State of Alaska Department of Revenue Has $17.26 Million Holdings in Reliance, Inc. (NYSE:RS)

State of Alaska Department of Revenue trimmed its position in Reliance, Inc. (NYSE:RS) by 4.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 51,652 shares of the industrial products company’s stock after selling 2,200 shares during the quarter. State of Alaska Department of Revenue owned 0.09% of Reliance worth $17,259,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wellington Management Group LLP boosted its position in Reliance by 2.3% in the fourth quarter. Wellington Management Group LLP now owns 1,224,274 shares of the industrial products company’s stock valued at $342,405,000 after buying an additional 27,074 shares in the last quarter. First Trust Advisors LP increased its holdings in Reliance by 7.9% during the 4th quarter. First Trust Advisors LP now owns 885,818 shares of the industrial products company’s stock valued at $247,746,000 after purchasing an additional 64,895 shares in the last quarter. Norges Bank acquired a new stake in shares of Reliance in the fourth quarter valued at $186,693,000. Pacer Advisors Inc. raised its holdings in shares of Reliance by 7.1% in the fourth quarter. Pacer Advisors Inc. now owns 536,462 shares of the industrial products company’s stock valued at $150,038,000 after buying an additional 35,627 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in Reliance by 0.5% during the 3rd quarter. Legal & General Group Plc now owns 324,868 shares of the industrial products company’s stock worth $85,190,000 after buying an additional 1,465 shares in the last quarter. 79.26% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, COO Stephen Paul Koch sold 20,421 shares of the company’s stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $295.38, for a total value of $6,031,954.98. Following the sale, the chief operating officer now directly owns 7,552 shares of the company’s stock, valued at approximately $2,230,709.76. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director James Donald Hoffman sold 5,000 shares of the company’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $289.81, for a total value of $1,449,050.00. Following the transaction, the director now directly owns 49,042 shares in the company, valued at $14,212,862.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Stephen Paul Koch sold 20,421 shares of the stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $295.38, for a total value of $6,031,954.98. Following the sale, the chief operating officer now directly owns 7,552 shares in the company, valued at approximately $2,230,709.76. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 40,421 shares of company stock worth $11,866,855. Corporate insiders own 0.69% of the company’s stock.

Reliance Trading Down 0.2 %

NYSE:RS traded down $0.60 during trading hours on Wednesday, hitting $282.24. The stock had a trading volume of 266,617 shares, compared to its average volume of 301,081. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.21 and a current ratio of 5.74. Reliance, Inc. has a one year low of $237.14 and a one year high of $342.20. The business’s 50 day moving average is $290.86 and its 200-day moving average is $300.76. The company has a market cap of $16.21 billion, a price-to-earnings ratio of 13.21 and a beta of 0.87.

Reliance (NYSE:RS) last posted its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.30 EPS for the quarter, missing the consensus estimate of $5.51 by ($0.21). Reliance had a net margin of 8.67% and a return on equity of 16.26%. The company had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.76 billion. During the same period in the prior year, the firm posted $6.37 earnings per share. The company’s revenue was down 8.1% compared to the same quarter last year. Sell-side analysts anticipate that Reliance, Inc. will post 18.66 EPS for the current fiscal year.

Reliance Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 24th were paid a $1.10 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $4.40 annualized dividend and a yield of 1.56%. Reliance’s payout ratio is currently 20.55%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on RS shares. Citigroup lowered shares of Reliance from a “buy” rating to a “neutral” rating and raised their price target for the company from $280.00 to $380.00 in a report on Thursday, April 11th. Bank of America cut their price target on Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. StockNews.com lowered Reliance from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. KeyCorp reduced their target price on shares of Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, BMO Capital Markets dropped their price target on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a research note on Friday, April 26th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $346.25.

About Reliance

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.