Y Intercept Hong Kong Ltd Acquires 26,055 Shares of Reliance, Inc. $RS

Y Intercept Hong Kong Ltd grew its stake in shares of Reliance, Inc. (NYSE:RS) by 293.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 34,946 shares of the industrial products company’s stock after buying an additional 26,055 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Reliance were worth $9,814,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Private Trust Co. NA raised 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. Root Financial Partners LLC bought a new position in Reliance in the 3rd quarter worth $38,000. Allworth Financial LP boosted its stake in shares of 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. Caldwell Trust Co purchased a new position in shares of Reliance during the second quarter valued at about $58,000. Finally, Transamerica Financial Advisors LLC raised its stake in Reliance by 31.4% in the second quarter. Transamerica Financial Advisors LLC now owns 201 shares of the industrial products company’s stock worth $63,000 after buying an additional 48 shares in the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Insider Buying and Selling at Reliance

In other news, CEO Karla R. Lewis sold 5,809 shares of Reliance stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 84,421 shares of the company’s stock, valued at $23,933,353.50. The trade was a 6.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Stephen Paul Koch sold 3,066 shares of the company’s stock in a transaction dated 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 transaction, the chief operating officer owned 14,021 shares in the company, valued at approximately $3,975,794.76. The trade was a 17.94% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.35% of the stock is owned by company insiders.

Reliance Stock Performance

Reliance stock opened at $329.71 on Friday. Reliance, Inc. has a twelve month low of $250.07 and a twelve month high of $347.43. 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 company has a market capitalization of $17.24 billion, a P/E ratio of 24.10, a PEG ratio of 1.96 and a beta of 0.92. The stock’s 50 day moving average is $294.13 and its 200 day moving average is $292.00.

Reliance (NYSE:RS) last announced its quarterly earnings data on Wednesday, October 22nd. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.68 by ($0.04). Reliance had a net margin of 5.23% and a return on equity of 10.37%. The company had revenue of $3.65 billion for the quarter, compared to analysts’ expectations of $3.54 billion. During the same quarter in the previous year, the firm posted $3.64 EPS. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. On average, equities research analysts predict that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have commented on RS. JPMorgan Chase & Co. lowered their price objective on shares of Reliance from $345.00 to $340.00 and set an “overweight” rating for the company in a report on Friday, December 5th. Zacks Research cut Reliance from a “hold” rating to a “strong sell” rating in a research note on Monday, January 5th. BMO Capital Markets dropped their price target on Reliance from $340.00 to $315.00 and set an “outperform” rating on the stock in a research report on Friday, October 24th. Wells Fargo & Company upped their price target on Reliance from $284.00 to $287.00 and gave the stock an “equal weight” rating in a research note on Friday, November 14th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Reliance in a research report on Monday, December 29th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $317.25.

Reliance Profile

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.