Swedbank AB Purchases 687 Shares of Reliance, Inc. (NYSE:RS)

Swedbank AB raised its position in shares of Reliance, Inc. (NYSE:RS) by 1.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 43,568 shares of the industrial products company’s stock after purchasing an additional 687 shares during the quarter. Swedbank AB owned 0.08% of Reliance worth $11,731,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. BSW Wealth Partners increased its stake in Reliance by 23.5% in the 4th quarter. BSW Wealth Partners now owns 2,215 shares of the industrial products company’s stock worth $596,000 after buying an additional 422 shares in the last quarter. Perigon Wealth Management LLC raised its position in shares of Reliance by 8.4% during the fourth quarter. Perigon Wealth Management LLC now owns 1,101 shares of the industrial products company’s stock valued at $313,000 after buying an additional 85 shares during the last quarter. Pacer Advisors Inc. boosted its position in shares of Reliance by 6,311.2% during the fourth quarter. Pacer Advisors Inc. now owns 816,465 shares of the industrial products company’s stock worth $219,841,000 after acquiring an additional 803,730 shares during the last quarter. Blue Trust Inc. grew its stake in Reliance by 35.4% during the fourth quarter. Blue Trust Inc. now owns 1,387 shares of the industrial products company’s stock valued at $401,000 after acquiring an additional 363 shares in the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its holdings in Reliance by 7.8% in the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 40,899 shares of the industrial products company’s stock valued at $11,012,000 after acquiring an additional 2,971 shares during the last quarter. 79.26% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, SVP William A. Smith II sold 6,500 shares of Reliance stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $321.71, for a total value of $2,091,115.00. Following the transaction, the senior vice president now owns 16,849 shares of the company’s stock, valued at $5,420,491.79. The trade was a 27.84 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Arthur Ajemyan sold 6,332 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $318.18, for a total transaction of $2,014,715.76. Following the completion of the sale, the chief financial officer now owns 9,245 shares of the company’s stock, valued at approximately $2,941,574.10. This trade represents a 40.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 16,724 shares of company stock valued at $5,366,450 over the last three months. 0.69% of the stock is owned by company insiders.

Analyst Ratings Changes

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

Reliance Trading Down 2.3 %

Shares of RS opened at $289.85 on Friday. Reliance, Inc. has a 1-year low of $256.98 and a 1-year high of $342.20. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. The company has a 50-day moving average of $288.14 and a 200 day moving average of $290.26. The firm has a market capitalization of $15.69 billion, a price-to-earnings ratio of 15.92 and a beta of 0.91.

Reliance Company Profile

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.