Reliance, Inc. (NYSE:RS) Stock Position Reduced by Manning & Napier Advisors LLC

Manning & Napier Advisors LLC cut its holdings in Reliance, Inc. (NYSE:RS) by 9.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,169 shares of the industrial products company’s stock after selling 454 shares during the quarter. Manning & Napier Advisors LLC’s holdings in Reliance were worth $1,123,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in RS. Quarry LP acquired a new stake in Reliance in the third quarter valued at approximately $41,000. Versant Capital Management Inc lifted its stake in Reliance by 157.8% in the fourth quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock valued at $58,000 after acquiring an additional 131 shares during the last quarter. UMB Bank n.a. lifted its stake in Reliance by 27.0% in the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after acquiring an additional 53 shares during the last quarter. Brooklyn Investment Group acquired a new stake in Reliance in the third quarter valued at approximately $78,000. Finally, Abound Wealth Management lifted its stake in Reliance by 35,700.0% in the fourth quarter. Abound Wealth Management now owns 358 shares of the industrial products company’s stock valued at $96,000 after acquiring an additional 357 shares during the last quarter. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently weighed in on RS shares. The Goldman Sachs Group started coverage on shares of Reliance in a research note on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price objective for the company. BMO Capital Markets reduced their price objective on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. KeyCorp reduced their price objective on shares of Reliance from $325.00 to $321.00 and set an “overweight” rating for the company in a research note on Wednesday, January 22nd. Finally, Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $328.17.

Reliance Price Performance

NYSE:RS opened at $296.67 on Friday. The stock has a market cap of $16.06 billion, a P/E ratio of 16.29 and a beta of 0.91. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. The company has a fifty day moving average price of $288.73 and a 200 day moving average price of $290.33. Reliance, Inc. has a one year low of $256.98 and a one year high of $342.20.

Insider Buying and Selling at Reliance

In related news, SVP William A. Smith II sold 6,500 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the transaction, the senior vice president now owns 16,849 shares in the company, valued at $5,420,491.79. This represents a 27.84 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Arthur Ajemyan sold 6,332 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total transaction of $2,014,715.76. Following the transaction, the chief financial officer now owns 9,245 shares in the company, valued at approximately $2,941,574.10. This trade represents a 40.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 16,724 shares of company stock valued at $5,366,450 in the last 90 days. 0.69% of the stock is currently owned by company insiders.

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.