UMB Bank n.a. grew its stake in Reliance, Inc. (NYSE:RS – Free Report) by 41.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 353 shares of the industrial products company’s stock after purchasing an additional 104 shares during the period. UMB Bank n.a.’s holdings in Reliance were worth $95,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. International Assets Investment Management LLC increased its holdings in shares of Reliance by 27,269.0% during the 3rd quarter. International Assets Investment Management LLC now owns 112,213 shares of the industrial products company’s stock worth $32,453,000 after buying an additional 111,803 shares during the last quarter. Principal Financial Group Inc. increased its stake in Reliance by 19.7% during the third quarter. Principal Financial Group Inc. now owns 472,730 shares of the industrial products company’s stock worth $136,718,000 after acquiring an additional 77,937 shares during the last quarter. KBC Group NV raised its position in Reliance by 68.8% in the third quarter. KBC Group NV now owns 139,660 shares of the industrial products company’s stock valued at $40,391,000 after purchasing an additional 56,933 shares during the period. Weiss Asset Management LP acquired a new position in shares of Reliance in the 3rd quarter valued at $12,389,000. Finally, Assenagon Asset Management S.A. grew its holdings in shares of Reliance by 478.1% during the 4th quarter. Assenagon Asset Management S.A. now owns 50,694 shares of the industrial products company’s stock worth $13,650,000 after purchasing an additional 41,925 shares during the period. Institutional investors and hedge funds own 79.26% of the company’s stock.
Insider Activity at Reliance
In other news, CEO Karla R. Lewis sold 3,892 shares of the business’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 completion of the sale, the chief executive officer now directly owns 85,117 shares of the company’s stock, valued at approximately $27,569,396.30. The trade was a 4.37 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mark V. Kaminski sold 5,000 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $298.01, for a total value of $1,490,050.00. The disclosure for this sale can be found here. Insiders have sold a total of 21,724 shares of company stock valued at $6,856,500 over the last 90 days. 0.69% of the stock is owned by corporate insiders.
Reliance Price Performance
Reliance (NYSE:RS – Get Free Report) last released its earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). Reliance had a net margin of 7.42% and a return on equity of 13.68%. The company had revenue of $3.42 billion during the quarter, compared to analysts’ expectations of $3.38 billion. During the same quarter last year, the business posted $5.00 earnings per share. The company’s revenue for the quarter was down 5.6% on a year-over-year basis. On average, research analysts expect that Reliance, Inc. will post 16.38 EPS for the current fiscal year.
Analyst Ratings Changes
A number of research firms have commented on RS. The Goldman Sachs Group initiated coverage on shares of Reliance in a research report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 target price on the stock. Wolfe Research raised shares of Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. KeyCorp cut their target price on Reliance from $325.00 to $321.00 and set an “overweight” rating on the stock in a research report on Wednesday. Finally, BMO Capital Markets lowered their price target on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $328.17.
View Our Latest Stock Analysis on Reliance
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.
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