State of New Jersey Common Pension Fund D Has $5.94 Million Position in Reliance, Inc. (NYSE:RS)

State of New Jersey Common Pension Fund D trimmed its holdings in Reliance, Inc. (NYSE:RS) by 1.5% during the third quarter, Holdings Channel reports. The firm owned 20,549 shares of the industrial products company’s stock after selling 304 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Reliance were worth $5,943,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Innealta Capital LLC bought a new position in Reliance in the 2nd quarter valued at about $28,000. UMB Bank n.a. lifted its holdings in shares of Reliance by 27.0% in the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after purchasing an additional 53 shares in the last quarter. National Bank of Canada FI boosted its position 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 buying an additional 41 shares during the last quarter. Headlands Technologies LLC purchased a new stake in Reliance in the 1st quarter valued at $86,000. Finally, International Assets Investment Management LLC bought a new position in Reliance during the 2nd quarter valued at $117,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Wolfe Research lowered shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price for the company. in a research note on Friday, July 26th. BMO Capital Markets decreased their price objective on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Finally, KeyCorp cut their target price on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research note on Monday, October 14th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $326.40.

Insider Buying and Selling

In other news, Director Mark V. Kaminski sold 5,000 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $298.01, for a total transaction of $1,490,050.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Mark V. Kaminski sold 5,000 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $298.01, for a total value of $1,490,050.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP William A. Smith II sold 6,500 shares of Reliance stock in a transaction dated 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 sale, the senior vice president now directly owns 16,849 shares of the company’s stock, valued at approximately $5,420,491.79. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,832 shares of company stock worth $5,595,881. Corporate insiders own 0.69% of the company’s stock.

Reliance Stock Up 0.8 %

RS stock opened at $323.33 on Tuesday. Reliance, Inc. has a fifty-two week low of $261.77 and a fifty-two week high of $342.20. The stock has a fifty day moving average of $288.08 and a 200-day moving average of $289.32. The company has a market capitalization of $17.50 billion, a price-to-earnings ratio of 17.76 and a beta of 0.85. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 3.31.

Reliance (NYSE:RS) last announced its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share for the quarter, missing the consensus estimate of $3.66 by ($0.02). Reliance had a net margin of 7.42% and a return on equity of 13.68%. The company had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.38 billion. During the same quarter in the prior year, the company earned $5.00 earnings per share. The company’s quarterly revenue was down 5.6% on a year-over-year basis. As a group, equities research analysts predict that Reliance, Inc. will post 16.65 earnings per share for the current year.

Reliance Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be issued a $1.10 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $4.40 annualized dividend and a dividend yield of 1.36%. Reliance’s payout ratio is currently 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.