Reliance, Inc. (NYSE:RS) Shares Sold by Meritage Portfolio Management

Meritage Portfolio Management reduced its holdings in Reliance, Inc. (NYSE:RS) by 1.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,276 shares of the industrial products company’s stock after selling 533 shares during the period. Meritage Portfolio Management owned about 0.05% of Reliance worth $7,614,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Quarry LP acquired a new position in Reliance in the 3rd quarter worth about $41,000. Versant Capital Management Inc lifted its position in shares of Reliance by 157.8% during the 4th quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock valued at $58,000 after buying an additional 131 shares in the last quarter. UMB Bank n.a. grew its stake in Reliance by 27.0% in the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after acquiring an additional 53 shares during the period. Brooklyn Investment Group purchased a new stake in Reliance in the 3rd quarter worth $78,000. Finally, Abound Wealth Management raised its position in Reliance by 35,700.0% during the fourth quarter. Abound Wealth Management now owns 358 shares of the industrial products company’s stock worth $96,000 after acquiring an additional 357 shares during the period. 79.26% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have issued reports on RS. Wolfe Research raised shares of Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. The Goldman Sachs Group initiated coverage on shares of Reliance in a research report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price target for the company. BMO Capital Markets dropped their target price on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Finally, KeyCorp reduced their price objective on shares of Reliance from $325.00 to $321.00 and set an “overweight” rating for the company in a research report on Wednesday, January 22nd. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Reliance currently has a consensus rating of “Hold” and an average target price of $328.17.

Reliance Stock Down 1.4 %

RS opened at $281.79 on Wednesday. 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 company has a market cap of $15.25 billion, a price-to-earnings ratio of 15.47 and a beta of 0.90. Reliance, Inc. has a one year low of $256.98 and a one year high of $342.20. The business’s fifty day moving average is $286.60 and its two-hundred day moving average is $289.70.

Insider Buying and Selling

In other Reliance news, CEO Karla R. Lewis sold 3,892 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $323.90, for a total transaction of $1,260,618.80. Following the completion of the transaction, the chief executive officer now owns 85,117 shares of the company’s stock, valued at approximately $27,569,396.30. This trade represents a 4.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.69% of the company’s stock.

About Reliance

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.