Blue Trust Inc. Buys 470 Shares of Reliance, Inc. (NYSE:RS)

Blue Trust Inc. boosted its position in shares of Reliance, Inc. (NYSE:RS) by 84.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,024 shares of the industrial products company’s stock after buying an additional 470 shares during the quarter. Blue Trust Inc.’s holdings in Reliance were worth $292,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in RS. Sei Investments Co. boosted its holdings in Reliance by 13.1% during the first quarter. Sei Investments Co. now owns 51,053 shares of the industrial products company’s stock worth $17,062,000 after buying an additional 5,902 shares during the last quarter. Bessemer Group Inc. grew its holdings in Reliance by 2,870.9% during the first 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 during the period. Russell Investments Group Ltd. increased its stake in Reliance by 1.9% in the first quarter. Russell Investments Group Ltd. now owns 159,878 shares of the industrial products company’s stock valued at $53,644,000 after purchasing an additional 2,985 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its holdings in Reliance by 24.2% in the first quarter. CANADA LIFE ASSURANCE Co now owns 107,735 shares of the industrial products company’s stock worth $36,005,000 after purchasing an additional 20,981 shares during the period. Finally, Mediolanum International Funds Ltd acquired a new stake in Reliance in the first quarter worth $2,407,000. Institutional investors own 79.26% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on RS shares. KeyCorp decreased their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research report on Monday, October 14th. Wolfe Research cut shares of Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target for the company. in a report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $329.40.

Reliance Stock Performance

Shares of RS stock opened at $293.79 on Friday. Reliance, Inc. has a 12 month low of $237.14 and a 12 month high of $342.20. The company’s fifty day simple moving average is $283.60 and its 200-day simple moving average is $291.55. The firm has a market cap of $16.16 billion, a PE ratio of 15.00 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 (NYSE:RS) last issued its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing the consensus estimate of $3.66 by ($0.02). The business had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.38 billion. Reliance had a return on equity of 14.73% and a net margin of 7.99%. The company’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same period last year, the firm earned $5.00 earnings per share. Equities research analysts expect that Reliance, Inc. will post 17.16 EPS for the current fiscal year.

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.