Bellwether Advisors LLC acquired a new stake in Reliance, Inc. (NYSE:RS – Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 8,959 shares of the industrial products company’s stock, valued at approximately $2,723,000.
A number of other large investors also recently modified their holdings of RS. Elevation Wealth Partners LLC acquired a new position in Reliance in the fourth quarter valued at approximately $28,000. Costello Asset Management INC acquired a new position in Reliance in the first quarter valued at about $30,000. Brown Brothers Harriman & Co. increased its holdings in shares of Reliance by 86.2% in the fourth quarter. Brown Brothers Harriman & Co. now owns 108 shares of the industrial products company’s stock worth $31,000 after acquiring an additional 50 shares in the last quarter. Greenline Wealth Management LLC acquired a new stake in shares of Reliance during the fourth quarter worth about $32,000. Finally, Quarry LP acquired a new stake in shares of Reliance during the third quarter worth about $32,000. 79.26% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of brokerages recently weighed in on RS. JPMorgan Chase & Co. reduced their target price on shares of Reliance from $378.00 to $376.00 and set a “neutral” rating for the company in a research note on Wednesday, July 15th. Wall Street Zen upgraded Reliance from a “hold” rating to a “buy” rating in a research note on Saturday, April 11th. KeyCorp increased their target price on Reliance from $378.00 to $418.00 and gave the stock an “overweight” rating in a report on Wednesday, June 24th. Seaport Research Partners boosted their target price on Reliance from $340.00 to $390.00 and gave the stock a “buy” rating in a research note on Tuesday, April 28th. Finally, Weiss Ratings upgraded shares of Reliance from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, May 18th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $363.50.
Reliance Price Performance
Shares of RS opened at $382.37 on Wednesday. The business’s fifty day moving average is $385.14 and its 200 day moving average is $345.64. Reliance, Inc. has a 12-month low of $260.31 and a 12-month high of $419.83. The company has a quick ratio of 2.24, a current ratio of 4.39 and a debt-to-equity ratio of 0.24. The stock has a market cap of $19.52 billion, a P/E ratio of 24.94, a P/E/G ratio of 1.18 and a beta of 0.97.
Reliance (NYSE:RS – Get Free Report) last announced its quarterly earnings results on Wednesday, April 22nd. The industrial products company reported $5.16 EPS for the quarter, beating analysts’ consensus estimates of $4.63 by $0.53. Reliance had a net margin of 5.42% and a return on equity of 11.37%. The business had revenue of $4.03 billion during the quarter, compared to analyst estimates of $3.89 billion. During the same quarter in the previous year, the business posted $3.77 EPS. Reliance’s quarterly revenue was up 15.1% on a year-over-year basis. Sell-side analysts anticipate that Reliance, Inc. will post 19.24 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, CFO Arthur Ajemyan sold 3,500 shares of the firm’s stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $358.12, for a total value of $1,253,420.00. Following the transaction, the chief financial officer owned 16,840 shares of the company’s stock, valued at approximately $6,030,740.80. This trade represents a 17.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.40% of the company’s stock.
Reliance 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.
Featured Articles
- Five stocks we like better than Reliance
- Confidence Is Back, But Earnings Show the Consumer Is Being Picky
- AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off
- 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative?
- 3 Photonics Companies Making Quantum Tech Possible
Want to see what other hedge funds are holding RS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Reliance, Inc. (NYSE:RS – Free Report).
Receive News & Ratings for Reliance Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Reliance and related companies with MarketBeat.com's FREE daily email newsletter.
