Van ECK Associates Corp Reduces Holdings in Reliance, Inc. (NYSE:RS)

Van ECK Associates Corp decreased its holdings in Reliance, Inc. (NYSE:RS) by 7.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,957 shares of the industrial products company’s stock after selling 1,240 shares during the quarter. Van ECK Associates Corp’s holdings in Reliance were worth $4,297,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Pacer Advisors Inc. raised its stake in Reliance by 6,311.2% during the 4th quarter. Pacer Advisors Inc. now owns 816,465 shares of the industrial products company’s stock worth $219,841,000 after acquiring an additional 803,730 shares during the period. International Assets Investment Management LLC raised its stake in Reliance by 27,269.0% during the 3rd quarter. International Assets Investment Management LLC now owns 112,213 shares of the industrial products company’s stock worth $32,453,000 after acquiring an additional 111,803 shares during the period. Woodward Diversified Capital LLC bought a new stake in Reliance during the 4th quarter worth approximately $21,015,000. Principal Financial Group Inc. raised its stake in Reliance by 19.7% during the 3rd quarter. Principal Financial Group Inc. now owns 472,730 shares of the industrial products company’s stock worth $136,718,000 after acquiring an additional 77,937 shares during the period. Finally, KBC Group NV raised its stake in Reliance by 68.8% during the 3rd quarter. KBC Group NV now owns 139,660 shares of the industrial products company’s stock worth $40,391,000 after acquiring an additional 56,933 shares during the period. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Reliance Trading Up 0.5 %

Shares of RS opened at $299.22 on Wednesday. The company’s fifty day moving average is $281.97 and its 200 day moving average is $289.04. Reliance, Inc. has a fifty-two week low of $256.98 and a fifty-two week high of $342.20. The stock has a market capitalization of $16.19 billion, a PE ratio of 16.43 and a beta of 0.91. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 3.31.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other Reliance news, CEO Karla R. Lewis sold 3,892 shares of Reliance stock in a transaction on Monday, December 2nd. The shares were 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 directly owns 85,117 shares of the company’s stock, valued at $27,569,396.30. The trade was a 4.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.69% of the stock is currently owned by company insiders.

Reliance Company Profile

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.