Reliance (NYSE:RS) Reaches New 1-Year High – Here’s Why

Reliance, Inc. (NYSE:RS)’s stock price hit a new 52-week high on Wednesday . The stock traded as high as $354.74 and last traded at $353.72, with a volume of 353950 shares trading hands. The stock had previously closed at $352.26.

Analyst Ratings Changes

Several analysts have recently commented on RS shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Reliance in a report on Monday, December 29th. JPMorgan Chase & Co. lowered their price target on shares of Reliance from $345.00 to $340.00 and set an “overweight” rating on the stock in a report on Friday, December 5th. Zacks Research raised Reliance from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 3rd. BMO Capital Markets decreased their target price on Reliance from $340.00 to $315.00 and set an “outperform” rating for the company in a research report on Friday, October 24th. Finally, KeyCorp reaffirmed an “overweight” rating on shares of Reliance in a research report on Wednesday, January 7th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $317.25.

Reliance Trading Up 0.4%

The company has a market capitalization of $18.50 billion, a PE ratio of 25.86, a PEG ratio of 2.10 and a beta of 0.92. The stock has a fifty day moving average of $309.31 and a two-hundred day moving average of $292.34. The company has a current ratio of 4.43, a quick ratio of 2.08 and a debt-to-equity ratio of 0.19.

Insider Buying and Selling

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

Hedge Funds Weigh In On Reliance

Several hedge funds have recently made changes to their positions in the business. Foundations Investment Advisors LLC purchased a new position in shares of Reliance during the 3rd quarter worth approximately $1,576,000. Principal Financial Group Inc. boosted its position in shares of Reliance by 4.2% during the third quarter. Principal Financial Group Inc. now owns 755,756 shares of the industrial products company’s stock valued at $212,243,000 after purchasing an additional 30,765 shares in the last quarter. First National Advisers LLC purchased a new stake in Reliance in the third quarter worth $1,948,000. Y Intercept Hong Kong Ltd raised its holdings in Reliance by 293.0% in the third quarter. Y Intercept Hong Kong Ltd now owns 34,946 shares of the industrial products company’s stock worth $9,814,000 after purchasing an additional 26,055 shares in the last quarter. Finally, SG Americas Securities LLC lifted its position in Reliance by 144.9% during the third quarter. SG Americas Securities LLC now owns 18,700 shares of the industrial products company’s stock valued at $5,252,000 after buying an additional 11,064 shares during the period. 79.26% of the stock is owned by hedge funds and other institutional investors.

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.