Louisiana State Employees Retirement System Has $4.63 Million Stock Holdings in Reliance, Inc. (NYSE:RS)

Louisiana State Employees Retirement System decreased its position in Reliance, Inc. (NYSE:RS) by 1.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 16,200 shares of the industrial products company’s stock after selling 300 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Reliance were worth $4,627,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Riverview Trust Co bought a new stake in shares of Reliance during the first quarter worth $25,000. Contravisory Investment Management Inc. bought a new stake in Reliance during the 1st quarter worth about $30,000. Rise Advisors LLC acquired a new stake in Reliance in the 1st quarter valued at about $49,000. Partnership Wealth Management LLC bought a new position in shares of Reliance in the fourth quarter worth about $43,000. Finally, Rational Advisors LLC lifted its position in shares of Reliance by 33.6% during the first quarter. Rational Advisors LLC now owns 159 shares of the industrial products company’s stock worth $53,000 after purchasing an additional 40 shares in the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Stock Up 0.1 %

NYSE:RS traded up $0.27 during trading hours on Friday, reaching $279.47. 64,922 shares of the stock were exchanged, compared to its average volume of 312,393. The stock has a market cap of $15.38 billion, a PE ratio of 13.04 and a beta of 0.86. Reliance, Inc. has a twelve month low of $237.14 and a twelve month high of $342.20. The firm has a 50 day moving average of $288.49 and a 200 day moving average of $302.99. 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 (NYSE:RS) last posted its quarterly earnings data on Thursday, July 25th. The industrial products company reported $4.65 EPS for the quarter, missing analysts’ consensus estimates of $4.73 by ($0.08). Reliance had a return on equity of 14.73% and a net margin of 7.99%. The business had revenue of $3.64 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same quarter in the prior year, the company earned $6.49 earnings per share. The company’s quarterly revenue was down 6.1% on a year-over-year basis. On average, equities analysts expect that Reliance, Inc. will post 17.21 earnings per share for the current year.

Reliance Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors 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 1.57%. Reliance’s dividend payout ratio (DPR) is currently 20.55%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Wolfe Research lowered Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target on the stock. in a research note on Friday, July 26th. BMO Capital Markets lowered their price target on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a research report on Friday, April 26th. Bank of America cut their price objective on shares of Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. KeyCorp lowered their target price on shares of Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a report on Wednesday, July 3rd. Finally, StockNews.com downgraded Reliance from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $329.40.

Insider Activity at Reliance

In related news, COO Stephen Paul Koch sold 20,421 shares of the business’s stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $295.38, for a total transaction 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 approximately $2,230,709.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.69% of the stock is currently owned by company insiders.

Reliance Company 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.