Woodward Diversified Capital LLC Acquires New Position in Reliance, Inc. (NYSE:RS)

Woodward Diversified Capital LLC bought a new position in shares of Reliance, Inc. (NYSE:RS) during the 4th quarter, Holdings Channel reports. The firm bought 78,048 shares of the industrial products company’s stock, valued at approximately $21,015,000. Reliance makes up 15.4% of Woodward Diversified Capital LLC’s investment portfolio, making the stock its biggest position.

A number of other hedge funds also recently added to or reduced their stakes in RS. Trust Point Inc. lifted its holdings in shares of Reliance by 3.6% in the third quarter. Trust Point Inc. now owns 972 shares of the industrial products company’s stock valued at $281,000 after purchasing an additional 34 shares in the last quarter. Harbor Capital Advisors Inc. grew its holdings in Reliance by 0.6% during 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 last quarter. UMB Bank n.a. increased its position in Reliance by 27.0% during the third 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 in the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of Reliance by 0.3% in the third 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 last quarter. Finally, CIBC Asset Management Inc boosted its stake in shares of Reliance by 2.4% during the third quarter. CIBC Asset Management Inc now owns 2,634 shares of the industrial products company’s stock valued at $762,000 after acquiring an additional 62 shares during the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.

Reliance Stock Performance

Reliance stock opened at $282.96 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. Reliance, Inc. has a 12 month low of $256.98 and a 12 month high of $342.20. The company has a market cap of $15.31 billion, a price-to-earnings ratio of 15.54 and a beta of 0.91. The stock’s 50-day moving average is $284.36 and its 200-day moving average is $289.51.

Insider Activity at Reliance

In other Reliance news, CEO Karla R. Lewis sold 3,892 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now directly 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 document filed with the SEC, which is available through this hyperlink. 0.69% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

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

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.