California State Teachers Retirement System Decreases Stake in Reliance, Inc. $RS

California State Teachers Retirement System reduced its holdings in shares of Reliance, Inc. (NYSE:RS - Free Report) by 43.9% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 88,237 shares of the industrial products company's stock after selling 69,058 shares during the period. California State Teachers Retirement System owned approximately 0.17% of Reliance worth $32,965,343 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. HB Wealth Management LLC boosted its holdings in Reliance by 23.7% during the second quarter. HB Wealth Management LLC now owns 1,854 shares of the industrial products company's stock worth $693,000 after buying an additional 355 shares in the last quarter. Saudi Central Bank raised its position in Reliance by 85.4% during the second quarter. Saudi Central Bank now owns 3,578 shares of the industrial products company's stock worth $1,337,000 after acquiring an additional 1,648 shares in the last quarter. Compass Financial Management LLC acquired a new stake in shares of Reliance in the second quarter valued at approximately $46,000. AlphaGrep UK Ltd acquired a new stake in shares of Reliance during the 2nd quarter valued at $488,000. Finally, denkapparat Operations GmbH bought a new position in Reliance in the 2nd quarter valued at about $400,000. 79.26% of the stock is owned by institutional investors and hedge funds.

Reliance Trading Up 1.7%

Shares of NYSE:RS traded up $6.62 during midday trading on Tuesday, hitting $390.85. 65,559 shares of the stock were exchanged, compared to its average volume of 348,602. The stock has a market capitalization of $19.96 billion, a price-to-earnings ratio of 22.72, a P/E/G ratio of 1.00 and a beta of 0.96. Reliance, Inc. has a 12 month low of $260.31 and a 12 month high of $433.02. The business's 50-day moving average price is $399.37 and its 200 day moving average price is $366.68. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.27 and a current ratio of 4.30.

Reliance (NYSE:RS - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The industrial products company reported $6.27 EPS for the quarter, beating analysts' consensus estimates of $5.47 by $0.80. Reliance had a net margin of 5.65% and a return on equity of 12.51%. The firm had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.26 billion. During the same period in the previous year, the business earned $4.43 EPS. The business's revenue for the quarter was up 26.5% on a year-over-year basis. Reliance has set its Q3 2026 guidance at 6.400-6.600 EPS. Analysts predict that Reliance, Inc. will post 22.53 earnings per share for the current year.

Reliance Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend was Friday, August 14th. Reliance's payout ratio is 29.07%.

Insiders Place Their Bets

In related news, CFO Arthur Ajemyan sold 2,200 shares of Reliance stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $410.11, for a total value of $902,242.00. Following the sale, the chief financial officer directly owned 14,640 shares in the company, valued at $6,004,010.40. The trade was a 13.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP William Smith, II sold 2,353 shares of the business's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $414.21, for a total value of $974,636.13. Following the transaction, the senior vice president owned 19,394 shares in the company, valued at approximately $8,033,188.74. This represents a 10.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.40% of the company's stock.

Analyst Ratings Changes

RS has been the subject of several recent analyst reports. Wells Fargo & Company lowered their price objective on shares of Reliance from $398.00 to $391.00 and set an "equal weight" rating for the company in a research note on Monday, August 24th. Wall Street Zen cut shares of Reliance from a "strong-buy" rating to a "buy" rating in a report on Monday, August 31st. Zacks Research raised shares of Reliance from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 3rd. Citigroup restated a "neutral" rating on shares of Reliance in a research report on Wednesday, July 29th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of Reliance in a research note on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $379.83.

Reliance Company Profile

Reliance, Inc NYSE: RS is a diversified metals service center company that purchases, processes and distributes metals and related industrial products. Its product portfolio includes carbon steel, aluminum, stainless steel, copper, brass, titanium and other specialty metals.

The company provides value-added processing services such as cutting, leveling, sawing, machining, forming and preparing materials to customer specifications. These services help manufacturers and other commercial users reduce material-handling requirements and obtain metals in ready-to-use forms.

Founded in 1939 and headquartered in Los Angeles, California, Reliance serves customers through a network of operations primarily across North America, with additional international capabilities.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.