Park Avenue Securities LLC Buys 312 Shares of Reliance, Inc. (NYSE:RS)

Park Avenue Securities LLC raised its position in shares of Reliance, Inc. (NYSE:RS) by 18.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,037 shares of the industrial products company’s stock after acquiring an additional 312 shares during the period. Park Avenue Securities LLC’s holdings in Reliance were worth $549,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in RS. Trust Point Inc. boosted its holdings in Reliance by 3.6% during the 3rd quarter. Trust Point Inc. now owns 972 shares of the industrial products company’s stock valued at $281,000 after acquiring an additional 34 shares during the period. Fulton Bank N.A. lifted its position in shares of Reliance by 3.1% during the third quarter. Fulton Bank N.A. now owns 1,570 shares of the industrial products company’s stock worth $454,000 after purchasing an additional 47 shares during the last quarter. Harbor Capital Advisors Inc. boosted its stake in shares of Reliance by 0.6% during the fourth quarter. Harbor Capital Advisors Inc. now owns 7,715 shares of the industrial products company’s stock valued at $2,077,000 after purchasing an additional 49 shares during the period. UMB Bank n.a. grew its holdings in shares of Reliance by 27.0% in the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock worth $72,000 after purchasing an additional 53 shares during the last quarter. Finally, Janney Montgomery Scott LLC increased its stake in Reliance by 0.3% in the 3rd quarter. Janney Montgomery Scott LLC now owns 19,578 shares of the industrial products company’s stock worth $5,662,000 after buying an additional 58 shares during the period. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Reliance Stock Performance

Shares of RS stock opened at $287.98 on Friday. The firm has a market cap of $15.59 billion, a price-to-earnings ratio of 15.81 and a beta of 0.91. Reliance, Inc. has a 52-week low of $256.98 and a 52-week high of $342.20. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. The company’s 50 day moving average is $290.69 and its 200 day moving average is $290.13.

Reliance (NYSE:RS) last announced its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). The company had revenue of $3.42 billion during the quarter, compared to analysts’ expectations of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. The company’s revenue was down 5.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $5.00 earnings per share. On average, sell-side analysts anticipate that Reliance, Inc. will post 16.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other 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 value of $1,260,618.80. Following the completion of the sale, the chief executive officer now owns 85,117 shares of the company’s stock, valued at $27,569,396.30. This trade represents a 4.37 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mark V. Kaminski sold 5,000 shares of the business’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $298.01, for a total value of $1,490,050.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 21,724 shares of company stock worth $6,856,500. 0.69% of the stock is owned by corporate insiders.

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.