Reliance, Inc. (NYSE:RS) Shares Acquired by CX Institutional

CX Institutional lifted its stake in shares of Reliance, Inc. (NYSE:RS) by 5.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,713 shares of the industrial products company’s stock after buying an additional 259 shares during the quarter. CX Institutional’s holdings in Reliance were worth $1,269,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Toronto Dominion Bank increased its holdings in Reliance by 26.7% in the third quarter. Toronto Dominion Bank now owns 8,198 shares of the industrial products company’s stock valued at $2,371,000 after buying an additional 1,729 shares during the last quarter. Assetmark Inc. increased its stake in Reliance by 24.2% in the third quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company’s stock valued at $8,074,000 after purchasing an additional 5,431 shares during the last quarter. AXA S.A. boosted its holdings in shares of Reliance by 5.4% in the 2nd quarter. AXA S.A. now owns 79,334 shares of the industrial products company’s stock valued at $22,658,000 after buying an additional 4,032 shares in the last quarter. Dearborn Partners LLC grew its position in shares of Reliance by 4.1% in the 3rd quarter. Dearborn Partners LLC now owns 86,406 shares of the industrial products company’s stock valued at $24,989,000 after buying an additional 3,419 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in shares of Reliance by 1.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 127,806 shares of the industrial products company’s stock valued at $36,963,000 after buying an additional 1,696 shares during the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Reliance Stock Performance

Shares of RS opened at $290.79 on Friday. The company has a market capitalization of $15.74 billion, a PE ratio of 15.97 and a beta of 0.91. Reliance, Inc. has a 52-week low of $256.98 and a 52-week high of $342.20. The company has a 50-day simple moving average of $290.30 and a 200-day simple moving average of $290.20. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12.

Reliance (NYSE:RS) last posted its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). The company had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. Reliance’s revenue was down 5.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.00 earnings per share. Equities research analysts predict that Reliance, Inc. will post 16.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Karla R. Lewis sold 3,892 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $323.90, for a total value of $1,260,618.80. Following the sale, the chief executive officer now directly owns 85,117 shares in the company, valued at $27,569,396.30. This represents a 4.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP William A. Smith II sold 6,500 shares of Reliance stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the sale, the senior vice president now owns 16,849 shares of the company’s stock, valued at approximately $5,420,491.79. This trade represents a 27.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,724 shares of company stock worth $6,856,500. 0.69% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

RS has been the subject of several research reports. The Goldman Sachs Group began coverage on Reliance in a report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 target price for the company. BMO Capital Markets dropped their price objective on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. KeyCorp decreased their target price on shares of Reliance from $325.00 to $321.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $328.17.

Reliance 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.