Yacktman Asset Management LP Cuts Stock Holdings in Reliance, Inc. (NYSE:RS)

Yacktman Asset Management LP lowered its position in Reliance, Inc. (NYSE:RS) by 4.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 857,097 shares of the industrial products company’s stock after selling 40,852 shares during the period. Reliance comprises about 2.7% of Yacktman Asset Management LP’s portfolio, making the stock its 12th largest position. Yacktman Asset Management LP owned about 1.58% of Reliance worth $230,782,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. Toronto Dominion Bank increased its holdings in Reliance by 26.7% during the third quarter. Toronto Dominion Bank now owns 8,198 shares of the industrial products company’s stock worth $2,371,000 after buying an additional 1,729 shares during the last quarter. Assetmark Inc. increased its stake in shares of Reliance by 24.2% during the 3rd quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company’s stock worth $8,074,000 after purchasing an additional 5,431 shares during the last quarter. Dearborn Partners LLC raised its holdings in shares of Reliance by 4.1% in the 3rd quarter. Dearborn Partners LLC now owns 86,406 shares of the industrial products company’s stock worth $24,989,000 after purchasing an additional 3,419 shares during the period. Pure Financial Advisors LLC lifted its stake in Reliance by 232.9% in the fourth quarter. Pure Financial Advisors LLC now owns 9,281 shares of the industrial products company’s stock valued at $2,499,000 after purchasing an additional 6,493 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in Reliance by 1.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 127,806 shares of the industrial products company’s stock valued at $36,963,000 after purchasing an additional 1,696 shares during the period. 79.26% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Insider Transactions at Reliance

In other news, CEO Karla R. Lewis sold 3,892 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $323.90, for a total value of $1,260,618.80. Following the completion of the transaction, the chief executive officer now directly owns 85,117 shares in the company, valued at approximately $27,569,396.30. This represents a 4.37 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.69% of the company’s stock.

Reliance Stock Up 2.8 %

RS stock opened at $291.07 on Tuesday. Reliance, Inc. has a 1-year low of $256.98 and a 1-year high of $342.20. The stock has a market cap of $15.75 billion, a price-to-earnings ratio of 15.98 and a beta of 0.91. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12. The company’s 50 day moving average is $283.79 and its 200 day moving average is $289.27.

Reliance Company 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.