Pure Financial Advisors LLC Acquires 6,493 Shares of Reliance, Inc. (NYSE:RS)

Pure Financial Advisors LLC boosted its holdings in shares of Reliance, Inc. (NYSE:RS) by 232.9% in the fourth quarter, Holdings Channel reports. The firm owned 9,281 shares of the industrial products company’s stock after purchasing an additional 6,493 shares during the quarter. Pure Financial Advisors LLC’s holdings in Reliance were worth $2,499,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Toronto Dominion Bank boosted its stake in shares of Reliance by 26.7% in the 3rd quarter. Toronto Dominion Bank now owns 8,198 shares of the industrial products company’s stock valued at $2,371,000 after purchasing an additional 1,729 shares in the last quarter. Assetmark Inc. boosted its position in Reliance by 24.2% in the third quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company’s stock valued at $8,074,000 after buying an additional 5,431 shares in the last quarter. AXA S.A. grew its stake in Reliance by 5.4% during the second quarter. AXA S.A. now owns 79,334 shares of the industrial products company’s stock worth $22,658,000 after buying an additional 4,032 shares during the last quarter. Dearborn Partners LLC increased its holdings in shares of Reliance by 4.1% during the third quarter. Dearborn Partners LLC now owns 86,406 shares of the industrial products company’s stock worth $24,989,000 after buying an additional 3,419 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Reliance by 1.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 127,806 shares of the industrial products company’s stock valued at $36,963,000 after acquiring an additional 1,696 shares during the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

Reliance Price Performance

Shares of RS stock opened at $288.58 on Tuesday. The firm has a market cap of $15.62 billion, a price-to-earnings ratio of 15.85 and a beta of 0.91. Reliance, Inc. has a 12 month low of $256.98 and a 12 month 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 50-day moving average price of $292.22 and a 200 day moving average price of $290.09.

Reliance (NYSE:RS) last issued its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing the consensus estimate of $3.66 by ($0.02). The business had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. The firm’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $5.00 EPS. Research analysts expect that Reliance, Inc. will post 16.42 EPS for the current year.

Insider Buying and Selling at Reliance

In related news, SVP William A. Smith II sold 6,500 shares of Reliance stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the transaction, the senior vice president now owns 16,849 shares of the company’s stock, valued at $5,420,491.79. This trade represents a 27.84 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mark V. Kaminski sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $298.01, for a total transaction of $1,490,050.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,724 shares of company stock worth $6,856,500. Insiders own 0.69% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. BMO Capital Markets dropped their price target on 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 target price on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research note on Monday, October 14th. Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. Finally, The Goldman Sachs Group began coverage on shares of Reliance in a research report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price objective for the company. Five 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, the company currently has a consensus rating of “Hold” and a consensus target price of $328.83.

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.