Reliance, Inc. (NYSE:RS) Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue reduced its stake in shares of Reliance, Inc. (NYSE:RS) by 9.2% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 45,072 shares of the industrial products company’s stock after selling 4,570 shares during the period. State of Alaska Department of Revenue owned approximately 0.08% of Reliance worth $12,135,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Pacer Advisors Inc. lifted its stake in Reliance by 6,311.2% in 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. International Assets Investment Management LLC lifted its stake in Reliance by 27,269.0% in the 3rd quarter. International Assets Investment Management LLC now owns 112,213 shares of the industrial products company’s stock worth $32,453,000 after purchasing an additional 111,803 shares in the last quarter. Principal Financial Group Inc. lifted 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 purchasing an additional 77,937 shares in the last quarter. KBC Group NV lifted its stake in Reliance by 68.8% in the 3rd quarter. KBC Group NV now owns 139,660 shares of the industrial products company’s stock worth $40,391,000 after purchasing an additional 56,933 shares in the last quarter. Finally, Weiss Asset Management LP purchased a new position in Reliance in the 3rd quarter worth approximately $12,389,000. 79.26% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Karla R. Lewis sold 3,892 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 85,117 shares in the company, valued at $27,569,396.30. This represents a 4.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.69% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

RS has been the topic of a number of research reports. Wolfe Research raised shares of Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. BMO Capital Markets reduced their price target on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. 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 target on the stock. Finally, 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. Five equities 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, Reliance currently has a consensus rating of “Hold” and an average price target of $328.17.

Reliance Price Performance

Shares of RS opened at $285.08 on Friday. Reliance, Inc. has a fifty-two week low of $256.98 and a fifty-two week high of $342.20. The company has a market capitalization of $15.43 billion, a price-to-earnings ratio of 15.66 and a beta of 0.90. The firm has a 50-day simple moving average of $285.13 and a 200-day simple moving average of $289.64. 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 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.