Wealth Enhancement Advisory Services LLC Has $1.18 Million Stock Holdings in Reliance, Inc. $RS

Wealth Enhancement Advisory Services LLC lessened its position in Reliance, Inc. (NYSE:RS) by 91.6% in the third quarter, HoldingsChannel reports. The fund owned 4,198 shares of the industrial products company’s stock after selling 46,068 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Reliance were worth $1,177,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. IFP Advisors Inc increased its position in shares of Reliance by 10.7% during the second quarter. IFP Advisors Inc now owns 340 shares of the industrial products company’s stock worth $112,000 after acquiring an additional 33 shares in the last quarter. HB Wealth Management LLC boosted its stake in Reliance by 2.6% during the 2nd quarter. HB Wealth Management LLC now owns 1,338 shares of the industrial products company’s stock valued at $420,000 after purchasing an additional 34 shares during the last quarter. Masso Torrence Wealth Management Inc. increased its holdings in Reliance by 3.3% during the 3rd quarter. Masso Torrence Wealth Management Inc. now owns 1,148 shares of the industrial products company’s stock worth $322,000 after purchasing an additional 37 shares in the last quarter. Farther Finance Advisors LLC raised its stake in shares of Reliance by 13.2% in the third quarter. Farther Finance Advisors LLC now owns 325 shares of the industrial products company’s stock worth $91,000 after purchasing an additional 38 shares during the last quarter. Finally, Choreo LLC lifted its holdings in shares of Reliance by 3.2% in the second quarter. Choreo LLC now owns 1,327 shares of the industrial products company’s stock valued at $416,000 after purchasing an additional 41 shares in the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on RS. Zacks Research downgraded shares of Reliance from a “hold” rating to a “strong sell” rating in a report on Monday, January 5th. BMO Capital Markets reduced their price objective on shares of Reliance from $340.00 to $315.00 and set an “outperform” rating for the company in a research report on Friday, October 24th. Weiss Ratings reiterated a “hold (c)” rating on shares of Reliance in a research note on Monday, December 29th. JPMorgan Chase & Co. cut their target price on Reliance from $345.00 to $340.00 and set an “overweight” rating on the stock in a research note on Friday, December 5th. Finally, Wells Fargo & Company increased their price target on Reliance from $284.00 to $287.00 and gave the company an “equal weight” rating in a research report on Friday, November 14th. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $317.25.

Reliance Stock Performance

Shares of RS stock opened at $328.81 on Monday. The firm’s 50 day moving average is $300.08 and its 200 day moving average is $291.51. The stock has a market capitalization of $17.19 billion, a P/E ratio of 24.04, a PEG ratio of 1.97 and a beta of 0.92. Reliance, Inc. has a 12 month low of $250.07 and a 12 month high of $347.43. The company has a current ratio of 4.43, a quick ratio of 2.08 and a debt-to-equity ratio of 0.19.

Insider Buying and Selling

In other Reliance news, CEO Karla R. Lewis sold 5,809 shares of the firm’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $283.50, for a total value of $1,646,851.50. Following the completion of 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 transaction, the chief operating officer owned 14,021 shares of the company’s stock, valued at $3,975,794.76. This trade represents a 17.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.35% of the company’s stock.

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.