Mutual of America Capital Management LLC Decreases Stake in Reliance, Inc. $RS

Mutual of America Capital Management LLC decreased its position in Reliance, Inc. (NYSE:RS) by 7.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,290 shares of the industrial products company’s stock after selling 1,862 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Reliance were worth $6,821,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Royal Bank of Canada grew its stake in Reliance by 6.6% in the first quarter. Royal Bank of Canada now owns 15,111 shares of the industrial products company’s stock worth $4,364,000 after purchasing an additional 940 shares during the period. Empowered Funds LLC lifted its stake in shares of Reliance by 4.8% in the first quarter. Empowered Funds LLC now owns 5,662 shares of the industrial products company’s stock worth $1,635,000 after buying an additional 258 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings in shares of Reliance by 99.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 263 shares of the industrial products company’s stock worth $76,000 after purchasing an additional 131 shares in the last quarter. HB Wealth Management LLC increased its holdings in Reliance by 2.6% in the 2nd quarter. HB Wealth Management LLC now owns 1,338 shares of the industrial products company’s stock worth $420,000 after buying an additional 34 shares in the last quarter. Finally, Truist Financial Corp lifted its position in Reliance by 64.4% during the second quarter. Truist Financial Corp now owns 3,861 shares of the industrial products company’s stock valued at $1,212,000 after purchasing an additional 1,512 shares during the period. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Analyst Ratings Changes

RS has been the topic of several recent research reports. KeyCorp reiterated an “overweight” rating on shares of Reliance in a research report on Wednesday, January 7th. Weiss Ratings restated a “hold (c)” rating on shares of Reliance in a research note on Monday, December 29th. JPMorgan Chase & Co. reduced their target price on Reliance from $345.00 to $340.00 and set an “overweight” rating on the stock in a report on Friday, December 5th. Zacks Research downgraded shares of Reliance from a “hold” rating to a “strong sell” rating in a research note on Monday, January 5th. Finally, Wells Fargo & Company raised their price objective on Reliance from $284.00 to $287.00 and gave the company an “equal weight” rating in a research note on Friday, November 14th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $317.25.

Reliance Trading Up 0.2%

NYSE:RS opened at $327.17 on Wednesday. Reliance, Inc. has a 52 week low of $250.07 and a 52 week high of $347.43. The firm has a 50 day moving average of $296.55 and a 200 day moving average of $291.44. The company has a quick ratio of 2.08, a current ratio of 4.43 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $17.11 billion, a price-to-earnings ratio of 23.92, a PEG ratio of 1.95 and a beta of 0.92.

Insider Transactions at Reliance

In related news, CEO Karla R. Lewis sold 5,809 shares of the firm’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $283.50, for a total transaction of $1,646,851.50. Following the sale, the chief executive officer directly owned 84,421 shares of the company’s stock, valued at $23,933,353.50. This trade represents a 6.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Stephen Paul Koch sold 3,066 shares of Reliance stock in a transaction on Monday, December 1st. The shares were sold at an average price of $283.56, for a total transaction of $869,394.96. Following the completion of the transaction, the chief operating officer directly owned 14,021 shares of the company’s stock, valued at $3,975,794.76. The trade was a 17.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.35% of the company’s stock.

Reliance Profile

Reliance Steel & Aluminum Co (NYSE: RS) is a leading metals service center company that distributes and processes a broad array of metal products. The company offers cut-to-length, shearing, blanking, sawing, bending, machining and value-added services for carbon and alloy steel, stainless steel, aluminum, brass, titanium and specialty metal alloys. Its products serve diverse end markets, including energy, infrastructure, general manufacturing, transportation, aerospace and defense.

Founded in 1939 in Los Angeles, Reliance Steel & Aluminum has grown through a combination of organic expansion and strategic acquisitions.