Reliance, Inc. $RS Stock Holdings Increased by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund grew its holdings in shares of Reliance, Inc. (NYSE:RS) by 4.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 55,320 shares of the industrial products company’s stock after buying an additional 2,355 shares during the period. Illinois Municipal Retirement Fund’s holdings in Reliance were worth $21,284,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Reliance in the 2nd quarter valued at about $2,171,081,000. Bank of New York Mellon Corp acquired a new stake in shares of Reliance during the 2nd quarter worth about $176,913,000. William Blair Investment Management LLC purchased a new stake in Reliance during the second quarter worth approximately $142,900,000. Corient Private Wealth LP purchased a new stake in Reliance during the second quarter worth approximately $129,799,000. Finally, XXEC Inc. acquired a new position in Reliance in the second quarter valued at approximately $127,493,000. 79.26% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Reliance

In other news, COO Stephen Koch sold 8,334 shares of the firm’s stock in a transaction that occurred on Tuesday, October 27th. The shares were sold at an average price of $430.87, for a total transaction of $3,590,870.58. Following the transaction, the chief operating officer directly owned 8,209 shares in the company, valued at approximately $3,537,011.83. This trade represents a 50.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.40% of the company’s stock.

Reliance Stock Up 1.5%

Reliance stock opened at $427.60 on Wednesday. The company has a market capitalization of $21.78 billion, a P/E ratio of 19.93, a PEG ratio of 0.83 and a beta of 0.95. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.22 and a current ratio of 4.12. Reliance, Inc. has a fifty-two week low of $263.12 and a fifty-two week high of $454.93. The stock has a 50-day simple moving average of $406.46 and a 200-day simple moving average of $372.00.

Reliance (NYSE:RS) last released its quarterly earnings results on Wednesday, October 21st. The industrial products company reported $8.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.83 by $1.19. The firm had revenue of $5.21 billion for the quarter, compared to the consensus estimate of $4.74 billion. Reliance had a return on equity of 15.31% and a net margin of 6.38%. The firm’s quarterly revenue was up 42.8% compared to the same quarter last year. During the same quarter last year, the business posted $3.64 EPS. Equities research analysts expect that Reliance, Inc. will post 26.54 earnings per share for the current year.

Reliance Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 4th. Stockholders of record on Friday, November 20th will be issued a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Friday, November 20th. Reliance’s dividend payout ratio is presently 23.31%.

Analyst Ratings Changes

Several brokerages have commented on RS. Barclays increased their price target on shares of Reliance from $420.00 to $445.00 and gave the company an “equal weight” rating in a research note on Monday, October 26th. Wall Street Zen upgraded shares of Reliance from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 31st. Zacks Research upgraded shares of Reliance from a “hold” rating to a “strong-buy” rating in a report on Monday, August 3rd. Wells Fargo & Company upped their target price on shares of Reliance from $391.00 to $420.00 and gave the company an “equal weight” rating in a report on Thursday, October 22nd. Finally, Weiss Ratings downgraded shares of Reliance from a “buy (b)” rating to a “hold (c)” rating in a research report on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Reliance has an average rating of “Hold” and a consensus target price of $407.75.

Reliance Company Profile

Reliance, Inc. is a metal service center company that distributes metals and provides processing services to customers across a range of industries. Its products include carbon steel, stainless steel, aluminum, alloy steel, brass, copper and other metals. The company processes materials to customer specifications through services such as cutting, sawing, slitting, machining, forming and laser, plasma or waterjet cutting. These services help customers prepare metal for use in manufacturing, construction, transportation, energy and other applications.