Reliance, Inc. (NYSE:RS) Stake Decreased by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System lessened its holdings in shares of Reliance, Inc. (NYSE:RS) by 6.2% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 15,200 shares of the industrial products company’s stock after selling 1,000 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Reliance were worth $4,396,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Innealta Capital LLC bought a new stake in shares of Reliance during the second quarter valued at approximately $28,000. UMB Bank n.a. increased its stake in shares of Reliance by 27.0% during the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after acquiring an additional 53 shares during the period. National Bank of Canada FI increased its stake in shares of Reliance by 17.9% during the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after acquiring an additional 41 shares during the period. Headlands Technologies LLC acquired a new position in shares of Reliance during the first quarter valued at approximately $86,000. Finally, International Assets Investment Management LLC acquired a new position in shares of Reliance during the second quarter valued at approximately $117,000. Institutional investors own 79.26% of the company’s stock.

Reliance Trading Down 3.5 %

NYSE RS opened at $283.54 on Friday. The firm’s 50 day moving average price is $283.64 and its two-hundred day moving average price is $290.87. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.43 and a current ratio of 5.02. Reliance, Inc. has a twelve month low of $237.14 and a twelve month high of $342.20. The stock has a market cap of $15.60 billion, a price-to-earnings ratio of 14.47 and a beta of 0.85.

Reliance (NYSE:RS) last announced its earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.66 by ($0.02). Reliance had a net margin of 7.99% and a return on equity of 14.73%. The firm had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. During the same period last year, the firm earned $5.00 earnings per share. Reliance’s revenue for the quarter was down 5.6% compared to the same quarter last year. Equities analysts anticipate that Reliance, Inc. will post 17.16 EPS for the current year.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 1.55%. The ex-dividend date of this dividend is Friday, November 22nd. Reliance’s dividend payout ratio (DPR) is currently 22.46%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on RS shares. BMO Capital Markets lowered their price objective on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research note on Friday. Wolfe Research lowered shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective on the stock. in a research note on Friday, July 26th. Finally, KeyCorp decreased their price target on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $326.40.

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.