Exchange Traded Concepts LLC Buys Shares of 9,154 Reliance, Inc. (NYSE:RS)

Exchange Traded Concepts LLC purchased a new position in shares of Reliance, Inc. (NYSE:RS) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 9,154 shares of the industrial products company’s stock, valued at approximately $2,465,000.

Other hedge funds have also made changes to their positions in the company. Principal Financial Group Inc. boosted its stake in Reliance by 19.7% during the 3rd quarter. Principal Financial Group Inc. now owns 472,730 shares of the industrial products company’s stock valued at $136,718,000 after acquiring an additional 77,937 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its stake in shares of Reliance by 7.3% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 296,033 shares of the industrial products company’s stock valued at $85,616,000 after purchasing an additional 20,056 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Reliance by 0.5% during the third quarter. JPMorgan Chase & Co. now owns 285,871 shares of the industrial products company’s stock worth $82,677,000 after purchasing an additional 1,499 shares during the last quarter. Victory Capital Management Inc. grew its stake in Reliance by 0.3% in the third quarter. Victory Capital Management Inc. now owns 203,156 shares of the industrial products company’s stock worth $58,755,000 after purchasing an additional 528 shares in the last quarter. Finally, Copeland Capital Management LLC increased its holdings in Reliance by 0.4% in the third quarter. Copeland Capital Management LLC now owns 195,141 shares of the industrial products company’s stock valued at $56,437,000 after buying an additional 714 shares during the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Insider Buying and Selling at Reliance

In related news, Director Mark V. Kaminski sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $298.01, for a total transaction of $1,490,050.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Arthur Ajemyan sold 6,332 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total value of $2,014,715.76. Following the sale, the chief financial officer now directly owns 9,245 shares in the company, valued at approximately $2,941,574.10. The trade was a 40.65 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,724 shares of company stock worth $6,856,500. 0.69% of the stock is owned by company insiders.

Reliance Stock Performance

RS stock opened at $290.79 on Friday. Reliance, Inc. has a 1 year low of $256.98 and a 1 year high of $342.20. The stock has a market capitalization of $15.74 billion, a price-to-earnings ratio of 15.97 and a beta of 0.91. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 3.31. The stock’s fifty day moving average is $290.30 and its two-hundred day moving average is $290.29.

Reliance (NYSE:RS) last issued its quarterly earnings data 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 net margin of 7.42% and a return on equity of 13.68%. The firm had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.38 billion. During the same quarter in the prior year, the business earned $5.00 earnings per share. The company’s revenue for the quarter was down 5.6% compared to the same quarter last year. On average, research analysts predict that Reliance, Inc. will post 16.36 EPS for the current year.

Analyst Ratings Changes

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

Reliance Company 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.