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

CX Institutional raised its position in shares of Reliance, Inc. (NYSE:RS) by 5.8% in the fourth quarter, Holdings Channel.com reports. The fund 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 quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Evergreen Capital Management LLC purchased a new stake in shares of Reliance in the second quarter worth about $417,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in Reliance by 60.3% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 10,998 shares of the industrial products company’s stock valued at $3,141,000 after acquiring an additional 4,136 shares in the last quarter. AXA S.A. raised its stake in shares of Reliance by 5.4% during the second quarter. AXA S.A. now owns 79,334 shares of the industrial products company’s stock valued at $22,658,000 after purchasing an additional 4,032 shares during the period. APG Asset Management N.V. acquired a new position in shares of Reliance during the second quarter worth $2,168,000. Finally, Dark Forest Capital Management LP boosted its stake in shares of Reliance by 100.7% in the second quarter. Dark Forest Capital Management LP now owns 2,773 shares of the industrial products company’s stock valued at $792,000 after purchasing an additional 1,391 shares during the period. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Reliance Price Performance

RS opened at $290.79 on Friday. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. The company’s 50-day moving average price is $290.30 and its 200 day moving average price is $290.20. Reliance, Inc. has a fifty-two week low of $256.98 and a fifty-two week high of $342.20. The firm has a market cap of $15.74 billion, a price-to-earnings ratio of 15.97 and a beta of 0.91.

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

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on RS shares. Wolfe Research raised shares of Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. BMO Capital Markets dropped their price target on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. KeyCorp reduced their price objective on shares of Reliance from $325.00 to $321.00 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, The Goldman Sachs Group initiated coverage on shares of Reliance in a research report on Monday, December 2nd. They set a “neutral” rating and a $341.00 price target on the stock. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $328.17.

Insider Transactions at Reliance

In related news, CEO Karla R. Lewis sold 3,892 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 85,117 shares of the company’s stock, valued at $27,569,396.30. This represents a 4.37 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Mark V. Kaminski sold 5,000 shares of Reliance stock in a transaction on Monday, October 28th. The shares were sold at an average price of $298.01, for a total value of $1,490,050.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 21,724 shares of company stock worth $6,856,500. Insiders own 0.69% of the company’s stock.

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.