Foundations Investment Advisors LLC Invests $1.58 Million in Reliance, Inc. $RS

Foundations Investment Advisors LLC bought a new stake in Reliance, Inc. (NYSE:RS) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 5,613 shares of the industrial products company’s stock, valued at approximately $1,576,000.

A number of other large investors have also bought and sold shares of the business. AE Wealth Management LLC raised its position in Reliance by 53.5% in the 3rd quarter. AE Wealth Management LLC now owns 2,624 shares of the industrial products company’s stock valued at $737,000 after purchasing an additional 914 shares during the last quarter. Federated Hermes Inc. increased its stake in shares of Reliance by 8.8% in the third quarter. Federated Hermes Inc. now owns 17,611 shares of the industrial products company’s stock valued at $4,946,000 after buying an additional 1,427 shares in the last quarter. Truist Financial Corp increased its stake in shares of Reliance by 22.9% in the third quarter. Truist Financial Corp now owns 4,745 shares of the industrial products company’s stock valued at $1,332,000 after buying an additional 884 shares in the last quarter. Stonegate Investment Group LLC raised its holdings in shares of Reliance by 5.0% in the third quarter. Stonegate Investment Group LLC now owns 836 shares of the industrial products company’s stock valued at $235,000 after buying an additional 40 shares during the last quarter. Finally, First Citizens Bank & Trust Co. lifted its position in Reliance by 3.5% during the 3rd quarter. First Citizens Bank & Trust Co. now owns 2,001 shares of the industrial products company’s stock worth $562,000 after buying an additional 68 shares in the last quarter. 79.26% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Reliance in a research report on Monday, December 29th. JPMorgan Chase & Co. lowered their price target on shares of Reliance from $345.00 to $340.00 and set an “overweight” rating for the company in a report on Friday, December 5th. Wells Fargo & Company upped their price objective on Reliance from $284.00 to $287.00 and gave the stock an “equal weight” rating in a report on Friday, November 14th. Zacks Research lowered Reliance from a “hold” rating to a “strong sell” rating in a research report on Monday, January 5th. Finally, KeyCorp restated an “overweight” rating on shares of Reliance in a research report on Wednesday, January 7th. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $317.25.

Reliance Price Performance

RS opened at $328.81 on Friday. The company has a fifty day moving average price of $300.08 and a two-hundred day moving average price of $291.96. The firm has a market capitalization of $17.19 billion, a PE ratio of 24.04, a P/E/G ratio of 1.98 and a beta of 0.92. Reliance, Inc. has a 52 week low of $250.07 and a 52 week high of $347.43. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.08 and a current ratio of 4.43.

Insiders Place Their Bets

In related news, CEO Karla R. Lewis sold 5,809 shares of the company’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $283.50, for a total value of $1,646,851.50. Following the completion of the sale, the chief executive officer owned 84,421 shares in the company, valued at approximately $23,933,353.50. This represents a 6.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Stephen Paul Koch sold 3,066 shares of the stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $283.56, for a total value of $869,394.96. Following the completion of the transaction, the chief operating officer directly owned 14,021 shares in the company, valued at $3,975,794.76. The trade was a 17.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.35% of the stock is owned by insiders.

Reliance 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.