Vestcor Inc Cuts Stake in Reliance, Inc. (NYSE:RS)

Vestcor Inc cut its holdings in shares of Reliance, Inc. (NYSE:RS - Free Report) by 40.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,755 shares of the industrial products company's stock after selling 1,835 shares during the period. Vestcor Inc's holdings in Reliance were worth $742,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Proficio Capital Partners LLC bought a new position in shares of Reliance during the fourth quarter valued at approximately $7,352,000. Toronto Dominion Bank boosted its stake in Reliance by 26.7% in the third quarter. Toronto Dominion Bank now owns 8,198 shares of the industrial products company's stock valued at $2,371,000 after acquiring an additional 1,729 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in Reliance by 1.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 127,806 shares of the industrial products company's stock valued at $36,963,000 after acquiring an additional 1,696 shares in the last quarter. Pure Financial Advisors LLC boosted its stake in Reliance by 232.9% in the fourth quarter. Pure Financial Advisors LLC now owns 9,281 shares of the industrial products company's stock valued at $2,499,000 after acquiring an additional 6,493 shares in the last quarter. Finally, World Investment Advisors LLC acquired a new stake in Reliance in the third quarter valued at approximately $4,600,000. 79.26% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on RS. The Goldman Sachs Group began coverage on shares of Reliance in a research note on Monday, December 2nd. They issued a "neutral" rating and a $341.00 target price for the company. 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. Finally, Wolfe Research upgraded shares of Reliance from an "underperform" rating to a "peer perform" rating in a research note on Wednesday, January 8th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $329.17.

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Reliance Stock Performance

Shares of Reliance stock traded down $1.29 during trading on Thursday, hitting $281.77. 524,181 shares of the company's stock were exchanged, compared to its average volume of 357,164. 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 business has a 50-day simple moving average of $287.60 and a 200-day simple moving average of $289.86. Reliance, Inc. has a 52-week low of $256.98 and a 52-week high of $342.20. The stock has a market capitalization of $14.93 billion, a price-to-earnings ratio of 18.25 and a beta of 0.87.

Reliance (NYSE:RS - Get Free Report) last released its quarterly earnings data 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). Reliance had a net margin of 6.33% and a return on equity of 11.87%. The firm had revenue of $3.13 billion during the quarter, compared to analysts' expectations of $3.04 billion. On average, research analysts forecast that Reliance, Inc. will post 16.98 EPS for the current year.

Reliance Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be issued a $1.20 dividend. This is a boost from Reliance's previous quarterly dividend of $1.10. The ex-dividend date is Friday, March 7th. This represents a $4.80 dividend on an annualized basis and a yield of 1.70%. Reliance's payout ratio is presently 31.09%.

Insider Buying and Selling at Reliance

In other Reliance news, CEO Karla R. Lewis sold 31,136 shares of Reliance stock in a transaction on 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 completion of the transaction, the chief executive officer now owns 90,230 shares of the company's stock, valued at approximately $27,115,919.60. The trade was a 25.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.69% of the stock is owned by corporate insiders.

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.