Yacktman Asset Management LP Sells 46,182 Shares of Reliance, Inc. $RS

Yacktman Asset Management LP lessened its stake in shares of Reliance, Inc. (NYSE:RS) by 6.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 702,190 shares of the industrial products company’s stock after selling 46,182 shares during the quarter. Reliance accounts for about 2.7% of Yacktman Asset Management LP’s investment portfolio, making the stock its 12th largest position. Yacktman Asset Management LP owned 1.34% of Reliance worth $197,196,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also bought and sold shares of the company. Private Trust Co. NA boosted its stake in shares of Reliance by 417.6% in the 2nd quarter. Private Trust Co. NA now owns 88 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 71 shares in the last quarter. Root Financial Partners LLC acquired a new stake in shares of Reliance during the 3rd quarter worth about $38,000. Allworth Financial LP lifted its holdings 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 during the last quarter. Caldwell Trust Co acquired a new position in Reliance in the second quarter valued at about $58,000. Finally, Transamerica Financial Advisors LLC grew its stake in Reliance by 31.4% during 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 during the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

Analysts Set New Price Targets

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

Reliance Stock Down 1.0%

Shares of Reliance stock opened at $328.81 on Monday. The business has a fifty day simple moving average of $300.08 and a 200 day simple moving average of $291.51. The stock has a market cap of $17.19 billion, a PE ratio of 24.04, a price-to-earnings-growth ratio of 1.97 and a beta of 0.92. The company has a quick ratio of 2.08, a current ratio of 4.43 and a debt-to-equity ratio of 0.19. Reliance, Inc. has a 12 month low of $250.07 and a 12 month high of $347.43.

Insider Buying and Selling at Reliance

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

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.