Stratos Wealth Advisors LLC Takes Position in Reliance, Inc. (NYSE:RS)

Stratos Wealth Advisors LLC purchased a new stake in Reliance, Inc. (NYSE:RS) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 700 shares of the industrial products company’s stock, valued at approximately $203,000.

A number of other institutional investors also recently modified their holdings of the company. Trust Point Inc. lifted its holdings in shares of Reliance by 3.6% in the third quarter. Trust Point Inc. now owns 972 shares of the industrial products company’s stock valued at $281,000 after purchasing an additional 34 shares in the last quarter. nVerses Capital LLC bought a new stake in shares of Reliance in the third quarter valued at about $376,000. Kapitalo Investimentos Ltda lifted its holdings in shares of Reliance by 131.1% in the third quarter. Kapitalo Investimentos Ltda now owns 2,034 shares of the industrial products company’s stock valued at $588,000 after purchasing an additional 1,154 shares in the last quarter. Swedbank AB lifted its holdings in shares of Reliance by 38.4% in the third quarter. Swedbank AB now owns 42,881 shares of the industrial products company’s stock valued at $12,402,000 after purchasing an additional 11,887 shares in the last quarter. Finally, Occidental Asset Management LLC lifted its holdings in shares of Reliance by 1.8% in the third quarter. Occidental Asset Management LLC now owns 15,596 shares of the industrial products company’s stock valued at $4,511,000 after purchasing an additional 283 shares in the last quarter. 79.26% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on RS. Bank of America cut their price target on Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. KeyCorp dropped their target price on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. Finally, Wolfe Research lowered Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 target price on the stock. in a report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $329.40.

Reliance Price Performance

Shares of NYSE RS opened at $287.19 on Wednesday. The business’s 50 day moving average price is $283.35 and its two-hundred day moving average price is $291.60. The company has a market cap of $15.80 billion, a PE ratio of 14.66 and a beta of 0.85. The company has a quick ratio of 2.43, a current ratio of 5.02 and a debt-to-equity ratio of 0.15. Reliance, Inc. has a twelve month low of $237.14 and a twelve month high of $342.20.

Reliance (NYSE:RS) last announced its quarterly earnings results on Thursday, July 25th. The industrial products company reported $4.65 earnings per share for the quarter, missing analysts’ consensus estimates of $4.73 by ($0.08). The business had revenue of $3.64 billion for the quarter, compared to analyst estimates of $3.64 billion. Reliance had a return on equity of 14.73% and a net margin of 7.99%. Reliance’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period last year, the firm earned $6.49 EPS. On average, analysts predict that Reliance, Inc. will post 17.16 EPS for the current year.

Reliance Profile

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.