New York Life Investment Management LLC Cuts Stock Position in Reliance, Inc. (NYSE:RS)

New York Life Investment Management LLC lowered its holdings in shares of Reliance, Inc. (NYSE:RS) by 3.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 6,860 shares of the industrial products company’s stock after selling 279 shares during the quarter. New York Life Investment Management LLC’s holdings in Reliance were worth $1,919,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Sequoia Financial Advisors LLC raised its position in Reliance by 378.5% during the fourth quarter. Sequoia Financial Advisors LLC now owns 5,919 shares of the industrial products company’s stock valued at $1,655,000 after purchasing an additional 4,682 shares during the period. United Capital Management of KS Inc. lifted its position in Reliance by 0.8% in the third quarter. United Capital Management of KS Inc. now owns 26,668 shares of the industrial products company’s stock worth $6,993,000 after buying an additional 219 shares during the last quarter. Vest Financial LLC increased its position in Reliance by 35.2% during 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 last quarter. Caisse DE Depot ET Placement DU Quebec raised its stake in shares of Reliance by 15.9% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 210,218 shares of the industrial products company’s stock valued at $55,125,000 after acquiring an additional 28,889 shares during the period. Finally, Comerica Bank purchased a new position in shares of Reliance during the 3rd quarter worth about $8,173,000. 79.26% of the stock is currently owned by institutional investors.

Reliance Price Performance

Shares of RS stock opened at $292.16 on Tuesday. Reliance, Inc. has a twelve month low of $229.12 and a twelve month high of $342.20. The company has a current ratio of 5.74, a quick ratio of 3.21 and a debt-to-equity ratio of 0.14. The stock has a fifty day simple moving average of $320.32 and a two-hundred day simple moving average of $293.39. The stock has a market capitalization of $16.78 billion, a price-to-earnings ratio of 13.65, a P/E/G ratio of 5.08 and a beta of 0.92.

Reliance (NYSE:RS) last released its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.30 earnings per share for the quarter, missing analysts’ consensus estimates of $5.51 by ($0.21). The business had revenue of $3.64 billion during the quarter, compared to analysts’ expectations of $3.76 billion. Reliance had a return on equity of 16.26% and a net margin of 8.67%. The firm’s revenue was down 8.1% compared to the same quarter last year. During the same period last year, the company earned $6.37 earnings per share. On average, analysts predict that Reliance, Inc. will post 19.6 EPS for the current fiscal year.

Reliance Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 24th will be paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date of this dividend is Thursday, May 23rd. Reliance’s dividend payout ratio (DPR) is 20.55%.

Insiders Place Their Bets

In related news, Director James Donald Hoffman sold 5,000 shares of the company’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $289.81, for a total transaction of $1,449,050.00. Following the completion of the sale, the director now directly owns 49,042 shares in the company, valued at approximately $14,212,862.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director James Donald Hoffman sold 5,000 shares of Reliance stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $289.81, for a total value of $1,449,050.00. Following the transaction, the director now owns 49,042 shares of the company’s stock, valued at approximately $14,212,862.02. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Arthur Ajemyan sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $322.95, for a total transaction of $968,850.00. Following the transaction, the chief financial officer now owns 15,577 shares of the company’s stock, valued at approximately $5,030,592.15. The disclosure for this sale can be found here. Insiders sold a total of 90,996 shares of company stock worth $29,052,928 over the last 90 days. Company insiders own 0.69% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. BMO Capital Markets decreased their price objective 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. StockNews.com downgraded Reliance from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. KeyCorp boosted their target price on shares of Reliance from $300.00 to $362.00 and gave the company an “overweight” rating in a research note on Friday, February 16th. Finally, Citigroup lowered shares of Reliance from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $280.00 to $380.00 in a report on Thursday, April 11th.

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.