Sumitomo Mitsui Trust Group Inc. Has $32.63 Million Position in Reliance, Inc. (NYSE:RS)

Sumitomo Mitsui Trust Group Inc. cut its holdings in Reliance, Inc. (NYSE:RS) by 5.2% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 121,181 shares of the industrial products company’s stock after selling 6,625 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Reliance were worth $32,629,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in RS. Toronto Dominion Bank grew its position in shares of Reliance by 26.7% during the 3rd 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 period. Assetmark Inc. boosted its position in shares of Reliance by 24.2% in 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 increased its holdings in Reliance by 4.1% in the third quarter. Dearborn Partners LLC now owns 86,406 shares of the industrial products company’s stock valued at $24,989,000 after purchasing an additional 3,419 shares during the last quarter. 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 buying an additional 6,493 shares during the period. Finally, Moloney Securities Asset Management LLC acquired a new position in Reliance in the third quarter valued at about $1,025,000. 79.26% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Insider Activity at Reliance

In related news, CEO Karla R. Lewis sold 3,892 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now directly owns 85,117 shares in the company, valued at approximately $27,569,396.30. The trade was a 4.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.69% of the stock is owned by insiders.

Reliance Price Performance

NYSE RS opened at $290.61 on Wednesday. The firm’s 50 day moving average is $283.25 and its 200-day moving average is $289.17. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $15.73 billion, a PE ratio of 15.96 and a beta of 0.91. Reliance, Inc. has a 12-month low of $256.98 and a 12-month high of $342.20.

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.