Mirae Asset Global Investments Co. Ltd. Buys 404 Shares of Reliance, Inc. (NYSE:RS)

Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Reliance, Inc. (NYSE:RS) by 4.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 8,973 shares of the industrial products company’s stock after acquiring an additional 404 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Reliance were worth $2,389,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in RS. Quarry LP purchased a new stake in Reliance during the third quarter valued at about $41,000. Versant Capital Management Inc increased its position in shares of Reliance by 157.8% during the 4th quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock valued at $58,000 after purchasing an additional 131 shares during the last quarter. UMB Bank n.a. raised its holdings in shares of Reliance by 27.0% during the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after buying an additional 53 shares in the last quarter. Brooklyn Investment Group bought a new stake in Reliance in the 3rd quarter worth approximately $78,000. Finally, Abound Wealth Management boosted its stake in Reliance by 35,700.0% in the fourth quarter. Abound Wealth Management now owns 358 shares of the industrial products company’s stock worth $96,000 after buying an additional 357 shares in the last quarter. 79.26% of the stock is owned by institutional investors.

Insider Transactions at Reliance

In related news, CEO Karla R. Lewis sold 3,892 shares of the 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 transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.69% of the company’s stock.

Reliance Price Performance

RS opened at $282.96 on Monday. The stock’s 50 day moving average price is $284.36 and its 200-day moving average price is $289.39. Reliance, Inc. has a 52-week low of $256.98 and a 52-week high of $342.20. The stock has a market capitalization of $15.31 billion, a PE ratio of 15.54 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.

Analysts Set New Price Targets

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

Reliance 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.