Perigon Wealth Management LLC Boosts Position in Reliance, Inc. (NYSE:RS)

Perigon Wealth Management LLC raised its stake in shares of Reliance, Inc. (NYSE:RS) by 8.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,101 shares of the industrial products company’s stock after buying an additional 85 shares during the quarter. Perigon Wealth Management LLC’s holdings in Reliance were worth $313,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in RS. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Reliance by 4.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,240 shares of the industrial products company’s stock worth $926,000 after purchasing an additional 134 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Reliance during the second quarter worth about $3,073,000. Handelsbanken Fonder AB lifted its position in Reliance by 26.5% in the 3rd quarter. Handelsbanken Fonder AB now owns 14,781 shares of the industrial products company’s stock worth $4,275,000 after buying an additional 3,100 shares during the last quarter. GAMMA Investing LLC lifted its position in Reliance by 19.1% in the 3rd quarter. GAMMA Investing LLC now owns 697 shares of the industrial products company’s stock worth $202,000 after buying an additional 112 shares during the last quarter. Finally, Fulton Bank N.A. lifted its position in Reliance by 3.1% in the 3rd quarter. Fulton Bank N.A. now owns 1,570 shares of the industrial products company’s stock worth $454,000 after buying an additional 47 shares during the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Insider Activity at Reliance

In related news, CEO Karla R. Lewis sold 3,892 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was 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 of the company’s stock, valued at $27,569,396.30. This represents a 4.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Arthur Ajemyan sold 6,332 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total value of $2,014,715.76. Following the completion of the sale, the chief financial officer now directly owns 9,245 shares in the company, 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. Insiders sold a total of 16,724 shares of company stock worth $5,366,450 over the last quarter. 0.69% of the stock is owned by corporate insiders.

Reliance Stock Performance

Shares of RS stock opened at $289.85 on Monday. 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 fifty-two week low of $256.98 and a fifty-two week high of $342.20. The stock has a 50 day moving average price of $288.14 and a two-hundred day moving average price of $290.01. The company has a market capitalization of $15.69 billion, a P/E ratio of 15.92 and a beta of 0.91.

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.