Exchange Traded Concepts LLC Buys Shares of 9,154 Reliance, Inc. (NYSE:RS)

Exchange Traded Concepts LLC purchased a new position in Reliance, Inc. (NYSE:RS) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 9,154 shares of the industrial products company’s stock, valued at approximately $2,465,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. International Assets Investment Management LLC raised its position in shares of Reliance by 27,269.0% in the third quarter. International Assets Investment Management LLC now owns 112,213 shares of the industrial products company’s stock valued at $32,453,000 after buying an additional 111,803 shares during the last quarter. Principal Financial Group Inc. grew 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 worth $136,718,000 after acquiring an additional 77,937 shares during the period. KBC Group NV raised its holdings in Reliance by 68.8% in the 3rd quarter. KBC Group NV now owns 139,660 shares of the industrial products company’s stock valued at $40,391,000 after acquiring an additional 56,933 shares during the last quarter. Weiss Asset Management LP purchased a new position in shares of Reliance during the 3rd quarter worth $12,389,000. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Reliance by 478.1% during the fourth quarter. Assenagon Asset Management S.A. now owns 50,694 shares of the industrial products company’s stock worth $13,650,000 after purchasing an additional 41,925 shares during the last quarter. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Reliance Stock Up 1.0 %

RS opened at $290.79 on Friday. The company has a market cap of $15.74 billion, a PE ratio of 15.97 and a beta of 0.91. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 3.31. Reliance, Inc. has a 1 year low of $256.98 and a 1 year high of $342.20. The firm has a 50 day moving average price of $290.30 and a 200 day moving average price of $290.29.

Reliance (NYSE:RS) last issued its earnings results on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). Reliance had a net margin of 7.42% and a return on equity of 13.68%. The business had revenue of $3.42 billion during the quarter, compared to analysts’ expectations of $3.38 billion. During the same period in the prior year, the business posted $5.00 EPS. The business’s revenue was down 5.6% on a year-over-year basis. Sell-side analysts expect that Reliance, Inc. will post 16.36 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. KeyCorp dropped 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. The Goldman Sachs Group began coverage on shares of Reliance in a research note on Monday, December 2nd. They set a “neutral” rating and a $341.00 price objective for the company. Wolfe Research raised shares of Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. Finally, BMO Capital Markets dropped their price target 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. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $328.17.

Insider Activity at Reliance

In other news, Director Mark V. Kaminski sold 5,000 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $298.01, for a total value of $1,490,050.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Arthur Ajemyan sold 6,332 shares of the firm’s stock in a transaction 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 sale, the chief financial officer now directly owns 9,245 shares of the company’s stock, valued at approximately $2,941,574.10. The trade was a 40.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 21,724 shares of company stock worth $6,856,500. 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.