Manning & Napier Advisors LLC Has $1.12 Million Stock Position in Reliance, Inc. (NYSE:RS)

Manning & Napier Advisors LLC cut its holdings in shares of Reliance, Inc. (NYSE:RS) by 9.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,169 shares of the industrial products company’s stock after selling 454 shares during the period. Manning & Napier Advisors LLC’s holdings in Reliance were worth $1,123,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Quarry LP acquired a new position in Reliance during the 3rd quarter valued at about $41,000. Versant Capital Management Inc lifted its position in Reliance by 157.8% during the 4th quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock valued at $58,000 after purchasing an additional 131 shares during the period. UMB Bank n.a. lifted its position in Reliance by 27.0% during the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after purchasing an additional 53 shares during the period. Brooklyn Investment Group acquired a new position in Reliance during the 3rd quarter valued at about $78,000. Finally, Abound Wealth Management lifted its position in Reliance by 35,700.0% during the 4th quarter. Abound Wealth Management now owns 358 shares of the industrial products company’s stock valued at $96,000 after purchasing an additional 357 shares during the period. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Karla R. Lewis sold 3,892 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $323.90, for a total transaction of $1,260,618.80. Following the completion of the sale, the chief executive officer now directly owns 85,117 shares of the company’s stock, 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. Also, CFO Arthur Ajemyan sold 6,332 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total value of $2,014,715.76. Following the sale, the chief financial officer now directly owns 9,245 shares of the company’s stock, valued at approximately $2,941,574.10. The trade was a 40.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 16,724 shares of company stock valued at $5,366,450. 0.69% of the stock is owned by corporate insiders.

Reliance Price Performance

NYSE RS opened at $296.67 on Friday. The business has a 50 day simple moving average of $288.73 and a 200 day simple moving average of $290.33. Reliance, Inc. has a 52-week low of $256.98 and a 52-week high of $342.20. 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 stock has a market cap of $16.06 billion, a price-to-earnings ratio of 16.29 and a beta of 0.91.

Wall Street Analysts Forecast Growth

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

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.