Linden Thomas Advisory Services LLC Purchases 84 Shares of Reliance, Inc. (NYSE:RS)

Linden Thomas Advisory Services LLC grew its position in shares of Reliance, Inc. (NYSE:RS) by 2.3% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 3,751 shares of the industrial products company’s stock after acquiring an additional 84 shares during the quarter. Linden Thomas Advisory Services LLC’s holdings in Reliance were worth $1,010,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Toronto Dominion Bank lifted its position in Reliance by 26.7% during the third quarter. Toronto Dominion Bank now owns 8,198 shares of the industrial products company’s stock valued at $2,371,000 after purchasing an additional 1,729 shares during the last quarter. Assetmark Inc. lifted its holdings in shares of Reliance by 24.2% in the 3rd quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company’s stock valued at $8,074,000 after acquiring an additional 5,431 shares during the last quarter. Dearborn Partners LLC grew its position in Reliance by 4.1% in the third quarter. Dearborn Partners LLC now owns 86,406 shares of the industrial products company’s stock worth $24,989,000 after acquiring an additional 3,419 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position in Reliance by 1.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 127,806 shares of the industrial products company’s stock worth $36,963,000 after acquiring an additional 1,696 shares in the last quarter. Finally, Moloney Securities Asset Management LLC bought a new stake in Reliance during the third quarter worth approximately $1,025,000. 79.26% of the stock is owned by hedge funds and other institutional investors.

Reliance Stock Up 1.0 %

Shares of RS opened at $290.79 on Friday. The firm has a market capitalization of $15.74 billion, a P/E ratio of 15.97 and a beta of 0.91. Reliance, Inc. has a 12-month low of $256.98 and a 12-month high of $342.20. The firm has a fifty day moving average price of $290.30 and a 200-day moving average price of $290.29. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12.

Reliance (NYSE:RS) last issued its earnings results on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The company had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.38 billion. During the same quarter in the prior year, the company earned $5.00 earnings per share. Reliance’s revenue was down 5.6% on a year-over-year basis. Equities research analysts expect that Reliance, Inc. will post 16.36 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Karla R. Lewis sold 3,892 shares of Reliance stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $323.90, for a total value of $1,260,618.80. Following the transaction, the chief executive officer now directly owns 85,117 shares in the company, valued at approximately $27,569,396.30. This trade represents a 4.37 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Mark V. Kaminski sold 5,000 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $298.01, for a total value of $1,490,050.00. The disclosure for this sale can be found here. Insiders have sold a total of 21,724 shares of company stock valued at $6,856,500 over the last quarter. 0.69% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RS. Wolfe Research upgraded Reliance from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 8th. The Goldman Sachs Group began coverage on Reliance in a research report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price target for the company. KeyCorp cut their price objective on shares of Reliance from $325.00 to $321.00 and set an “overweight” rating on the stock in a research report on Wednesday. Finally, BMO Capital Markets lowered their target price on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Reliance presently has an average rating of “Hold” and a consensus price target of $328.17.

About Reliance

Reliance, Inc operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.