Reliance, Inc. (NYSE:RS) Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp lessened its stake in Reliance, Inc. (NYSE:RS) by 9.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 648 shares of the industrial products company’s stock after selling 68 shares during the period. Fifth Third Bancorp’s holdings in Reliance were worth $174,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the company. Trust Point Inc. lifted its position in Reliance by 3.6% during the 3rd quarter. Trust Point Inc. now owns 972 shares of the industrial products company’s stock worth $281,000 after acquiring an additional 34 shares during the period. Fulton Bank N.A. lifted its holdings in shares of Reliance by 3.1% during the third quarter. Fulton Bank N.A. now owns 1,570 shares of the industrial products company’s stock worth $454,000 after purchasing an additional 47 shares during the period. Harbor Capital Advisors Inc. increased its stake in Reliance by 0.6% in the 4th quarter. Harbor Capital Advisors Inc. now owns 7,715 shares of the industrial products company’s stock valued at $2,077,000 after buying an additional 49 shares during the period. UMB Bank n.a. raised its position in Reliance by 27.0% during the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock worth $72,000 after buying an additional 53 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its stake in shares of Reliance by 0.3% in the 3rd quarter. Janney Montgomery Scott LLC now owns 19,578 shares of the industrial products company’s stock worth $5,662,000 after acquiring an additional 58 shares during the period. 79.26% of the stock is owned by institutional investors and hedge funds.

Reliance Trading Down 2.3 %

NYSE:RS opened at $289.85 on Friday. Reliance, Inc. has a 52-week low of $256.98 and a 52-week high of $342.20. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. The stock has a fifty day simple moving average of $288.14 and a 200-day simple moving average of $290.26. The company has a market capitalization of $15.69 billion, a PE ratio of 15.92 and a beta of 0.91.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In related news, CEO Karla R. Lewis sold 3,892 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $323.90, for a total transaction of $1,260,618.80. Following the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Arthur Ajemyan sold 6,332 shares of the company’s stock in a transaction dated 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 transaction, the chief financial officer now owns 9,245 shares in the company, 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. Over the last quarter, insiders sold 16,724 shares of company stock worth $5,366,450. Insiders own 0.69% of the company’s stock.

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.