Railway Pension Investments Ltd Sells 49,200 Shares of Reliance, Inc. (NYSE:RS)

Railway Pension Investments Ltd reduced its stake in Reliance, Inc. (NYSE:RS) by 79.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,600 shares of the industrial products company’s stock after selling 49,200 shares during the quarter. Railway Pension Investments Ltd’s holdings in Reliance were worth $3,599,000 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 raised its stake in Reliance by 2.3% in the fourth quarter. Wellington Management Group LLP now owns 1,224,274 shares of the industrial products company’s stock valued at $342,405,000 after purchasing an additional 27,074 shares in the last quarter. Acadian Asset Management LLC raised its position in Reliance by 20.8% during the first quarter. Acadian Asset Management LLC now owns 1,072,200 shares of the industrial products company’s stock valued at $358,270,000 after purchasing an additional 184,509 shares in the last quarter. First Trust Advisors LP lifted its stake in Reliance by 7.9% during the fourth quarter. First Trust Advisors LP now owns 885,818 shares of the industrial products company’s stock worth $247,746,000 after purchasing an additional 64,895 shares during the last quarter. Norges Bank bought a new stake in Reliance during the fourth quarter worth $186,693,000. Finally, Principal Financial Group Inc. boosted its holdings in shares of Reliance by 21.5% in the 1st quarter. Principal Financial Group Inc. now owns 348,534 shares of the industrial products company’s stock valued at $116,473,000 after purchasing an additional 61,687 shares in the last quarter. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other Reliance news, COO Stephen Paul Koch sold 20,421 shares of the business’s stock in a transaction on Friday, May 31st. The stock was sold at an average price of $295.38, for a total value of $6,031,954.98. Following the transaction, the chief operating officer now owns 7,552 shares of the company’s stock, valued at $2,230,709.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.69% of the company’s stock.

Reliance Stock Down 1.9 %

Reliance stock traded down $5.48 during midday trading on Tuesday, reaching $281.23. The stock had a trading volume of 62,213 shares, compared to its average volume of 313,272. The company has a fifty day moving average price of $288.64 and a two-hundred day moving average price of $302.98. Reliance, Inc. has a 12 month low of $237.14 and a 12 month 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 company has a market capitalization of $16.15 billion, a P/E ratio of 13.39 and a beta of 0.86.

Reliance (NYSE:RS) last posted its quarterly earnings results on Thursday, July 25th. The industrial products company reported $4.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.73 by ($0.08). Reliance had a net margin of 7.99% and a return on equity of 14.73%. The business had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same period in the previous year, the business posted $6.49 EPS. The business’s revenue for the quarter was down 6.1% compared to the same quarter last year. As a group, equities analysts expect that Reliance, Inc. will post 17.21 EPS for the current fiscal year.

Reliance Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be paid a $1.10 dividend. The ex-dividend date is Friday, August 16th. This represents a $4.40 annualized dividend and a yield of 1.56%. Reliance’s dividend payout ratio (DPR) is 20.55%.

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.