Quent Capital LLC Boosts Stake in Reliance, Inc. (NYSE:RS)

Quent Capital LLC lifted its position in shares of Reliance, Inc. (NYSE:RS) by 4.1% during the 4th quarter, HoldingsChannel reports. The fund owned 941 shares of the industrial products company’s stock after purchasing an additional 37 shares during the period. Quent Capital LLC’s holdings in Reliance were worth $253,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Quarry LP acquired a new position in shares of Reliance during the 3rd quarter worth about $41,000. Versant Capital Management Inc raised its position in shares of Reliance by 157.8% during the 4th quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock worth $58,000 after purchasing an additional 131 shares during the last quarter. Brooklyn Investment Group acquired a new position in shares of Reliance during the 3rd quarter worth about $78,000. UMB Bank n.a. raised its position in shares of Reliance by 41.8% during the 4th quarter. UMB Bank n.a. now owns 353 shares of the industrial products company’s stock worth $95,000 after purchasing an additional 104 shares during the last quarter. Finally, Abound Wealth Management raised its position in shares of Reliance by 35,700.0% during the 4th quarter. Abound Wealth Management now owns 358 shares of the industrial products company’s stock worth $96,000 after purchasing an additional 357 shares during the last quarter. 79.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Reliance Stock Down 1.2 %

RS stock opened at $286.93 on Thursday. The firm has a market cap of $15.53 billion, a PE ratio of 15.76 and a beta of 0.91. 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’s 50 day moving average price is $282.78 and its 200-day moving average price is $289.16. Reliance, Inc. has a one year low of $256.98 and a one year high of $342.20.

Insider Activity

In other news, CEO Karla R. Lewis sold 3,892 shares of Reliance stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $323.90, for a total transaction of $1,260,618.80. Following the sale, the chief executive officer now owns 85,117 shares of the company’s stock, valued at approximately $27,569,396.30. The trade was a 4.37 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.69% of the company’s stock.

About Reliance

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.