Peterson Wealth Services Sells 3,093 Shares of Reliance, Inc. $RS

Peterson Wealth Services cut its holdings in shares of Reliance, Inc. (NYSE:RS) by 96.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 104 shares of the industrial products company’s stock after selling 3,093 shares during the period. Peterson Wealth Services’ holdings in Reliance were worth $29,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Private Trust Co. NA boosted its holdings in shares of Reliance by 417.6% during the 2nd quarter. Private Trust Co. NA now owns 88 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 71 shares during the last quarter. Guerra Advisors Inc purchased a new stake in Reliance during the third quarter valued at $34,000. Root Financial Partners LLC purchased a new stake in shares of Reliance during the 3rd quarter valued at about $38,000. Allworth Financial LP increased its holdings in Reliance by 46.3% during the second quarter. Allworth Financial LP now owns 139 shares of the industrial products company’s stock valued at $44,000 after buying an additional 44 shares during the last quarter. Finally, Caldwell Trust Co purchased a new stake in shares of Reliance in the 2nd quarter worth $58,000. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Insider Transactions at Reliance

In other news, CEO Karla R. Lewis sold 5,809 shares of the company’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $283.50, for a total transaction of $1,646,851.50. Following the transaction, the chief executive officer directly owned 84,421 shares of the company’s stock, valued at approximately $23,933,353.50. This represents a 6.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Stephen Paul Koch sold 3,066 shares of the stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $283.56, for a total value of $869,394.96. Following the completion of the sale, the chief operating officer owned 14,021 shares of the company’s stock, valued at approximately $3,975,794.76. This trade represents a 17.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.35% of the company’s stock.

Reliance Trading Up 1.1%

NYSE:RS opened at $335.76 on Wednesday. The firm has a market cap of $17.56 billion, a P/E ratio of 24.54, a P/E/G ratio of 1.98 and a beta of 0.92. Reliance, Inc. has a one year low of $250.07 and a one year high of $347.43. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.08 and a current ratio of 4.43. The firm has a 50-day simple moving average of $302.37 and a 200-day simple moving average of $291.51.

Wall Street Analyst Weigh In

Several research firms recently issued reports on RS. Weiss Ratings reissued a “hold (c)” rating on shares of Reliance in a report on Monday, December 29th. JPMorgan Chase & Co. dropped their price objective on shares of Reliance from $345.00 to $340.00 and set an “overweight” rating for the company in a report on Friday, December 5th. KeyCorp reiterated an “overweight” rating on shares of Reliance in a research report on Wednesday, January 7th. Zacks Research downgraded shares of Reliance from a “hold” rating to a “strong sell” rating in a report on Monday, January 5th. Finally, BMO Capital Markets dropped their price objective on shares of Reliance from $340.00 to $315.00 and set an “outperform” rating for the company in a research note on Friday, October 24th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $317.25.

Reliance 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.