Empirical Financial Services LLC d.b.a. Empirical Wealth Management Grows Holdings in Reliance, Inc. (NYSE:RS)

Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its position in Reliance, Inc. (NYSE:RS) by 7.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 40,899 shares of the industrial products company’s stock after buying an additional 2,971 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management’s holdings in Reliance were worth $11,012,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of RS. Linden Thomas Advisory Services LLC boosted its stake in shares of Reliance by 2.3% during the 4th quarter. Linden Thomas Advisory Services LLC now owns 3,751 shares of the industrial products company’s stock valued at $1,010,000 after buying an additional 84 shares during the last quarter. Exchange Traded Concepts LLC acquired a new stake in Reliance in the fourth quarter valued at $2,465,000. CX Institutional grew its holdings in Reliance by 5.8% during the 4th quarter. CX Institutional now owns 4,713 shares of the industrial products company’s stock worth $1,269,000 after acquiring an additional 259 shares in the last quarter. Pure Financial Advisors LLC grew its holdings in Reliance by 232.9% during the 4th quarter. Pure Financial Advisors LLC now owns 9,281 shares of the industrial products company’s stock worth $2,499,000 after acquiring an additional 6,493 shares in the last quarter. Finally, UMB Bank n.a. increased its position in shares of Reliance by 41.8% in 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. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other Reliance news, CEO Karla R. Lewis sold 3,892 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now owns 85,117 shares in the company, valued at approximately $27,569,396.30. The trade was a 4.37 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Arthur Ajemyan sold 6,332 shares of the stock in a transaction 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 completion of the transaction, 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 16,724 shares of company stock worth $5,366,450. Insiders own 0.69% of the company’s stock.

Reliance Price Performance

Shares of RS opened at $290.79 on Monday. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. The company has a market cap of $15.74 billion, a P/E ratio of 15.97 and a beta of 0.91. Reliance, Inc. has a 12 month low of $256.98 and a 12 month high of $342.20. The stock has a fifty day moving average price of $290.30 and a 200 day moving average price of $290.33.

Reliance (NYSE:RS) last released its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 earnings per share for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). The firm had revenue of $3.42 billion during the quarter, compared to analyst estimates of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. The firm’s revenue was down 5.6% on a year-over-year basis. During the same period last year, the business earned $5.00 EPS. On average, research analysts forecast that Reliance, Inc. will post 16.36 earnings per share for the current year.

Reliance Profile

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.