Reliance, Inc. (NYSE:RS) Shares Sold by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky lessened its position in Reliance, Inc. (NYSE:RS - Free Report) by 5.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,974 shares of the industrial products company's stock after selling 1,050 shares during the period. Teachers Retirement System of The State of Kentucky's holdings in Reliance were worth $4,839,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of RS. Wellington Management Group LLP increased its stake in shares of Reliance by 10.4% in the fourth quarter. Wellington Management Group LLP now owns 1,479,542 shares of the industrial products company's stock valued at $398,381,000 after purchasing an additional 138,866 shares during the period. First Trust Advisors LP grew its holdings in Reliance by 15.5% in the 4th quarter. First Trust Advisors LP now owns 1,382,916 shares of the industrial products company's stock worth $372,364,000 after buying an additional 185,873 shares in the last quarter. Pacer Advisors Inc. increased its position in Reliance by 6,311.2% in the 4th quarter. Pacer Advisors Inc. now owns 816,465 shares of the industrial products company's stock valued at $219,841,000 after acquiring an additional 803,730 shares during the period. Principal Financial Group Inc. raised its stake in Reliance by 53.5% during the 4th quarter. Principal Financial Group Inc. now owns 725,685 shares of the industrial products company's stock valued at $195,402,000 after acquiring an additional 252,955 shares in the last quarter. Finally, Boston Partners boosted its position in Reliance by 7.6% during the 4th quarter. Boston Partners now owns 716,280 shares of the industrial products company's stock worth $192,894,000 after acquiring an additional 50,528 shares during the period. 79.26% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Wolfe Research raised Reliance from an "underperform" rating to a "peer perform" rating in a report on Wednesday, January 8th. KeyCorp raised their target price on shares of Reliance from $321.00 to $327.00 and gave the company an "overweight" rating in a research note on Monday, February 24th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $319.00.

Reliance Stock Up 2.9 %

RS opened at $279.78 on Wednesday. The stock's fifty day moving average is $284.27 and its 200-day moving average is $289.57. Reliance, Inc. has a one year low of $250.07 and a one year high of $326.87. The company has a market capitalization of $14.80 billion, a PE ratio of 18.12 and a beta of 0.83. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 3.21.

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

Reliance Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were issued a $1.20 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $4.80 annualized dividend and a dividend yield of 1.72%. This is a boost from Reliance's previous quarterly dividend of $1.10. Reliance's dividend payout ratio is currently 31.09%.

Insider Activity

In other Reliance news, CEO Karla R. Lewis sold 31,136 shares of the business's stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $300.52, for a total transaction of $9,356,990.72. Following the sale, the chief executive officer now owns 90,230 shares in the company, valued at approximately $27,115,919.60. The trade was a 25.65 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.35% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.