Illinois Municipal Retirement Fund Sells 8,770 Shares of Reliance, Inc. $RS

Illinois Municipal Retirement Fund lessened its holdings in Reliance, Inc. (NYSE:RS) by 16.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 44,455 shares of the industrial products company’s stock after selling 8,770 shares during the period. Illinois Municipal Retirement Fund’s holdings in Reliance were worth $12,484,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Boston Partners grew its stake in shares of Reliance by 72.6% in the 2nd quarter. Boston Partners now owns 1,763,317 shares of the industrial products company’s stock valued at $552,461,000 after purchasing an additional 741,417 shares during the period. Franklin Resources Inc. lifted its position in shares of Reliance by 2.5% during the 2nd quarter. Franklin Resources Inc. now owns 1,090,657 shares of the industrial products company’s stock worth $342,357,000 after buying an additional 26,545 shares during the period. Principal Financial Group Inc. boosted its stake in Reliance by 4.2% in the 3rd quarter. Principal Financial Group Inc. now owns 755,756 shares of the industrial products company’s stock valued at $212,243,000 after buying an additional 30,765 shares in the last quarter. Norges Bank bought a new stake in Reliance in the second quarter valued at $207,741,000. Finally, American Century Companies Inc. raised its stake in Reliance by 6.5% during the second quarter. American Century Companies Inc. now owns 626,890 shares of the industrial products company’s stock worth $196,781,000 after acquiring an additional 38,012 shares in the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

Reliance Trading Down 1.2%

RS opened at $356.11 on Friday. Reliance, Inc. has a 1-year low of $250.07 and a 1-year high of $365.59. The stock has a market capitalization of $18.62 billion, a PE ratio of 26.03, a PEG ratio of 2.15 and a beta of 0.92. The company has a current ratio of 4.43, a quick ratio of 2.08 and a debt-to-equity ratio of 0.19. The firm has a 50-day moving average price of $312.12 and a two-hundred day moving average price of $293.26.

Insider Activity at Reliance

In other news, CEO Karla R. Lewis sold 5,809 shares of Reliance stock in a transaction on Monday, December 1st. The stock was sold at an average price of $283.50, for a total value of $1,646,851.50. Following the completion of the sale, the chief executive officer directly owned 84,421 shares of the company’s stock, valued at approximately $23,933,353.50. This trade represents a 6.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Stephen Paul Koch sold 3,066 shares of the business’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $283.56, for a total value of $869,394.96. Following the sale, the chief operating officer owned 14,021 shares of the company’s stock, valued at approximately $3,975,794.76. The trade was a 17.94% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.35% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on RS. Wells Fargo & Company boosted their target price on shares of Reliance from $284.00 to $287.00 and gave the company an “equal weight” rating in a research note on Friday, November 14th. Weiss Ratings reissued a “hold (c)” rating on shares of Reliance in a report on Monday, December 29th. BMO Capital Markets decreased their price objective on shares of Reliance from $340.00 to $315.00 and set an “outperform” rating on the stock in a research note on Friday, October 24th. JPMorgan Chase & Co. dropped their price objective on shares of Reliance from $345.00 to $340.00 and set an “overweight” rating for the company in a report on Friday, December 5th. Finally, Zacks Research raised Reliance from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 3rd. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Reliance has a consensus rating of “Moderate Buy” and an average target price of $317.25.

Reliance Profile

Reliance Steel & Aluminum Co (NYSE: RS) is a leading metals service center company that distributes and processes a broad array of metal products. The company offers cut-to-length, shearing, blanking, sawing, bending, machining and value-added services for carbon and alloy steel, stainless steel, aluminum, brass, titanium and specialty metal alloys. Its products serve diverse end markets, including energy, infrastructure, general manufacturing, transportation, aerospace and defense.

Founded in 1939 in Los Angeles, Reliance Steel & Aluminum has grown through a combination of organic expansion and strategic acquisitions.