Reliance, Inc. $RS Shares Sold by Rhumbline Advisers

Rhumbline Advisers cut its stake in shares of Reliance, Inc. (NYSE:RS) by 2.4% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 166,631 shares of the industrial products company’s stock after selling 4,021 shares during the period. Rhumbline Advisers’ holdings in Reliance were worth $46,795,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. IFP Advisors Inc raised its stake in shares of Reliance by 10.7% during the second quarter. IFP Advisors Inc now owns 340 shares of the industrial products company’s stock valued at $112,000 after purchasing an additional 33 shares during the period. Masso Torrence Wealth Management Inc. grew its holdings in Reliance by 3.3% during the 3rd quarter. Masso Torrence Wealth Management Inc. now owns 1,148 shares of the industrial products company’s stock valued at $322,000 after purchasing an additional 37 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in Reliance by 13.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 325 shares of the industrial products company’s stock valued at $91,000 after purchasing an additional 38 shares in the last quarter. Stonegate Investment Group LLC increased its stake in Reliance by 5.0% during the 3rd quarter. Stonegate Investment Group LLC now owns 836 shares of the industrial products company’s stock worth $235,000 after buying an additional 40 shares during the period. Finally, Choreo LLC lifted its holdings in Reliance by 3.2% in the 2nd quarter. Choreo LLC now owns 1,327 shares of the industrial products company’s stock worth $416,000 after buying an additional 41 shares in the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Reliance Stock Performance

Shares of RS stock opened at $343.31 on Friday. The stock has a market capitalization of $17.95 billion, a price-to-earnings ratio of 25.10, a PEG ratio of 2.13 and a beta of 0.92. Reliance, Inc. has a one year low of $250.07 and a one year high of $365.59. The company’s 50-day simple moving average is $313.27 and its 200-day simple moving average is $293.56. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.08 and a current ratio of 4.43.

Insider Buying and Selling

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

Analyst Ratings Changes

Several analysts have recently weighed in on the company. BMO Capital Markets lowered their target price on Reliance from $340.00 to $315.00 and set an “outperform” rating for the company in a research note on Friday, October 24th. Zacks Research raised Reliance from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 3rd. JPMorgan Chase & Co. lowered their price objective on Reliance from $345.00 to $340.00 and set an “overweight” rating for the company in a research note on Friday, December 5th. Wells Fargo & Company lifted their price objective on Reliance from $284.00 to $287.00 and gave the stock an “equal weight” rating in a report on Friday, November 14th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Reliance in a research note on Monday, December 29th. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $317.25.

About Reliance

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.