Prescott Group Capital Management L.L.C. Invests $1.12 Million in Reliance, Inc. $RS

Prescott Group Capital Management L.L.C. bought a new stake in Reliance, Inc. (NYSE:RS) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 4,000 shares of the industrial products company’s stock, valued at approximately $1,123,000.

A number of other large investors have also bought and sold shares of the business. Private Trust Co. NA increased its holdings in Reliance by 417.6% during the 2nd quarter. Private Trust Co. NA now owns 88 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 71 shares in the last quarter. Guerra Advisors Inc bought a new stake in shares of Reliance during the third quarter worth $34,000. Root Financial Partners LLC bought a new stake in shares of Reliance during the third quarter worth $38,000. Allworth Financial LP increased its stake in shares of Reliance by 46.3% in the second quarter. Allworth Financial LP now owns 139 shares of the industrial products company’s stock valued at $44,000 after buying an additional 44 shares in the last quarter. Finally, Caldwell Trust Co bought a new position in shares of Reliance in the second quarter valued at about $58,000. 79.26% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO Karla R. Lewis sold 5,809 shares of Reliance stock in a transaction on Monday, December 1st. The shares were sold at an average price of $283.50, for a total transaction of $1,646,851.50. Following the transaction, 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Stephen Paul Koch sold 3,066 shares of the business’s 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. This trade represents a 17.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.35% of the stock is currently owned by insiders.

Reliance Price Performance

Shares of RS opened at $356.11 on Friday. The stock has a market cap of $18.62 billion, a P/E ratio of 26.03, a price-to-earnings-growth ratio of 2.15 and a beta of 0.92. Reliance, Inc. has a 1 year low of $250.07 and a 1 year high of $365.59. The stock’s 50-day moving average price is $312.12 and its two-hundred day moving average price is $293.26. The company has a current ratio of 4.43, a quick ratio of 2.08 and a debt-to-equity ratio of 0.19.

Wall Street Analysts Forecast Growth

RS has been the topic of a number of research analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Reliance in a report on Monday, December 29th. JPMorgan Chase & Co. reduced their target price on shares of Reliance from $345.00 to $340.00 and set an “overweight” rating on the stock in a research report on Friday, December 5th. KeyCorp reissued an “overweight” rating on shares of Reliance in a research note on Wednesday, January 7th. BMO Capital Markets lowered their price target on shares of Reliance from $340.00 to $315.00 and set an “outperform” rating for the company in a report on Friday, October 24th. Finally, Wells Fargo & Company upped their price objective on Reliance from $284.00 to $287.00 and gave the stock an “equal weight” rating in a report on Friday, November 14th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Reliance presently has an average rating of “Moderate Buy” and a consensus target price of $317.25.

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.