California State Teachers Retirement System Increases Stock Holdings in Reliance, Inc. (NYSE:RS)

California State Teachers Retirement System increased its holdings in Reliance, Inc. (NYSE:RS) by 17.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 148,576 shares of the industrial products company’s stock after acquiring an additional 21,863 shares during the quarter. California State Teachers Retirement System owned about 0.28% of Reliance worth $40,006,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC lifted its stake in Reliance by 168.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 28,409 shares of the industrial products company’s stock worth $7,650,000 after acquiring an additional 17,827 shares during the period. NorthCrest Asset Manangement LLC lifted its stake in Reliance by 1.2% in the fourth quarter. NorthCrest Asset Manangement LLC now owns 6,638 shares of the industrial products company’s stock worth $1,787,000 after acquiring an additional 81 shares during the period. PKO Investment Management Joint Stock Co purchased a new position in Reliance during the fourth quarter valued at $663,000. Siemens Fonds Invest GmbH purchased a new position in Reliance during the fourth quarter valued at $1,121,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Reliance during the fourth quarter valued at $11,084,000. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Reliance Stock Performance

Shares of Reliance stock opened at $295.05 on Thursday. The company has a current ratio of 3.21, a quick ratio of 1.58 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $15.52 billion, a P/E ratio of 19.11 and a beta of 0.91. The business has a fifty day simple moving average of $287.63 and a two-hundred day simple moving average of $289.81. Reliance, Inc. has a 12 month low of $250.07 and a 12 month high of $326.87.

Reliance (NYSE:RS) last announced its quarterly earnings data 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. The business had revenue of $3.48 billion during the quarter, compared to analyst estimates of $3.44 billion. Reliance had a return on equity of 11.87% and a net margin of 6.33%. The company’s revenue for the quarter was down 4.4% on a year-over-year basis. During the same quarter last year, the firm posted $5.30 earnings per share. On average, equities analysts forecast that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 23rd will be issued a dividend of $1.20 per share. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $4.80 annualized dividend and a dividend yield of 1.63%. Reliance’s payout ratio is presently 34.41%.

Wall Street Analyst Weigh In

Separately, KeyCorp raised their price objective on Reliance from $321.00 to $327.00 and gave the company 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’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target 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.