Eastern Bank bought a new stake in Reliance, Inc. (NYSE:RS – Free Report) during the third quarter, HoldingsChannel reports. The fund bought 808 shares of the industrial products company’s stock, valued at approximately $234,000.
A number of other institutional investors have also added to or reduced their stakes in the company. Sequoia Financial Advisors LLC increased its stake in Reliance by 26.4% in the third quarter. Sequoia Financial Advisors LLC now owns 2,458 shares of the industrial products company’s stock valued at $711,000 after acquiring an additional 513 shares during the last quarter. Copeland Capital Management LLC increased its stake in Reliance by 0.4% in the third quarter. Copeland Capital Management LLC now owns 195,141 shares of the industrial products company’s stock valued at $56,437,000 after acquiring an additional 714 shares during the last quarter. Vest Financial LLC increased its stake in Reliance by 24.0% in the third quarter. Vest Financial LLC now owns 100,926 shares of the industrial products company’s stock valued at $29,189,000 after acquiring an additional 19,517 shares during the last quarter. Raymond James & Associates grew its stake in shares of Reliance by 26.1% during the third quarter. Raymond James & Associates now owns 33,713 shares of the industrial products company’s stock valued at $9,750,000 after buying an additional 6,985 shares during the last quarter. Finally, Blue Trust Inc. grew its stake in shares of Reliance by 84.8% during the third quarter. Blue Trust Inc. now owns 1,024 shares of the industrial products company’s stock valued at $292,000 after buying an additional 470 shares during the last quarter. Institutional investors own 79.26% of the company’s stock.
Reliance Stock Performance
Reliance stock opened at $293.79 on Friday. The company has a current ratio of 5.02, a quick ratio of 2.43 and a debt-to-equity ratio of 0.15. The firm has a 50-day moving average of $283.60 and a 200-day moving average of $291.55. The firm has a market cap of $16.16 billion, a P/E ratio of 15.00 and a beta of 0.85. Reliance, Inc. has a 1-year low of $237.14 and a 1-year high of $342.20.
Analyst Ratings Changes
A number of research analysts have recently issued reports on the company. KeyCorp reduced their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research note on Monday, October 14th. Wolfe Research cut Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective on the stock. in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $329.40.
Read Our Latest Stock Report on RS
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.
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