Reliance, Inc. $RS Shares Bought by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. increased its position in Reliance, Inc. (NYSE:RS) by 6.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 94,932 shares of the industrial products company’s stock after acquiring an additional 5,889 shares during the period. Envestnet Asset Management Inc. owned approximately 0.18% of Reliance worth $26,660,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on RS shares. KeyCorp restated an “overweight” rating on shares of Reliance in a research note on Wednesday, January 7th. Zacks Research raised shares of Reliance from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 3rd. BMO Capital Markets lowered their price objective on shares of Reliance from $340.00 to $315.00 and set an “outperform” rating on the stock in a research note on Friday, October 24th. JPMorgan Chase & Co. dropped 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. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Reliance in a research note on Monday, December 29th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $317.25.

Reliance Stock Performance

Shares of NYSE RS opened at $356.11 on Friday. The stock’s fifty day simple moving average is $312.12 and its 200 day simple moving average is $293.26. The stock has a market capitalization of $18.62 billion, a price-to-earnings ratio of 26.03, a PEG ratio of 2.15 and a beta of 0.92. The company has a quick ratio of 2.08, a current ratio of 4.43 and a debt-to-equity ratio of 0.19. Reliance, Inc. has a 52-week low of $250.07 and a 52-week high of $365.59.

Insider Activity at Reliance

In other news, 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 transaction of $869,394.96. Following the sale, the chief operating officer owned 14,021 shares in the company, valued at $3,975,794.76. The trade was a 17.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Karla R. Lewis sold 5,809 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $283.50, for a total transaction 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 approximately $23,933,353.50. This trade represents a 6.44% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.35% of the company’s stock.

About Reliance

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.