Reliance, Inc. (NYSE:RS) Stock Position Trimmed by State of Michigan Retirement System

State of Michigan Retirement System cut its position in Reliance, Inc. (NYSE:RS) by 2.7% during the 2nd quarter, HoldingsChannel reports. The firm owned 14,497 shares of the industrial products company’s stock after selling 400 shares during the quarter. State of Michigan Retirement System’s holdings in Reliance were worth $4,140,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of RS. Riverview Trust Co bought a new stake in Reliance in the 1st quarter valued at about $25,000. Contravisory Investment Management Inc. bought a new stake in Reliance in the 1st quarter valued at about $30,000. Partnership Wealth Management LLC bought a new stake in Reliance in the 4th quarter valued at about $43,000. Rise Advisors LLC bought a new stake in Reliance in the 1st quarter valued at about $49,000. Finally, Rational Advisors LLC lifted its position in Reliance by 33.6% in the 1st quarter. Rational Advisors LLC now owns 159 shares of the industrial products company’s stock valued at $53,000 after purchasing an additional 40 shares during the last quarter. 79.26% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on RS shares. StockNews.com downgraded shares of Reliance from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. KeyCorp dropped their price target on shares of Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 3rd. Wolfe Research downgraded shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target on the stock. in a research report on Friday, July 26th. Finally, Bank of America dropped their price target on shares of Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. One analyst has rated the stock with a sell rating, three have assigned 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 an average price target of $329.40.

Reliance Price Performance

Shares of RS traded down $1.71 during mid-day trading on Tuesday, hitting $285.00. The company’s stock had a trading volume of 17,784 shares, compared to its average volume of 312,971. The firm has a 50-day moving average price of $288.64 and a 200 day moving average price of $302.98. The stock has a market capitalization of $16.37 billion, a price-to-earnings ratio of 13.39 and a beta of 0.86. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.02 and a quick ratio of 2.43. Reliance, Inc. has a fifty-two week low of $237.14 and a fifty-two week high of $342.20.

Reliance (NYSE:RS) last announced its quarterly earnings data 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). The business had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.64 billion. Reliance had a return on equity of 14.73% and a net margin of 7.99%. The business’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same period in the prior year, the firm earned $6.49 EPS. On average, research analysts predict that Reliance, Inc. will post 17.21 EPS for the current fiscal year.

Reliance Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be paid a $1.10 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a $4.40 annualized dividend and a dividend yield of 1.54%. Reliance’s dividend payout ratio is currently 20.55%.

Insider Transactions at Reliance

In other news, COO Stephen Paul Koch sold 20,421 shares of Reliance stock in a transaction that occurred on Friday, May 31st. The shares were 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 directly 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 is accessible through this hyperlink. 0.69% of the stock is currently owned by 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.