68%. The business had revenue of $3.42 billion during the quarter, compared to analyst estimates of $3.38 billion. During the same quarter in the previous year, the company posted $5.00 EPS. The firm's revenue was down 5.6% on a year-over-year basis. As a group, research analysts predict that Reliance, Inc. will post 16.42 earnings per share for the current fiscal year.

Reliance Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were paid a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date of this dividend was Friday, November 22nd. Reliance's dividend payout ratio (DPR) is currently 24.16%.

Analysts Set New Price Targets

RS has been the subject of a number of recent analyst reports. The Goldman Sachs Group assumed coverage on Reliance in a research report on Monday, December 2nd. They issued a "neutral" rating and a $341.00 price objective for the company. KeyCorp cut their price target on shares of Reliance from $335.00 to $325.00 and set an "overweight" rating for the company in a report on Monday, October 14th. Finally, BMO Capital Markets decreased their price objective on shares of Reliance from $340.00 to $330.00 and set an "outperform" rating on the stock in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $328.83.

Insiders Place Their Bets

In related news, Director Mark V. Kaminski sold 5,000 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $298.01, for a total value of $1,490,050.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP William A. Smith II sold 6,500 shares of Reliance stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $321.71, for a total value of $2,091,115.00. Following the completion of the sale, the senior vice president now owns 16,849 shares in the company, valued at $5,420,491.79. This represents a 27.84 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,724 shares of company stock valued at $6,856,500. Insiders own 0.69% of the company's stock.

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.