KBC Group NV Sells 43,574 Shares of Reliance, Inc. $RS

KBC Group NV lowered its stake in Reliance, Inc. (NYSE:RS) by 40.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 65,492 shares of the industrial products company’s stock after selling 43,574 shares during the quarter. KBC Group NV’s holdings in Reliance were worth $19,904,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Elevation Wealth Partners LLC purchased a new position in shares of Reliance during the fourth quarter valued at about $28,000. Costello Asset Management INC purchased a new stake in shares of Reliance in the first quarter worth about $30,000. Brown Brothers Harriman & Co. boosted its stake in Reliance by 86.2% during the fourth quarter. Brown Brothers Harriman & Co. now owns 108 shares of the industrial products company’s stock valued at $31,000 after buying an additional 50 shares during the last quarter. Greenline Wealth Management LLC bought a new position in Reliance during the fourth quarter valued at approximately $32,000. Finally, Quarry LP purchased a new position in Reliance during the 3rd quarter valued at approximately $32,000. Institutional investors own 79.26% of the company’s stock.

Insider Activity at Reliance

In related news, CFO Arthur Ajemyan sold 3,500 shares of Reliance stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $358.12, for a total transaction of $1,253,420.00. Following the completion of the transaction, the chief financial officer directly owned 16,840 shares of the company’s stock, valued at approximately $6,030,740.80. The trade was a 17.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on RS. Wall Street Zen upgraded Reliance from a “hold” rating to a “buy” rating in a research report on Saturday, April 11th. Weiss Ratings raised shares of Reliance from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, May 18th. Seaport Research Partners increased their price objective on shares of Reliance from $340.00 to $390.00 and gave the company a “buy” rating in a research report on Tuesday, April 28th. Bank of America cut shares of Reliance from a “neutral” rating to an “underperform” rating and set a $365.00 price objective for the company. in a research note on Thursday, April 30th. Finally, Wells Fargo & Company reduced their target price on shares of Reliance from $376.00 to $372.00 and set an “equal weight” rating on the stock in a report on Thursday, July 9th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Reliance currently has an average rating of “Hold” and an average price target of $363.50.

Reliance Stock Down 0.2%

Shares of RS opened at $382.37 on Wednesday. The company has a quick ratio of 2.24, a current ratio of 4.39 and a debt-to-equity ratio of 0.24. The business has a fifty day moving average of $385.14 and a 200 day moving average of $345.64. The company has a market cap of $19.52 billion, a PE ratio of 24.94, a P/E/G ratio of 1.18 and a beta of 0.97. Reliance, Inc. has a 52-week low of $260.31 and a 52-week high of $419.83.

Reliance (NYSE:RS) last posted its quarterly earnings data on Wednesday, April 22nd. The industrial products company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $4.63 by $0.53. Reliance had a net margin of 5.42% and a return on equity of 11.37%. The business had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $3.89 billion. During the same quarter in the previous year, the business posted $3.77 earnings per share. The business’s revenue was up 15.1% compared to the same quarter last year. On average, sell-side analysts expect that Reliance, Inc. will post 19.24 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.