State of Michigan Retirement System Cuts Holdings in Reliance, Inc. $RS

State of Michigan Retirement System decreased its position in shares of Reliance, Inc. (NYSE:RS) by 6.0% in the second quarter, HoldingsChannel reports. The firm owned 12,597 shares of the industrial products company’s stock after selling 800 shares during the quarter. State of Michigan Retirement System’s holdings in Reliance were worth $3,954,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in RS. Nuveen LLC purchased a new position in shares of Reliance during the first quarter valued at about $144,089,000. Boston Partners grew its position in shares of Reliance by 42.7% during the first quarter. Boston Partners now owns 1,021,900 shares of the industrial products company’s stock valued at $295,052,000 after purchasing an additional 305,620 shares in the last quarter. William Blair Investment Management LLC purchased a new position in shares of Reliance during the second quarter valued at about $72,373,000. Jacobs Levy Equity Management Inc. purchased a new position in shares of Reliance during the first quarter valued at about $55,004,000. Finally, American Century Companies Inc. grew its position in shares of Reliance by 37.9% during the first quarter. American Century Companies Inc. now owns 588,878 shares of the industrial products company’s stock valued at $170,039,000 after purchasing an additional 161,892 shares in the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Reliance Stock Down 2.0%

Shares of NYSE RS opened at $275.81 on Wednesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 4.43 and a quick ratio of 2.08. The company has a market cap of $14.42 billion, a P/E ratio of 20.16, a PEG ratio of 1.46 and a beta of 0.87. Reliance, Inc. has a 1 year low of $250.07 and a 1 year high of $347.43. The firm has a 50-day simple moving average of $283.98 and a two-hundred day simple moving average of $296.36.

Reliance (NYSE:RS) last announced its quarterly earnings data on Wednesday, October 22nd. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.68 by ($0.04). The firm had revenue of $3.65 billion during the quarter, compared to the consensus estimate of $3.54 billion. Reliance had a return on equity of 10.37% and a net margin of 5.23%.The firm’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same period in the previous year, the business earned $3.64 EPS. Reliance has set its Q4 2025 guidance at 2.650-2.85 EPS. Research analysts anticipate that Reliance, Inc. will post 16.98 earnings per share for the current year.

Reliance Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 5th. Shareholders of record on Friday, November 21st will be paid a $1.20 dividend. The ex-dividend date of this dividend is Friday, November 21st. This represents a $4.80 annualized dividend and a yield of 1.7%. Reliance’s dividend payout ratio (DPR) is presently 35.09%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on RS shares. BMO Capital Markets cut their price objective on Reliance from $340.00 to $315.00 and set an “outperform” rating for the company in a research report on Friday, October 24th. Zacks Research lowered Reliance from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 13th. Wells Fargo & Company dropped their price target on Reliance from $296.00 to $284.00 and set an “equal weight” rating for the company in a research report on Friday, October 24th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Reliance in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. dropped their price target on Reliance from $350.00 to $345.00 and set an “overweight” rating for the company in a research report on Monday, October 13th. Three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $322.40.

About Reliance

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.