Reliance, Inc. (NYSE:RS) Shares Sold by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System lowered its stake in Reliance, Inc. (NYSE:RS) by 1.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,000 shares of the industrial products company’s stock after selling 200 shares during the period. Louisiana State Employees Retirement System’s holdings in Reliance were worth $4,039,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Pacer Advisors Inc. raised its holdings in Reliance by 6,311.2% in the fourth quarter. Pacer Advisors Inc. now owns 816,465 shares of the industrial products company’s stock valued at $219,841,000 after acquiring an additional 803,730 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of 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 holdings in shares of 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 in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Reliance by 0.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 285,871 shares of the industrial products company’s stock worth $82,677,000 after purchasing an additional 1,499 shares during the last quarter. Finally, Victory Capital Management Inc. grew its stake in shares of Reliance by 0.3% during the third quarter. Victory Capital Management Inc. now owns 203,156 shares of the industrial products company’s stock worth $58,755,000 after purchasing an additional 528 shares in the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Analysts Set New Price Targets

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

Insider Activity

In other news, CEO Karla R. Lewis sold 3,892 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $323.90, for a total value 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 represents a 4.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.69% of the company’s stock.

Reliance Trading Down 1.2 %

NYSE:RS opened at $286.93 on Thursday. The company has a market capitalization of $15.53 billion, a PE ratio of 15.76 and a beta of 0.91. Reliance, Inc. has a 52-week low of $256.98 and a 52-week high of $342.20. The stock’s 50 day moving average price is $282.78 and its 200 day moving average price is $289.16. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12.

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.