Peterson Wealth Services Purchases 194 Shares of Reliance, Inc. (NYSE:RS)

Peterson Wealth Services raised its holdings in Reliance, Inc. (NYSE:RS) by 6.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,329 shares of the industrial products company’s stock after buying an additional 194 shares during the quarter. Peterson Wealth Services’ holdings in Reliance were worth $896,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RS. Quarry LP acquired a new position in Reliance in the third quarter worth about $41,000. Versant Capital Management Inc boosted its stake in Reliance by 157.8% in the 4th quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock valued at $58,000 after buying an additional 131 shares in the last quarter. UMB Bank n.a. grew its position in Reliance by 27.0% in the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after acquiring an additional 53 shares during the period. Brooklyn Investment Group acquired a new position in Reliance during the third quarter worth $78,000. Finally, Abound Wealth Management lifted its holdings in shares of Reliance by 35,700.0% during the fourth quarter. Abound Wealth Management now owns 358 shares of the industrial products company’s stock valued at $96,000 after acquiring an additional 357 shares during the period. 79.26% of the stock is owned by institutional investors.

Analysts Set New Price Targets

RS has been the subject of a number of recent analyst reports. BMO Capital Markets dropped their target price on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Wolfe Research raised shares of Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. The Goldman Sachs Group initiated coverage on Reliance in a report on Monday, December 2nd. They set a “neutral” rating and a $341.00 price objective on the stock. Finally, KeyCorp lowered their target price on Reliance from $325.00 to $321.00 and set an “overweight” rating for the company in a research note on Wednesday, January 22nd. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $328.17.

Insider Activity at Reliance

In related news, CEO Karla R. Lewis sold 3,892 shares of Reliance stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $323.90, for a total transaction of $1,260,618.80. Following the transaction, the chief executive officer now owns 85,117 shares of the company’s stock, valued at $27,569,396.30. This trade represents a 4.37 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.69% of the stock is currently owned by corporate insiders.

Reliance Stock Performance

Shares of Reliance stock opened at $291.07 on Tuesday. The firm has a fifty day moving average of $283.79 and a two-hundred day moving average of $289.27. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 3.31. The stock has a market capitalization of $15.75 billion, a price-to-earnings ratio of 15.98 and a beta of 0.91. Reliance, Inc. has a 52 week low of $256.98 and a 52 week high of $342.20.

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.