Allianz Asset Management GmbH Sells 3,897 Shares of Reliance, Inc. $RS

Allianz Asset Management GmbH cut its stake in Reliance, Inc. (NYSE:RS) by 5.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 74,438 shares of the industrial products company’s stock after selling 3,897 shares during the period. Allianz Asset Management GmbH owned 0.14% of Reliance worth $20,904,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Royal Bank of Canada increased its position in Reliance by 6.6% in the 1st quarter. Royal Bank of Canada now owns 15,111 shares of the industrial products company’s stock valued at $4,364,000 after buying an additional 940 shares in the last quarter. Empowered Funds LLC grew its position in Reliance by 4.8% in the 1st quarter. Empowered Funds LLC now owns 5,662 shares of the industrial products company’s stock worth $1,635,000 after purchasing an additional 258 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of Reliance by 99.2% in the first quarter. Geneos Wealth Management Inc. now owns 263 shares of the industrial products company’s stock valued at $76,000 after acquiring an additional 131 shares in the last quarter. Truist Financial Corp increased its position in shares of Reliance by 64.4% during the 2nd quarter. Truist Financial Corp now owns 3,861 shares of the industrial products company’s stock valued at $1,212,000 after purchasing an additional 1,512 shares during the last quarter. Finally, US Bancorp DE increased its holdings in Reliance by 9.3% during the second quarter. US Bancorp DE now owns 2,267 shares of the industrial products company’s stock worth $712,000 after buying an additional 192 shares during the last quarter. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Reliance Stock Performance

Reliance stock opened at $353.71 on Friday. Reliance, Inc. has a twelve month low of $250.07 and a twelve month 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 company’s 50-day moving average price is $306.42 and its 200-day moving average price is $292.35. The company has a market cap of $18.50 billion, a PE ratio of 25.86, a price-to-earnings-growth ratio of 2.04 and a beta of 0.92.

Insider Buying and Selling at Reliance

In other Reliance news, COO Stephen Paul Koch sold 3,066 shares of the firm’s 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 completion of the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Karla R. Lewis sold 5,809 shares of the business’s 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 sale, the chief executive officer directly owned 84,421 shares in the company, valued at $23,933,353.50. This trade represents a 6.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.35% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on RS shares. JPMorgan Chase & Co. reduced their price target on Reliance from $345.00 to $340.00 and set an “overweight” rating for the company in a research report on Friday, December 5th. Zacks Research upgraded Reliance from a “strong sell” rating to a “hold” rating in a research report on Tuesday. Wells Fargo & Company increased their target price on shares of Reliance from $284.00 to $287.00 and gave the company an “equal weight” rating in a report on Friday, November 14th. KeyCorp reissued an “overweight” rating on shares of Reliance in a research note on Wednesday, January 7th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Reliance in a research report on Monday, December 29th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $317.25.

Reliance Company 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.