Y Intercept Hong Kong Ltd Has $9.81 Million Position in Reliance, Inc. $RS

Y Intercept Hong Kong Ltd increased its position in shares of Reliance, Inc. (NYSE:RS) by 293.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 34,946 shares of the industrial products company’s stock after acquiring an additional 26,055 shares during the quarter. Y Intercept Hong Kong Ltd owned about 0.07% of Reliance worth $9,814,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of RS. Boston Partners boosted its position in shares of Reliance by 72.6% during the second quarter. Boston Partners now owns 1,763,317 shares of the industrial products company’s stock worth $552,461,000 after buying an additional 741,417 shares during the period. Norges Bank bought a new stake in Reliance in the 2nd quarter valued at approximately $207,741,000. William Blair Investment Management LLC acquired a new position in Reliance during the 2nd quarter worth approximately $72,373,000. Balyasny Asset Management L.P. grew its stake in shares of Reliance by 273.9% during the 2nd quarter. Balyasny Asset Management L.P. now owns 155,914 shares of the industrial products company’s stock worth $48,941,000 after acquiring an additional 114,215 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Reliance during the 2nd quarter worth approximately $20,658,000. Institutional investors and hedge funds own 79.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. BMO Capital Markets reduced their target price on shares of Reliance from $340.00 to $315.00 and set an “outperform” rating for the company in a report on Friday, October 24th. Weiss Ratings reissued a “hold (c)” rating on shares of Reliance in a research report on Monday, December 29th. KeyCorp restated an “overweight” rating on shares of Reliance in a research note on Wednesday, January 7th. Wells Fargo & Company raised their price objective on Reliance from $284.00 to $287.00 and gave the company an “equal weight” rating in a report on Friday, November 14th. Finally, Zacks Research lowered Reliance from a “hold” rating to a “strong sell” rating in a report on Monday, January 5th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $317.25.

Insider Transactions at Reliance

In other news, CEO Karla R. Lewis sold 5,809 shares of the business’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $283.50, for a total transaction of $1,646,851.50. Following the completion of the transaction, the chief executive officer owned 84,421 shares of the company’s stock, valued at approximately $23,933,353.50. The trade was a 6.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Stephen Paul Koch sold 3,066 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $283.56, for a total transaction of $869,394.96. Following the completion of the transaction, the chief operating officer owned 14,021 shares in the company, valued at approximately $3,975,794.76. This trade represents a 17.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.35% of the company’s stock.

Reliance Stock Up 0.5%

Shares of NYSE RS opened at $329.71 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 4.43 and a quick ratio of 2.08. The stock has a market capitalization of $17.24 billion, a PE ratio of 24.10, a P/E/G ratio of 1.96 and a beta of 0.92. Reliance, Inc. has a one year low of $250.07 and a one year high of $347.43. The business’s fifty day moving average price is $294.13 and its 200-day moving average price is $292.00.

Reliance (NYSE:RS) last posted its earnings results on Wednesday, October 22nd. The industrial products company reported $3.64 earnings per share for the quarter, missing analysts’ consensus estimates of $3.68 by ($0.04). Reliance had a net margin of 5.23% and a return on equity of 10.37%. The company had revenue of $3.65 billion for the quarter, compared to analysts’ expectations of $3.54 billion. During the same period in the previous year, the firm earned $3.64 EPS. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. On average, equities research analysts anticipate that Reliance, Inc. will post 16.98 EPS for the current year.

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.