Fifth Third Bancorp boosted its holdings in Reliance, Inc. (NYSE:RS – Free Report) by 3,120.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,964 shares of the industrial products company’s stock after buying an additional 21,282 shares during the quarter. Fifth Third Bancorp’s holdings in Reliance were worth $6,675,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in the business. Royal Bank of Canada lifted its holdings in shares of Reliance by 6.6% during the first quarter. Royal Bank of Canada now owns 15,111 shares of the industrial products company’s stock worth $4,364,000 after purchasing an additional 940 shares during the period. Empowered Funds LLC increased its holdings in Reliance by 4.8% in the first quarter. Empowered Funds LLC now owns 5,662 shares of the industrial products company’s stock valued at $1,635,000 after purchasing an additional 258 shares during the period. Geneos Wealth Management Inc. increased its holdings in Reliance by 99.2% in the first quarter. Geneos Wealth Management Inc. now owns 263 shares of the industrial products company’s stock valued at $76,000 after purchasing an additional 131 shares during the period. Walleye Capital LLC raised its position in Reliance by 2,192.5% during the 2nd quarter. Walleye Capital LLC now owns 1,215 shares of the industrial products company’s stock worth $381,000 after purchasing an additional 1,162 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in Reliance during the 2nd quarter worth about $1,318,000. 79.26% of the stock is currently owned by institutional investors and hedge funds.
Reliance Stock Performance
Shares of RS opened at $396.44 on Friday. The company has a current ratio of 4.39, a quick ratio of 2.24 and a debt-to-equity ratio of 0.24. The firm’s fifty day simple moving average is $383.86 and its two-hundred day simple moving average is $343.61. Reliance, Inc. has a 12 month low of $260.31 and a 12 month high of $419.83. The stock has a market capitalization of $20.24 billion, a P/E ratio of 25.86, a price-to-earnings-growth ratio of 1.21 and a beta of 0.97.
Insider Transactions at Reliance
In other Reliance news, CFO Arthur Ajemyan sold 3,500 shares of the business’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $358.12, for a total value of $1,253,420.00. Following the transaction, the chief financial officer directly owned 16,840 shares of the company’s stock, valued at approximately $6,030,740.80. The trade was a 17.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.40% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have commented on the company. Weiss Ratings upgraded Reliance from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, May 18th. Wells Fargo & Company lowered their price objective on Reliance from $376.00 to $372.00 and set an “equal weight” rating for the company in a research report on Thursday, July 9th. BMO Capital Markets lifted their price objective on Reliance from $320.00 to $350.00 and gave the stock a “market perform” rating in a research note on Monday, April 27th. Wall Street Zen upgraded Reliance from a “hold” rating to a “buy” rating in a report on Saturday, April 11th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Reliance from $378.00 to $376.00 and set a “neutral” rating for the company in a research report on Wednesday. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $363.50.
Read Our Latest Stock Report on Reliance
Reliance Company Profile
Reliance Steel & Aluminum Co (NYSE: RS) is a leading metals service center company that distributes and processes a broad array of metal products. The company offers cut-to-length, shearing, blanking, sawing, bending, machining and value-added services for carbon and alloy steel, stainless steel, aluminum, brass, titanium and specialty metal alloys. Its products serve diverse end markets, including energy, infrastructure, general manufacturing, transportation, aerospace and defense.
Founded in 1939 in Los Angeles, Reliance Steel & Aluminum has grown through a combination of organic expansion and strategic acquisitions.
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