State of Tennessee Department of Treasury Lowers Position in Reliance, Inc. (NYSE:RS)

State of Tennessee Department of Treasury reduced its position in shares of Reliance, Inc. (NYSE:RS) by 2.7% in the 4th quarter, HoldingsChannel reports. The firm owned 23,218 shares of the industrial products company’s stock after selling 655 shares during the period. State of Tennessee Department of Treasury’s holdings in Reliance were worth $6,252,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Quent Capital LLC lifted its holdings in shares of Reliance by 4.1% in the 4th quarter. Quent Capital LLC now owns 941 shares of the industrial products company’s stock valued at $253,000 after buying an additional 37 shares during the period. Johnson Investment Counsel Inc. lifted its holdings in Reliance by 0.4% in the fourth quarter. Johnson Investment Counsel Inc. now owns 11,149 shares of the industrial products company’s stock valued at $3,002,000 after acquiring an additional 39 shares during the period. Townsquare Capital LLC lifted its holdings in Reliance by 3.1% in the fourth quarter. Townsquare Capital LLC now owns 1,342 shares of the industrial products company’s stock valued at $361,000 after acquiring an additional 40 shares during the period. Forum Financial Management LP boosted its position in shares of Reliance by 2.8% during the 4th quarter. Forum Financial Management LP now owns 1,619 shares of the industrial products company’s stock worth $436,000 after purchasing an additional 44 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its stake in shares of Reliance by 0.6% during the 4th quarter. Harbor Capital Advisors Inc. now owns 7,715 shares of the industrial products company’s stock worth $2,077,000 after purchasing an additional 49 shares during the period. Institutional investors and hedge funds own 79.26% of the company’s stock.

Insider Activity

In related news, CEO Karla R. Lewis sold 31,136 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $300.52, for a total transaction of $9,356,990.72. Following the sale, the chief executive officer now owns 90,230 shares in the company, valued at approximately $27,115,919.60. This trade represents a 25.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.35% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. KeyCorp raised their price objective on shares of Reliance from $321.00 to $327.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $319.00.

Reliance Price Performance

Shares of NYSE RS opened at $285.03 on Friday. The company has a current ratio of 3.21, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10. The company’s 50-day moving average price is $283.72 and its 200 day moving average price is $289.53. Reliance, Inc. has a 52 week low of $250.07 and a 52 week high of $326.87. The stock has a market cap of $15.07 billion, a price-to-earnings ratio of 18.46 and a beta of 0.83.

Reliance (NYSE:RS) last released its quarterly earnings results on Wednesday, April 23rd. The industrial products company reported $3.77 EPS for the quarter, beating the consensus estimate of $3.66 by $0.11. Reliance had a net margin of 6.33% and a return on equity of 11.87%. The business had revenue of $3.48 billion for the quarter, compared to analyst estimates of $3.44 billion. As a group, research analysts forecast that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 23rd will be issued a $1.20 dividend. The ex-dividend date is Friday, May 23rd. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.68%. Reliance’s dividend payout ratio (DPR) is 31.09%.

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.