Caprock Group LLC Takes $1.39 Million Position in Reliance, Inc. $RS

Caprock Group LLC acquired a new stake in shares of Reliance, Inc. (NYSE:RS) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 4,687 shares of the industrial products company’s stock, valued at approximately $1,386,000.

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

Reliance Stock Performance

Shares of NYSE RS opened at $343.31 on Friday. The business’s 50-day simple moving average is $313.27 and its 200-day simple moving average is $293.52. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.08 and a current ratio of 4.43. Reliance, Inc. has a 52 week low of $250.07 and a 52 week high of $365.59. The firm has a market cap of $17.95 billion, a price-to-earnings ratio of 25.10, a P/E/G ratio of 2.05 and a beta of 0.92.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on RS. JPMorgan Chase & Co. dropped their price target on shares of Reliance from $345.00 to $340.00 and set an “overweight” rating for the company in a research report on Friday, December 5th. Wells Fargo & Company lifted their target price on shares of Reliance from $284.00 to $287.00 and gave the company an “equal weight” rating in a report on Friday, November 14th. Weiss Ratings restated a “hold (c)” rating on shares of Reliance in a research note on Monday, December 29th. KeyCorp reaffirmed an “overweight” rating on shares of Reliance in a research note on Wednesday, January 7th. Finally, BMO Capital Markets decreased their target price on Reliance from $340.00 to $315.00 and set an “outperform” rating on the stock in a research note on Friday, October 24th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Reliance has a consensus rating of “Moderate Buy” and an average price target of $317.25.

Insiders Place Their Bets

In other news, CEO Karla R. Lewis sold 5,809 shares of the firm’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $283.50, for a total value of $1,646,851.50. Following the sale, the chief executive officer directly 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Stephen Paul Koch sold 3,066 shares of the business’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $283.56, for a total value of $869,394.96. Following the transaction, the chief operating officer directly owned 14,021 shares of the company’s stock, valued at $3,975,794.76. This represents a 17.94% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.35% of the stock is owned by insiders.

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.