Reliance, Inc. $RS Stock: Illinois Municipal Retirement Fund Increases Position

Illinois Municipal Retirement Fund boosted its stake in shares of Reliance, Inc. (NYSE:RS) by 4.4% during the third quarter, according to its most recent Form 13F filing with the 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 owned 0.11% of Reliance worth $21,284,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Childress Capital Advisors LLC boosted its position in shares of Reliance by 4.9% during the 3rd quarter. Childress Capital Advisors LLC now owns 600 shares of the industrial products company’s stock valued at $231,000 after acquiring an additional 28 shares during the last quarter. Citizens Financial Group Inc. RI grew its holdings in shares of Reliance by 4.9% in the third quarter. Citizens Financial Group Inc. RI now owns 616 shares of the industrial products company’s stock valued at $237,000 after purchasing an additional 29 shares during the period. Parallel Advisors LLC grew its holdings in shares of Reliance by 1.7% in the first quarter. Parallel Advisors LLC now owns 1,908 shares of the industrial products company’s stock valued at $580,000 after purchasing an additional 31 shares during the period. Greenleaf Trust increased its position in Reliance by 2.0% during the second quarter. Greenleaf Trust now owns 1,614 shares of the industrial products company’s stock worth $603,000 after purchasing an additional 32 shares during the last quarter. Finally, Keybank National Association OH increased its position in Reliance by 2.6% during the third quarter. Keybank National Association OH now owns 1,602 shares of the industrial products company’s stock worth $616,000 after purchasing an additional 41 shares during the last quarter. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Reliance news, COO Stephen Koch sold 8,334 shares of the 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 sale, the chief operating officer directly owned 8,209 shares in the company, valued at $3,537,011.83. This represents a 50.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

RS has been the topic of several recent analyst reports. JPMorgan Chase & Co. boosted their target price on shares of Reliance from $400.00 to $420.00 and gave the company a “neutral” rating in a report on Wednesday, October 28th. Citigroup increased their price target on shares of Reliance from $420.00 to $460.00 and gave the company a “neutral” rating in a research note on Friday, November 6th. Zacks Research upgraded shares of Reliance from a “hold” rating to a “strong-buy” rating in a report on Monday, August 3rd. Weiss Ratings lowered shares of Reliance from a “buy (b)” rating to a “hold (c)” rating in a research report on Wednesday, October 28th. Finally, Wells Fargo & Company upped their price objective on Reliance from $391.00 to $420.00 and gave the company an “equal weight” rating in a report on Thursday, October 22nd. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Reliance has a consensus rating of “Hold” and a consensus target price of $407.75.

Reliance Stock Up 1.5%

Reliance stock opened at $427.60 on Wednesday. The company has a market capitalization of $21.78 billion, a PE ratio of 19.93, a price-to-earnings-growth 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 firm has a 50 day moving average price of $406.46 and a 200 day moving average price of $372.00.

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

Reliance Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 4th. Shareholders of record on Friday, November 20th will be paid a dividend of $1.25 per share. The ex-dividend date is Friday, November 20th. This represents a $5.00 dividend on an annualized basis and a yield of 1.2%. Reliance’s dividend payout ratio is 23.31%.

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.