New York State Common Retirement Fund Cuts Stock Position in Reliance, Inc. $RS

New York State Common Retirement Fund cut its holdings in shares of Reliance, Inc. (NYSE:RS) by 53.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 39,376 shares of the industrial products company’s stock after selling 45,876 shares during the quarter. New York State Common Retirement Fund owned approximately 0.08% of Reliance worth $11,058,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in RS. Royal Bank of Canada grew its position in shares of Reliance by 6.6% during the first quarter. Royal Bank of Canada now owns 15,111 shares of the industrial products company’s stock worth $4,364,000 after purchasing an additional 940 shares in the last quarter. Empowered Funds LLC boosted its stake in Reliance by 4.8% in the 1st quarter. Empowered Funds LLC now owns 5,662 shares of the industrial products company’s stock worth $1,635,000 after purchasing an additional 258 shares during the period. Geneos Wealth Management Inc. grew its holdings in Reliance by 99.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 263 shares of the industrial products company’s stock valued at $76,000 after buying an additional 131 shares in the last quarter. Truist Financial Corp raised its position in shares of Reliance by 64.4% during the second quarter. Truist Financial Corp now owns 3,861 shares of the industrial products company’s stock valued at $1,212,000 after buying an additional 1,512 shares during the last quarter. Finally, KLP Kapitalforvaltning AS lifted its holdings in shares of Reliance by 21.8% in the second quarter. KLP Kapitalforvaltning AS now owns 38,600 shares of the industrial products company’s stock worth $12,117,000 after buying an additional 6,900 shares in the last quarter. Institutional investors own 79.26% of the company’s stock.

Wall Street Analysts Forecast Growth

RS has been the subject of several research analyst reports. KeyCorp reaffirmed an “overweight” rating on shares of Reliance in a research note on Wednesday, January 7th. JPMorgan Chase & Co. reduced their target price on Reliance from $345.00 to $340.00 and set an “overweight” rating on the stock in a report on Friday, December 5th. Weiss Ratings reissued a “hold (c)” rating on shares of Reliance in a research note on Monday, December 29th. Wells Fargo & Company raised their price target on Reliance from $284.00 to $287.00 and gave the company an “equal weight” rating in a report on Friday, November 14th. Finally, Zacks Research cut Reliance from a “hold” rating to a “strong sell” rating in a report on Monday, January 5th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Reliance presently has an average rating of “Hold” and a consensus target price of $317.25.

Reliance Trading Up 1.1%

Shares of NYSE RS opened at $335.76 on Wednesday. Reliance, Inc. has a 1-year low of $250.07 and a 1-year high of $347.43. The company has a debt-to-equity ratio of 0.19, a current ratio of 4.43 and a quick ratio of 2.08. The business’s 50 day moving average is $302.37 and its two-hundred day moving average is $291.51. The stock has a market capitalization of $17.56 billion, a P/E ratio of 24.54, a PEG ratio of 1.98 and a beta of 0.92.

Insiders Place Their Bets

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

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.