Retirement Systems of Alabama Decreases Stock Position in Reliance, Inc. (NYSE:RS)

Retirement Systems of Alabama trimmed its position in shares of Reliance, Inc. (NYSE:RS) by 2.9% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 133,731 shares of the industrial products company’s stock after selling 4,048 shares during the quarter. Retirement Systems of Alabama owned 0.25% of Reliance worth $38,676,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Wealth Enhancement Advisory Services LLC boosted its holdings in Reliance by 38.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 14,244 shares of the industrial products company’s stock valued at $4,068,000 after acquiring an additional 3,992 shares during the period. Assenagon Asset Management S.A. raised its stake in shares of Reliance by 6.8% during the second quarter. Assenagon Asset Management S.A. now owns 7,992 shares of the industrial products company’s stock valued at $2,283,000 after acquiring an additional 511 shares in the last quarter. Blue Trust Inc. boosted its holdings in shares of Reliance by 246.3% in the second quarter. Blue Trust Inc. now owns 554 shares of the industrial products company’s stock valued at $158,000 after purchasing an additional 394 shares during the period. Masso Torrence Wealth Management Inc. bought a new position in Reliance in the second quarter worth approximately $318,000. Finally, Fifth Third Bancorp increased its holdings in Reliance by 19.4% during the 2nd quarter. Fifth Third Bancorp now owns 701 shares of the industrial products company’s stock worth $200,000 after purchasing an additional 114 shares during the period. Institutional investors own 79.26% of the company’s stock.

Reliance Stock Down 3.1 %

Shares of RS stock opened at $292.16 on Friday. The stock’s fifty day moving average price is $303.64 and its 200 day moving average price is $292.30. Reliance, Inc. has a 1-year low of $264.99 and a 1-year high of $342.20. The company has a market cap of $15.81 billion, a price-to-earnings ratio of 16.04 and a beta of 0.87. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58.

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

Reliance Dividend Announcement

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

Analysts Set New Price Targets

A number of research firms have recently issued reports on RS. KeyCorp dropped their price target on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. The Goldman Sachs Group initiated coverage on shares of Reliance in a report on Monday, December 2nd. They set a “neutral” rating and a $341.00 target price on the stock. Finally, BMO Capital Markets reduced their price target on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $328.83.

Insider Buying and Selling

In other news, CEO Karla R. Lewis sold 3,892 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now owns 85,117 shares in the company, valued at $27,569,396.30. This represents a 4.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mark V. Kaminski sold 5,000 shares of Reliance stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $298.01, for a total value of $1,490,050.00. The disclosure for this sale can be found here. Insiders sold 21,724 shares of company stock worth $6,856,500 in the last 90 days. 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.