Arizona State Retirement System Has $4.50 Million Stake in Reliance, Inc. (NYSE:RS)

Arizona State Retirement System boosted its holdings in shares of Reliance, Inc. (NYSE:RS) by 0.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,094 shares of the industrial products company’s stock after buying an additional 54 shares during the period. Arizona State Retirement System’s holdings in Reliance were worth $4,501,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of RS. United Capital Management of KS Inc. grew its stake in shares of Reliance by 0.8% in the 3rd quarter. United Capital Management of KS Inc. now owns 26,668 shares of the industrial products company’s stock valued at $6,993,000 after purchasing an additional 219 shares during the period. Vest Financial LLC grew its position in Reliance by 35.2% in the fourth quarter. Vest Financial LLC now owns 47,759 shares of the industrial products company’s stock valued at $13,357,000 after acquiring an additional 12,423 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its stake in Reliance by 15.9% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 210,218 shares of the industrial products company’s stock worth $55,125,000 after acquiring an additional 28,889 shares in the last quarter. Comerica Bank bought a new position in shares of Reliance during the third quarter valued at $8,173,000. Finally, Nordea Investment Management AB boosted its stake in shares of Reliance by 6.4% in the 4th quarter. Nordea Investment Management AB now owns 4,846 shares of the industrial products company’s stock valued at $1,355,000 after purchasing an additional 291 shares in the last quarter. Institutional investors own 79.26% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on RS shares. BMO Capital Markets lifted their price target on shares of Reliance from $295.00 to $355.00 and gave the company an “outperform” rating in a report on Tuesday, February 20th. KeyCorp raised their price objective on shares of Reliance from $300.00 to $362.00 and gave the stock an “overweight” rating in a report on Friday, February 16th.

Insider Buying and Selling

In other Reliance news, CEO Karla R. Lewis sold 42,346 shares of Reliance stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $318.97, for a total transaction of $13,507,103.62. Following the completion of the sale, the chief executive officer now owns 84,534 shares of the company’s stock, valued at approximately $26,963,809.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Reliance news, CEO Karla R. Lewis sold 42,346 shares of the stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $318.97, for a total value of $13,507,103.62. Following the transaction, the chief executive officer now owns 84,534 shares of the company’s stock, valued at $26,963,809.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director James Donald Hoffman sold 40,000 shares of the business’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $322.95, for a total value of $12,918,000.00. Following the transaction, the director now owns 54,042 shares of the company’s stock, valued at $17,452,863.90. The disclosure for this sale can be found here. Insiders sold a total of 85,996 shares of company stock valued at $27,603,878 over the last ninety days. Insiders own 0.71% of the company’s stock.

Reliance Price Performance

Shares of RS stock opened at $336.85 on Tuesday. The stock’s fifty day moving average is $318.33 and its 200-day moving average is $286.31. The stock has a market capitalization of $19.35 billion, a PE ratio of 14.90, a PEG ratio of 4.86 and a beta of 0.87. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.23 and a current ratio of 5.66. Reliance, Inc. has a 52 week low of $229.12 and a 52 week high of $342.20.

Reliance (NYSE:RS) last posted its quarterly earnings data on Thursday, February 15th. The industrial products company reported $4.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.92 by $0.81. The firm had revenue of $3.34 billion for the quarter, compared to the consensus estimate of $3.31 billion. Reliance had a return on equity of 17.53% and a net margin of 9.02%. The business’s revenue for the quarter was down 7.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.87 EPS. Equities research analysts expect that Reliance, Inc. will post 19.34 EPS for the current fiscal year.

Reliance Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were given a dividend of $1.10 per share. This is a boost from Reliance’s previous quarterly dividend of $1.00. The ex-dividend date was Thursday, March 7th. This represents a $4.40 annualized dividend and a dividend yield of 1.31%. Reliance’s payout ratio is currently 19.46%.

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.