Commonwealth of Pennsylvania Public School Empls Retrmt SYS Sells 174 Shares of Reliance, Inc. (NYSE:RS)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS lowered its position in shares of Reliance, Inc. (NYSE:RS) by 1.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,953 shares of the industrial products company’s stock after selling 174 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Reliance were worth $3,218,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Quent Capital LLC raised its position in shares of Reliance by 4.1% during the fourth quarter. Quent Capital LLC now owns 941 shares of the industrial products company’s stock worth $253,000 after acquiring an additional 37 shares during the last quarter. Johnson Investment Counsel Inc. increased 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 purchasing an additional 39 shares during the last quarter. Harbor Capital Advisors Inc. increased its holdings in Reliance by 0.6% in the fourth quarter. Harbor Capital Advisors Inc. now owns 7,715 shares of the industrial products company’s stock valued at $2,077,000 after purchasing an additional 49 shares during the last quarter. Commonwealth Equity Services LLC increased its holdings in Reliance by 1.3% in the fourth quarter. Commonwealth Equity Services LLC now owns 4,333 shares of the industrial products company’s stock valued at $1,167,000 after purchasing an additional 55 shares during the last quarter. Finally, Avantax Advisory Services Inc. increased its holdings in Reliance by 4.8% in the fourth quarter. Avantax Advisory Services Inc. now owns 1,234 shares of the industrial products company’s stock valued at $332,000 after purchasing an additional 56 shares during the last quarter. Institutional investors own 79.26% of the company’s stock.

Reliance Stock Down 1.7 %

RS stock opened at $276.77 on Monday. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.21 and a quick ratio of 1.58. The stock has a market capitalization of $14.66 billion, a P/E ratio of 17.93 and a beta of 0.87. The business has a 50-day moving average of $288.07 and a 200-day moving average of $289.97. Reliance, Inc. has a fifty-two week low of $256.98 and a fifty-two week high of $342.20.

Reliance (NYSE:RS) last posted its quarterly earnings data on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share for the quarter, missing the consensus estimate of $2.74 by ($0.52). The firm had revenue of $3.13 billion for the quarter, compared to analyst estimates of $3.04 billion. Reliance had a return on equity of 11.87% and a net margin of 6.33%. On average, sell-side analysts anticipate that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were issued a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 1.73%. The ex-dividend date was Friday, March 7th. This is a positive change from Reliance’s previous quarterly dividend of $1.10. Reliance’s dividend payout ratio is presently 31.09%.

Analysts Set New Price Targets

RS has been the subject of a number of recent analyst reports. KeyCorp upped their price objective on Reliance from $321.00 to $327.00 and gave the company an “overweight” rating in a report on Monday, February 24th. The Goldman Sachs Group assumed coverage on Reliance in a report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price objective for the company. Finally, Wolfe Research raised Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $329.17.

Insider Buying and Selling

In related news, CEO Karla R. Lewis sold 31,136 shares of the company’s stock in a transaction dated Monday, February 24th. The stock was 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 represents a 25.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.69% of the stock is currently owned by corporate insiders.

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.