Bellwether Advisors LLC Invests $2.72 Million in Reliance, Inc. $RS

Bellwether Advisors LLC purchased a new stake in shares of Reliance, Inc. (NYSE:RS) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 8,959 shares of the industrial products company’s stock, valued at approximately $2,723,000.

Other institutional investors have also added to or reduced their stakes in the company. Elevation Wealth Partners LLC bought a new position in shares of Reliance during the 4th quarter worth approximately $28,000. Costello Asset Management INC bought a new position in shares of Reliance in the first quarter valued at approximately $30,000. Brown Brothers Harriman & Co. increased its position in shares of Reliance by 86.2% during the fourth quarter. Brown Brothers Harriman & Co. now owns 108 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 50 shares during the last quarter. Greenline Wealth Management LLC bought a new stake in Reliance during the fourth quarter worth $32,000. Finally, Quarry LP bought a new stake in Reliance during the third quarter worth $32,000. 79.26% of the stock is owned by institutional investors.

Insider Activity

In related news, CFO Arthur Ajemyan sold 3,500 shares of the business’s stock in a transaction on Monday, April 27th. The stock was sold at an average price of $358.12, for a total transaction of $1,253,420.00. Following the sale, the chief financial officer directly owned 16,840 shares in the company, valued at approximately $6,030,740.80. The trade was a 17.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

RS has been the subject of a number of recent analyst reports. BMO Capital Markets upped their price objective on Reliance from $320.00 to $350.00 and gave the company a “market perform” rating in a research note on Monday, April 27th. Wall Street Zen upgraded shares of Reliance from a “hold” rating to a “buy” rating in a research report on Saturday, April 11th. The Goldman Sachs Group assumed coverage on shares of Reliance in a report on Wednesday, April 1st. They set a “neutral” rating and a $300.00 price objective for the company. Bank of America lowered shares of Reliance from a “neutral” rating to an “underperform” rating and set a $365.00 price objective on the stock. in a research report on Thursday, April 30th. Finally, Wells Fargo & Company dropped their target price on shares of Reliance from $376.00 to $372.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 9th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $363.50.

Reliance Stock Down 0.2%

Reliance stock opened at $382.37 on Wednesday. Reliance, Inc. has a 1-year low of $260.31 and a 1-year high of $419.83. The firm has a market capitalization of $19.52 billion, a price-to-earnings ratio of 24.94, a P/E/G ratio of 1.18 and a beta of 0.97. The company has a current ratio of 4.39, a quick ratio of 2.24 and a debt-to-equity ratio of 0.24. The firm has a 50 day simple moving average of $385.14 and a 200 day simple moving average of $345.64.

Reliance (NYSE:RS) last posted its earnings results on Wednesday, April 22nd. The industrial products company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.63 by $0.53. Reliance had a return on equity of 11.37% and a net margin of 5.42%.The firm had revenue of $4.03 billion for the quarter, compared to the consensus estimate of $3.89 billion. During the same quarter in the prior year, the business posted $3.77 earnings per share. The business’s quarterly revenue was up 15.1% on a year-over-year basis. On average, analysts predict that Reliance, Inc. will post 19.24 earnings per share for the current year.

Reliance Company 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.