Yacktman Asset Management LP Cuts Stock Holdings in Reliance, Inc. (NYSE:RS)

Yacktman Asset Management LP reduced its stake in shares of Reliance, Inc. (NYSE:RS) by 4.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 857,097 shares of the industrial products company’s stock after selling 40,852 shares during the quarter. Reliance accounts for approximately 2.7% of Yacktman Asset Management LP’s portfolio, making the stock its 12th largest holding. Yacktman Asset Management LP’s holdings in Reliance were worth $230,782,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Toronto Dominion Bank boosted its holdings in Reliance by 26.7% during the 3rd quarter. Toronto Dominion Bank now owns 8,198 shares of the industrial products company’s stock valued at $2,371,000 after acquiring an additional 1,729 shares during the period. Assetmark Inc. boosted its stake in shares of Reliance by 24.2% during the third quarter. Assetmark Inc. now owns 27,916 shares of the industrial products company’s stock valued at $8,074,000 after purchasing an additional 5,431 shares during the period. Dearborn Partners LLC grew its holdings in shares of Reliance by 4.1% in the third quarter. Dearborn Partners LLC now owns 86,406 shares of the industrial products company’s stock worth $24,989,000 after purchasing an additional 3,419 shares during the last quarter. Pure Financial Advisors LLC increased its stake in shares of Reliance by 232.9% in the fourth quarter. Pure Financial Advisors LLC now owns 9,281 shares of the industrial products company’s stock worth $2,499,000 after buying an additional 6,493 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. raised its holdings in Reliance by 1.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 127,806 shares of the industrial products company’s stock valued at $36,963,000 after buying an additional 1,696 shares during the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Insider Activity at Reliance

In related news, CEO Karla R. Lewis sold 3,892 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $323.90, for a total value of $1,260,618.80. Following the completion of the transaction, the chief executive officer now directly owns 85,117 shares in the company, valued at $27,569,396.30. This trade represents a 4.37 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.69% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. 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 on the stock. KeyCorp reduced their price target on Reliance from $325.00 to $321.00 and set an “overweight” rating on the stock in a report on Wednesday, January 22nd. BMO Capital Markets dropped their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Finally, Wolfe Research raised Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $328.17.

Reliance Stock Performance

Shares of RS opened at $291.07 on Tuesday. Reliance, Inc. has a one year low of $256.98 and a one year high of $342.20. The company has a 50-day simple moving average of $283.79 and a two-hundred day simple moving average of $289.27. 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 firm has a market capitalization of $15.75 billion, a PE ratio of 15.98 and a beta of 0.91.

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.