State of Michigan Retirement System Has $4.98 Million Stock Holdings in Reliance, Inc. (NYSE:RS)

State of Michigan Retirement System lifted its stake in Reliance, Inc. (NYSE:RS) by 2.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 14,897 shares of the industrial products company’s stock after acquiring an additional 300 shares during the quarter. State of Michigan Retirement System’s holdings in Reliance were worth $4,978,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. Astoria Portfolio Advisors LLC. raised its position in Reliance by 4.9% during the first quarter. Astoria Portfolio Advisors LLC. now owns 778 shares of the industrial products company’s stock worth $253,000 after acquiring an additional 36 shares in the last quarter. Lindbrook Capital LLC lifted its stake in Reliance by 8.4% in the 4th quarter. Lindbrook Capital LLC now owns 480 shares of the industrial products company’s stock valued at $134,000 after purchasing an additional 37 shares during the last quarter. Avantax Advisory Services Inc. grew its holdings in Reliance by 4.2% during the fourth quarter. Avantax Advisory Services Inc. now owns 1,023 shares of the industrial products company’s stock worth $286,000 after purchasing an additional 41 shares during the period. Arizona State Retirement System increased its position in Reliance by 0.3% during the fourth quarter. Arizona State Retirement System now owns 16,094 shares of the industrial products company’s stock worth $4,501,000 after buying an additional 54 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. raised its stake in Reliance by 6.3% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 907 shares of the industrial products company’s stock valued at $254,000 after buying an additional 54 shares during the period. 79.26% of the stock is owned by institutional investors and hedge funds.

Reliance Trading Up 1.0 %

NYSE RS opened at $282.84 on Wednesday. Reliance, Inc. has a twelve month low of $237.14 and a twelve month high of $342.20. The business’s fifty day moving average is $290.86 and its 200 day moving average is $300.76. The company has a quick ratio of 3.21, a current ratio of 5.74 and a debt-to-equity ratio of 0.14. The company has a market cap of $16.24 billion, a price-to-earnings ratio of 13.21 and a beta of 0.87.

Reliance (NYSE:RS) last announced its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.51 by ($0.21). The business had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.76 billion. Reliance had a net margin of 8.67% and a return on equity of 16.26%. The company’s revenue was down 8.1% compared to the same quarter last year. During the same quarter last year, the company posted $6.37 earnings per share. As a group, sell-side analysts expect that Reliance, Inc. will post 18.66 EPS for the current fiscal year.

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 24th were issued a $1.10 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $4.40 annualized dividend and a yield of 1.56%. Reliance’s payout ratio is 20.55%.

Insider Buying and Selling at Reliance

In related news, Director James Donald Hoffman sold 5,000 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $290.04, for a total transaction of $1,450,200.00. Following the sale, the director now owns 44,042 shares in the company, valued at approximately $12,773,941.68. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director James Donald Hoffman sold 5,000 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $290.04, for a total transaction of $1,450,200.00. Following the transaction, the director now owns 44,042 shares in the company, valued at $12,773,941.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Stephen Paul Koch sold 20,421 shares of the company’s stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $295.38, for a total value of $6,031,954.98. Following the transaction, the chief operating officer now directly owns 7,552 shares in the company, valued at $2,230,709.76. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 40,421 shares of company stock valued at $11,866,855. 0.69% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. StockNews.com downgraded Reliance from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th. BMO Capital Markets cut their target price on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a research note on Friday, April 26th. Citigroup lowered shares of Reliance from a “buy” rating to a “neutral” rating and upped their price target for the company from $280.00 to $380.00 in a research note on Thursday, April 11th. Finally, Bank of America reduced their price objective on Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Reliance has a consensus rating of “Hold” and a consensus price target of $355.50.

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.