California State Teachers Retirement System Buys 21,863 Shares of Reliance, Inc. (NYSE:RS)

California State Teachers Retirement System boosted its position in Reliance, Inc. (NYSE:RS - Free Report) by 17.3% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 148,576 shares of the industrial products company's stock after purchasing an additional 21,863 shares during the period. California State Teachers Retirement System owned about 0.28% of Reliance worth $40,006,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Coppell Advisory Solutions LLC lifted its position in Reliance by 224.6% during the fourth quarter. Coppell Advisory Solutions LLC now owns 185 shares of the industrial products company's stock worth $49,000 after acquiring an additional 128 shares during the last quarter. Transce3nd LLC acquired a new stake in Reliance during the fourth quarter worth approximately $58,000. Quarry LP lifted its position in Reliance by 83.7% during the fourth quarter. Quarry LP now owns 259 shares of the industrial products company's stock worth $70,000 after acquiring an additional 118 shares during the last quarter. Jones Financial Companies Lllp lifted its position in Reliance by 1,216.0% during the fourth quarter. Jones Financial Companies Lllp now owns 329 shares of the industrial products company's stock worth $89,000 after acquiring an additional 304 shares during the last quarter. Finally, Providence First Trust Co acquired a new stake in Reliance during the fourth quarter worth approximately $90,000. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, KeyCorp raised their price objective on shares of Reliance from $321.00 to $327.00 and gave the stock an "overweight" rating in a research report on Monday, February 24th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $319.00.

Reliance Price Performance

Shares of NYSE RS traded up $0.54 during midday trading on Friday, reaching $292.48. The company's stock had a trading volume of 695,521 shares, compared to its average volume of 394,961. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 3.21. Reliance, Inc. has a fifty-two week low of $250.07 and a fifty-two week high of $326.87. The business's 50 day moving average price is $287.69 and its two-hundred day moving average price is $289.24. The company has a market cap of $15.38 billion, a P/E ratio of 18.94 and a beta of 0.91.

Reliance (NYSE:RS - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The industrial products company reported $3.77 earnings per share for the quarter, beating analysts' consensus estimates of $3.66 by $0.11. The company had revenue of $3.48 billion during the quarter, compared to the consensus estimate of $3.44 billion. Reliance had a net margin of 6.33% and a return on equity of 11.87%. The firm's quarterly revenue was down 4.4% on a year-over-year basis. During the same period in the previous year, the business earned $5.30 earnings per share. On average, analysts forecast that Reliance, Inc. will post 16.98 EPS for the current fiscal year.

Reliance Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 23rd will be paid a $1.20 dividend. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $4.80 dividend on an annualized basis and a yield of 1.64%. Reliance's dividend payout ratio (DPR) is 34.41%.

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.