Reliance, Inc. (NYSE:RS) Shares Purchased by Empirical Financial Services LLC d.b.a. Empirical Wealth Management

Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its stake in shares of Reliance, Inc. (NYSE:RS) by 7.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 40,899 shares of the industrial products company’s stock after buying an additional 2,971 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management owned 0.08% of Reliance worth $11,012,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. APG Asset Management N.V. acquired a new position in shares of Reliance during the 2nd quarter worth approximately $2,168,000. MBB Public Markets I LLC acquired a new position in shares of Reliance in the second quarter worth $1,205,000. Scientech Research LLC purchased a new stake in shares of Reliance in the second quarter valued at $413,000. Creative Planning boosted its stake in shares of Reliance by 0.4% during the second quarter. Creative Planning now owns 65,956 shares of the industrial products company’s stock valued at $18,837,000 after acquiring an additional 289 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in Reliance by 4.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,240 shares of the industrial products company’s stock worth $926,000 after purchasing an additional 134 shares in the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on RS shares. Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 8th. BMO Capital Markets reduced their price objective on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. KeyCorp lowered their target price on shares of Reliance from $325.00 to $321.00 and set an “overweight” rating for the company in a research note on Wednesday, January 22nd. Finally, The Goldman Sachs Group initiated coverage on Reliance in a research note on Monday, December 2nd. They set a “neutral” rating and a $341.00 price target on the stock. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $328.17.

Reliance Stock Performance

Shares of RS stock opened at $290.79 on Monday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 3.31. The firm has a market capitalization of $15.74 billion, a price-to-earnings ratio of 15.97 and a beta of 0.91. Reliance, Inc. has a one year low of $256.98 and a one year high of $342.20. The company has a 50 day moving average price of $290.30 and a 200 day moving average price of $290.33.

Reliance (NYSE:RS) last issued its earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share for the quarter, missing the consensus estimate of $3.66 by ($0.02). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The firm had revenue of $3.42 billion during the quarter, compared to analysts’ expectations of $3.38 billion. During the same period last year, the business posted $5.00 earnings per share. The company’s quarterly revenue was down 5.6% compared to the same quarter last year. Sell-side analysts anticipate that Reliance, Inc. will post 16.36 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Arthur Ajemyan sold 6,332 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $318.18, for a total value of $2,014,715.76. Following the completion of the sale, the chief financial officer now owns 9,245 shares of the company’s stock, valued at $2,941,574.10. This represents a 40.65 % 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, SVP William A. Smith II sold 6,500 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $321.71, for a total transaction of $2,091,115.00. Following the completion of the transaction, the senior vice president now directly owns 16,849 shares in the company, valued at approximately $5,420,491.79. This represents a 27.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 16,724 shares of company stock worth $5,366,450 over the last three months. 0.69% of the stock is owned by insiders.

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.