Reliance, Inc. (NYSE:RS) Shares Sold by American International Group Inc.

American International Group Inc. reduced its position in Reliance, Inc. (NYSE:RS) by 2.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,072 shares of the industrial products company’s stock after selling 1,561 shares during the period. American International Group Inc. owned approximately 0.13% of Reliance worth $25,422,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Bessemer Group Inc. lifted its stake in shares of Reliance by 2,870.9% in the 1st quarter. Bessemer Group Inc. now owns 3,981 shares of the industrial products company’s stock valued at $1,331,000 after purchasing an additional 3,847 shares in the last quarter. UniSuper Management Pty Ltd raised its holdings in shares of Reliance by 100.0% during the 1st quarter. UniSuper Management Pty Ltd now owns 800 shares of the industrial products company’s stock valued at $267,000 after buying an additional 400 shares during the period. Cynosure Group LLC purchased a new stake in shares of Reliance during the 1st quarter valued at about $323,000. Acadian Asset Management LLC raised its holdings in shares of Reliance by 20.8% during the 1st quarter. Acadian Asset Management LLC now owns 1,072,200 shares of the industrial products company’s stock valued at $358,270,000 after buying an additional 184,509 shares during the period. Finally, TIAA Trust National Association purchased a new stake in shares of Reliance during the 1st quarter valued at about $201,000. 79.26% of the stock is owned by institutional investors and hedge funds.

Reliance Stock Down 2.4 %

RS stock traded down $7.15 during midday trading on Wednesday, hitting $294.01. 474,036 shares of the company’s stock were exchanged, compared to its average volume of 307,402. The company has a current ratio of 5.74, a quick ratio of 3.21 and a debt-to-equity ratio of 0.14. Reliance, Inc. has a 12-month low of $237.14 and a 12-month high of $342.20. The firm has a 50 day moving average price of $291.11 and a 200-day moving average price of $302.26. The stock has a market capitalization of $16.88 billion, a price-to-earnings ratio of 13.73 and a beta of 0.86.

Reliance (NYSE:RS) last issued its earnings results on Thursday, April 25th. The industrial products company reported $5.30 EPS for the quarter, missing the consensus estimate of $5.51 by ($0.21). The firm had revenue of $3.64 billion during the quarter, compared to analyst estimates of $3.76 billion. Reliance had a return on equity of 16.26% and a net margin of 8.67%. Reliance’s revenue was down 8.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $6.37 EPS. On average, analysts anticipate that Reliance, Inc. will post 18.63 EPS for the current year.

Insider Transactions at Reliance

In related news, Director James Donald Hoffman sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $289.81, for a total transaction of $1,449,050.00. Following the completion of the transaction, the director now owns 49,042 shares in the company, valued at approximately $14,212,862.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director James Donald Hoffman sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $289.81, for a total transaction of $1,449,050.00. Following the completion of the transaction, the director now owns 49,042 shares in the company, valued at approximately $14,212,862.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Stephen Paul Koch sold 20,421 shares of the business’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $295.38, for a total value of $6,031,954.98. Following the transaction, the chief operating officer now owns 7,552 shares of the company’s stock, valued at approximately $2,230,709.76. The disclosure for this sale can be found here. In the last quarter, insiders sold 40,421 shares of company stock worth $11,866,855. 0.69% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. BMO Capital Markets dropped their target price on Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a report on Friday, April 26th. KeyCorp dropped their target price on Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a report on Wednesday, July 3rd. StockNews.com downgraded Reliance from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th. Citigroup downgraded Reliance from a “buy” rating to a “neutral” rating and raised their target price for the company from $280.00 to $380.00 in a report on Thursday, April 11th. Finally, Bank of America dropped their price objective on Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $346.25.

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.