Reliance, Inc. (NYSE:RS) Stake Lessened by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio lessened its stake in Reliance, Inc. (NYSE:RS - Free Report) by 14.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 23,747 shares of the industrial products company's stock after selling 3,980 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Reliance were worth $6,394,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new stake in Reliance during the fourth quarter worth about $186,255,000. American Century Companies Inc. raised its stake in Reliance by 1,127.9% during the fourth quarter. American Century Companies Inc. now owns 426,986 shares of the industrial products company's stock worth $114,971,000 after acquiring an additional 392,213 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Reliance by 9.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,709,737 shares of the industrial products company's stock worth $998,886,000 after acquiring an additional 319,576 shares during the period. Principal Financial Group Inc. raised its stake in Reliance by 53.5% during the fourth quarter. Principal Financial Group Inc. now owns 725,685 shares of the industrial products company's stock worth $195,402,000 after acquiring an additional 252,955 shares during the period. Finally, First Trust Advisors LP raised its stake in Reliance by 15.5% during the fourth quarter. First Trust Advisors LP now owns 1,382,916 shares of the industrial products company's stock worth $372,364,000 after acquiring an additional 185,873 shares during the period. Institutional investors and hedge funds own 79.26% of the company's stock.

Reliance Stock Performance

Shares of NYSE:RS traded up $0.54 during trading hours on Friday, hitting $292.48. The stock had a trading volume of 695,521 shares, compared to its average volume of 396,130. The stock's fifty day simple moving average is $287.69 and its 200 day simple moving average is $289.40. Reliance, Inc. has a 1-year low of $250.07 and a 1-year high of $326.87. The firm has a market capitalization of $15.38 billion, a price-to-earnings ratio of 18.94 and a beta of 0.91. 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 (NYSE:RS - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The industrial products company reported $3.77 EPS for the quarter, beating the consensus estimate of $3.66 by $0.11. Reliance had a net margin of 6.33% and a return on equity of 11.87%. The company had revenue of $3.48 billion for the quarter, compared to analyst estimates of $3.44 billion. During the same quarter last year, the business earned $5.30 earnings per share. Reliance's revenue was down 4.4% compared to the same quarter last year. Sell-side analysts anticipate that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Dividend Announcement

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

Analysts Set New Price Targets

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

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.