New Mexico Educational Retirement Board Lowers Position in Reliance, Inc. (NYSE:RS)

New Mexico Educational Retirement Board decreased its holdings in shares of Reliance, Inc. (NYSE:RS) by 6.2% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 11,236 shares of the industrial products company’s stock after selling 739 shares during the period. New Mexico Educational Retirement Board’s holdings in Reliance were worth $3,025,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Pacer Advisors Inc. lifted its position in shares of Reliance by 6,311.2% during the 4th quarter. Pacer Advisors Inc. now owns 816,465 shares of the industrial products company’s stock valued at $219,841,000 after buying an additional 803,730 shares in the last quarter. Principal Financial Group Inc. raised its stake in Reliance by 19.7% in the 3rd quarter. Principal Financial Group Inc. now owns 472,730 shares of the industrial products company’s stock valued at $136,718,000 after purchasing an additional 77,937 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its stake in Reliance by 7.3% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 296,033 shares of the industrial products company’s stock valued at $85,616,000 after purchasing an additional 20,056 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Reliance by 0.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 285,871 shares of the industrial products company’s stock valued at $82,677,000 after purchasing an additional 1,499 shares during the last quarter. Finally, Victory Capital Management Inc. raised its stake in Reliance by 0.3% in the 3rd quarter. Victory Capital Management Inc. now owns 203,156 shares of the industrial products company’s stock valued at $58,755,000 after purchasing an additional 528 shares during the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Reliance Stock Up 2.3 %

Shares of RS opened at $297.98 on Friday. Reliance, Inc. has a 52-week low of $256.98 and a 52-week high of $342.20. The company has a market capitalization of $16.13 billion, a PE ratio of 16.36 and a beta of 0.91. The stock has a fifty day simple moving average of $282.33 and a two-hundred day simple moving average of $289.05. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. BMO Capital Markets reduced their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Wolfe Research raised Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. KeyCorp reduced their price objective on Reliance from $325.00 to $321.00 and set an “overweight” rating for the company in a research note on Wednesday, January 22nd. Finally, The Goldman Sachs Group assumed coverage on Reliance in a research note on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Reliance has an average rating of “Hold” and an average price target of $328.17.

Insiders Place Their Bets

In related news, CEO Karla R. Lewis sold 3,892 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $323.90, for a total transaction of $1,260,618.80. Following the completion of the sale, the chief executive officer now directly owns 85,117 shares of the company’s stock, valued at approximately $27,569,396.30. This trade represents a 4.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.69% of the company’s stock.

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.