Reliance (NYSE:RS) Sets New 12-Month High – Here’s What Happened

Reliance, Inc. (NYSE:RS)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $354.74 and last traded at $353.72, with a volume of 353950 shares trading hands. The stock had previously closed at $352.26.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on RS shares. KeyCorp reiterated an “overweight” rating on shares of Reliance in a research report on Wednesday, January 7th. Zacks Research upgraded shares of Reliance from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 3rd. JPMorgan Chase & Co. cut their price target on Reliance from $345.00 to $340.00 and set an “overweight” rating for the company in a research note on Friday, December 5th. Weiss Ratings reissued a “hold (c)” rating on shares of Reliance in a report on Monday, December 29th. Finally, Wells Fargo & Company upped their price objective on Reliance from $284.00 to $287.00 and gave the stock an “equal weight” rating in a research note on Friday, November 14th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Reliance presently has an average rating of “Moderate Buy” and an average target price of $317.25.

Reliance Stock Down 1.2%

The company has a quick ratio of 2.08, a current ratio of 4.43 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $18.62 billion, a PE ratio of 26.03, a PEG ratio of 2.15 and a beta of 0.92. The company’s 50 day moving average is $312.12 and its two-hundred day moving average is $293.26.

Insider Transactions at Reliance

In related 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 value of $1,646,851.50. Following the sale, the chief executive officer directly owned 84,421 shares in the company, valued at approximately $23,933,353.50. The trade was a 6.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Stephen Paul Koch sold 3,066 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $283.56, for a total value of $869,394.96. Following the transaction, the chief operating officer owned 14,021 shares of the company’s stock, valued at $3,975,794.76. This represents a 17.94% decrease in their position. The SEC filing for this sale provides additional information. 0.35% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Reliance

A number of hedge funds have recently bought and sold shares of the business. Royal Bank of Canada grew its stake in shares of Reliance by 6.6% in the 1st quarter. Royal Bank of Canada now owns 15,111 shares of the industrial products company’s stock worth $4,364,000 after buying an additional 940 shares in the last quarter. Empowered Funds LLC lifted its holdings in shares of Reliance by 4.8% in the 1st quarter. Empowered Funds LLC now owns 5,662 shares of the industrial products company’s stock valued at $1,635,000 after acquiring an additional 258 shares during the last quarter. Geneos Wealth Management Inc. grew its position in Reliance by 99.2% in the first quarter. Geneos Wealth Management Inc. now owns 263 shares of the industrial products company’s stock worth $76,000 after acquiring an additional 131 shares in the last quarter. US Bancorp DE increased its stake in Reliance by 9.3% during the second quarter. US Bancorp DE now owns 2,267 shares of the industrial products company’s stock worth $712,000 after acquiring an additional 192 shares during the last quarter. Finally, Callan Family Office LLC purchased a new stake in Reliance during the second quarter valued at approximately $412,000. Hedge funds and other institutional investors own 79.26% of the company’s stock.

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.