State of New Jersey Common Pension Fund D Decreases Stake in Reliance, Inc. $RS

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Reliance, Inc. by 10.1%, owning 17,772 shares valued at $5.13 million after selling 2,007 shares.
• Wells Fargo & Company upgraded Reliance to a "hold" rating, with the stock currently holding a consensus price target of $323.50.
• Reliance recently declared a quarterly dividend of $1.20 per share, representing an annualized yield of 1.7% and a payout ratio of 35.04%.

State of New Jersey Common Pension Fund D lessened its stake in Reliance, Inc. (NYSE:RS - Free Report) by 10.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,772 shares of the industrial products company's stock after selling 2,007 shares during the period. State of New Jersey Common Pension Fund D's holdings in Reliance were worth $5,132,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also modified their holdings of the business. Price T Rowe Associates Inc. MD grew its stake in shares of 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 last quarter. Boston Partners grew its stake in shares of Reliance by 42.7% during the first quarter. Boston Partners now owns 1,021,900 shares of the industrial products company's stock worth $295,052,000 after acquiring an additional 305,620 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its stake in shares of Reliance by 23.6% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 633,578 shares of the industrial products company's stock worth $170,598,000 after acquiring an additional 121,078 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Reliance by 32.7% during the fourth quarter. Northern Trust Corp now owns 597,348 shares of the industrial products company's stock worth $160,842,000 after purchasing an additional 147,076 shares during the period. Finally, American Century Companies Inc. lifted its holdings in shares of Reliance by 37.9% during the first quarter. American Century Companies Inc. now owns 588,878 shares of the industrial products company's stock worth $170,039,000 after purchasing an additional 161,892 shares during the period. Hedge funds and other institutional investors own 79.26% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on RS. Wells Fargo & Company raised Reliance to a "hold" rating in a report on Thursday, August 14th. Zacks Research downgraded Reliance from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 13th. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $323.50.

Reliance Stock Up 2.9%

RS stock traded up $8.22 during mid-day trading on Friday, reaching $294.07. The company had a trading volume of 305,705 shares, compared to its average volume of 400,001. Reliance, Inc. has a fifty-two week low of $250.07 and a fifty-two week high of $347.43. The company has a market capitalization of $15.47 billion, a price-to-earnings ratio of 21.46, a price-to-earnings-growth ratio of 1.36 and a beta of 0.89. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.51 and a current ratio of 3.18. The firm has a fifty day simple moving average of $307.99 and a 200 day simple moving average of $296.35.

Reliance (NYSE:RS - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The industrial products company reported $4.43 EPS for the quarter, missing analysts' consensus estimates of $4.72 by ($0.29). Reliance had a net margin of 5.39% and a return on equity of 10.48%. The business had revenue of $3.66 billion during the quarter, compared to analysts' expectations of $3.66 billion. During the same quarter in the previous year, the company posted $4.65 EPS. The company's revenue was up .5% compared to the same quarter last year. Reliance has set its Q3 2025 guidance at 3.600-3.800 EPS. Analysts forecast that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be given a dividend of $1.20 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $4.80 annualized dividend and a yield of 1.6%. Reliance's payout ratio is 35.04%.

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.