1,417 Shares in Reliance, Inc. $RS Acquired by MQS Management LLC

MQS Management LLC acquired a new stake in shares of Reliance, Inc. (NYSE:RS) in the third quarter, HoldingsChannel reports. The institutional investor acquired 1,417 shares of the industrial products company’s stock, valued at approximately $398,000.

Several other hedge funds have also added to or reduced their stakes in RS. Private Trust Co. NA increased its holdings in shares of Reliance by 417.6% during the second quarter. Private Trust Co. NA now owns 88 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 71 shares in the last quarter. Guerra Advisors Inc bought a new position in Reliance in the 3rd quarter worth about $34,000. Root Financial Partners LLC purchased a new stake in Reliance during the 3rd quarter valued at about $38,000. Allworth Financial LP increased its stake in Reliance by 46.3% during the 2nd quarter. Allworth Financial LP now owns 139 shares of the industrial products company’s stock valued at $44,000 after purchasing an additional 44 shares in the last quarter. Finally, Caldwell Trust Co purchased a new position in Reliance in the second quarter worth about $58,000. 79.26% of the stock is owned by institutional investors.

Insider Transactions at Reliance

In other Reliance news, COO Stephen Paul Koch sold 3,066 shares of Reliance stock in a transaction on Monday, December 1st. The stock was sold at an average price of $283.56, for a total transaction of $869,394.96. Following the completion of the sale, the chief operating officer directly owned 14,021 shares of the company’s stock, valued at $3,975,794.76. The trade was a 17.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Karla R. Lewis sold 5,809 shares of the firm’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $283.50, for a total value of $1,646,851.50. Following the transaction, the chief executive officer owned 84,421 shares in the company, valued at approximately $23,933,353.50. This represents a 6.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.35% of the company’s stock.

Reliance Trading Up 2.0%

Shares of RS opened at $360.41 on Thursday. The company’s fifty day simple moving average is $310.76 and its 200-day simple moving average is $292.82. The company has a market cap of $18.85 billion, a P/E ratio of 26.35, a P/E/G ratio of 2.11 and a beta of 0.92. The company has a current ratio of 4.43, a quick ratio of 2.08 and a debt-to-equity ratio of 0.19. Reliance, Inc. has a twelve month low of $250.07 and a twelve month high of $360.64.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on RS shares. Zacks Research upgraded shares of Reliance from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 3rd. Weiss Ratings restated a “hold (c)” rating on shares of Reliance in a research note on Monday, December 29th. KeyCorp reaffirmed an “overweight” rating on shares of Reliance in a research note on Wednesday, January 7th. BMO Capital Markets lowered their price target on Reliance from $340.00 to $315.00 and set an “outperform” rating on the stock in a report on Friday, October 24th. Finally, Wells Fargo & Company boosted their target price on Reliance from $284.00 to $287.00 and gave the stock an “equal weight” rating in a research report on Friday, November 14th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Reliance has an average rating of “Moderate Buy” and a consensus target price of $317.25.

About Reliance

Reliance Steel & Aluminum Co (NYSE: RS) is a leading metals service center company that distributes and processes a broad array of metal products. The company offers cut-to-length, shearing, blanking, sawing, bending, machining and value-added services for carbon and alloy steel, stainless steel, aluminum, brass, titanium and specialty metal alloys. Its products serve diverse end markets, including energy, infrastructure, general manufacturing, transportation, aerospace and defense.

Founded in 1939 in Los Angeles, Reliance Steel & Aluminum has grown through a combination of organic expansion and strategic acquisitions.