Reliance, Inc. $RS Shares Sold by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. lessened its holdings in shares of Reliance, Inc. (NYSE:RS) by 98.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 109 shares of the industrial products company’s stock after selling 9,363 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Reliance were worth $31,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RS. Private Trust Co. NA raised its stake in Reliance by 417.6% in the second quarter. Private Trust Co. NA now owns 88 shares of the industrial products company’s stock valued at $28,000 after buying an additional 71 shares during the last quarter. Root Financial Partners LLC acquired a new position in shares of Reliance during the third quarter valued at about $38,000. Allworth Financial LP raised its position in shares of Reliance by 46.3% in 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 during the last quarter. Caldwell Trust Co acquired a new stake in Reliance in the 2nd quarter worth approximately $58,000. Finally, Transamerica Financial Advisors LLC grew its position in Reliance by 31.4% during the 2nd quarter. Transamerica Financial Advisors LLC now owns 201 shares of the industrial products company’s stock worth $63,000 after purchasing an additional 48 shares during the last quarter. 79.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Reliance news, CEO Karla R. Lewis sold 5,809 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $283.50, for a total value of $1,646,851.50. Following the sale, 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 transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Stephen Paul Koch sold 3,066 shares of the firm’s stock in a transaction that occurred 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 sale, the chief operating officer directly owned 14,021 shares in the company, valued at $3,975,794.76. The trade was a 17.94% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.35% of the company’s stock.

Reliance Stock Performance

Shares of RS stock opened at $353.71 on Friday. Reliance, Inc. has a 52-week low of $250.07 and a 52-week high of $354.38. The company has a quick ratio of 2.08, a current ratio of 4.43 and a debt-to-equity ratio of 0.19. The stock has a market cap of $18.50 billion, a PE ratio of 25.86, a price-to-earnings-growth ratio of 2.11 and a beta of 0.92. The business has a 50-day simple moving average of $306.42 and a 200-day simple moving average of $292.01.

Analyst Ratings Changes

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