Teachers Retirement System of The State of Kentucky Has $5.50 Million Stock Holdings in Reliance, Inc. (NYSE:RS)

Teachers Retirement System of The State of Kentucky decreased its stake in shares of Reliance, Inc. (NYSE:RS) by 2.6% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 19,024 shares of the industrial products company’s stock after selling 500 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Reliance were worth $5,502,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Hsbc Holdings PLC grew its stake in shares of Reliance by 78.5% in the second quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock valued at $82,816,000 after buying an additional 127,422 shares in the last quarter. International Assets Investment Management LLC grew its position in shares of Reliance by 27,269.0% in the 3rd quarter. International Assets Investment Management LLC now owns 112,213 shares of the industrial products company’s stock valued at $32,453,000 after acquiring an additional 111,803 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Reliance by 19.7% in the 3rd quarter. Principal Financial Group Inc. now owns 472,730 shares of the industrial products company’s stock valued at $136,718,000 after purchasing an additional 77,937 shares during the period. KBC Group NV lifted its stake in Reliance by 68.8% in the 3rd quarter. KBC Group NV now owns 139,660 shares of the industrial products company’s stock valued at $40,391,000 after purchasing an additional 56,933 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Reliance by 4.8% during the second quarter. Dimensional Fund Advisors LP now owns 1,168,880 shares of the industrial products company’s stock worth $333,809,000 after purchasing an additional 53,747 shares during the period. Institutional investors own 79.26% of the company’s stock.

Insider Activity

In related news, SVP William A. Smith II sold 6,500 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $321.71, for a total value of $2,091,115.00. Following the transaction, the senior vice president now owns 16,849 shares in the company, valued at approximately $5,420,491.79. This trade represents a 27.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Arthur Ajemyan sold 6,332 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total transaction of $2,014,715.76. Following the sale, the chief financial officer now owns 9,245 shares in the company, valued at $2,941,574.10. The trade was a 40.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 21,724 shares of company stock worth $6,856,500. Corporate insiders own 0.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on RS shares. The Goldman Sachs Group assumed coverage on Reliance in a research note on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price objective on the stock. KeyCorp dropped their price target on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research note on Monday, October 14th. Finally, BMO Capital Markets cut their price target on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $328.83.

Reliance Stock Performance

NYSE:RS opened at $301.69 on Friday. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12. The stock has a 50 day simple moving average of $303.42 and a 200 day simple moving average of $292.38. Reliance, Inc. has a 1-year low of $263.80 and a 1-year high of $342.20. The stock has a market cap of $16.33 billion, a P/E ratio of 16.57 and a beta of 0.87.

Reliance (NYSE:RS) last posted its earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The firm had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. During the same period in the prior year, the business posted $5.00 EPS. The firm’s quarterly revenue was down 5.6% compared to the same quarter last year. Research analysts anticipate that Reliance, Inc. will post 16.42 earnings per share for the current year.

Reliance Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were issued a dividend of $1.10 per share. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $4.40 annualized dividend and a dividend yield of 1.46%. Reliance’s dividend payout ratio is presently 24.16%.

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.