State of Alaska Department of Revenue Has $14.36 Million Stock Position in Reliance, Inc. (NYSE:RS)

State of Alaska Department of Revenue cut its holdings in shares of Reliance, Inc. (NYSE:RS) by 9.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 49,642 shares of the industrial products company’s stock after selling 5,035 shares during the period. State of Alaska Department of Revenue owned approximately 0.09% of Reliance worth $14,356,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Diversified Trust Co boosted its stake in Reliance by 18.2% during the 1st quarter. Diversified Trust Co now owns 6,121 shares of the industrial products company’s stock valued at $2,046,000 after purchasing an additional 943 shares during the last quarter. State of Michigan Retirement System boosted its position in shares of Reliance by 2.1% during the first quarter. State of Michigan Retirement System now owns 14,897 shares of the industrial products company’s stock valued at $4,978,000 after buying an additional 300 shares during the last quarter. United Capital Management of KS Inc. boosted its position in shares of Reliance by 4.7% during the first quarter. United Capital Management of KS Inc. now owns 28,987 shares of the industrial products company’s stock valued at $9,687,000 after buying an additional 1,299 shares during the last quarter. Norden Group LLC bought a new stake in Reliance during the first quarter worth $355,000. Finally, First Trust Direct Indexing L.P. raised its position in Reliance by 10.4% in the 1st quarter. First Trust Direct Indexing L.P. now owns 1,282 shares of the industrial products company’s stock valued at $429,000 after buying an additional 121 shares during the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Stock Down 3.5 %

Shares of NYSE:RS opened at $283.54 on Friday. Reliance, Inc. has a 1 year low of $237.14 and a 1 year high of $342.20. The company has a market capitalization of $15.60 billion, a PE ratio of 14.47 and a beta of 0.85. The business has a fifty day moving average price of $283.64 and a two-hundred day moving average price of $290.87. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.02 and a quick ratio of 2.43.

Reliance (NYSE:RS) last posted 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 7.99% and a return on equity of 14.73%. 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 previous year, the company posted $5.00 EPS. Reliance’s quarterly revenue was down 5.6% compared to the same quarter last year. Analysts forecast that Reliance, Inc. will post 17.16 earnings per share for the current year.

Reliance Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a dividend of $1.10 per share. The ex-dividend date is Friday, November 22nd. This represents a $4.40 annualized dividend and a dividend yield of 1.55%. Reliance’s payout ratio is currently 22.46%.

Analyst Upgrades and Downgrades

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

Reliance Company 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.