Allianz Asset Management GmbH Trims Position in Reliance, Inc. $RS

Allianz Asset Management GmbH reduced its position in shares of Reliance, Inc. (NYSE:RS) by 5.0% in the 3rd quarter, Holdings Channel.com reports. The firm owned 74,438 shares of the industrial products company’s stock after selling 3,897 shares during the quarter. Allianz Asset Management GmbH’s holdings in Reliance were worth $20,904,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Foundations Investment Advisors LLC purchased a new stake in shares of Reliance in the third quarter worth about $1,576,000. Principal Financial Group Inc. raised its stake in Reliance by 4.2% during the third quarter. Principal Financial Group Inc. now owns 755,756 shares of the industrial products company’s stock valued at $212,243,000 after buying an additional 30,765 shares in the last quarter. First National Advisers LLC acquired a new position in Reliance in the third quarter worth $1,948,000. Y Intercept Hong Kong Ltd grew its position in shares of Reliance by 293.0% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 34,946 shares of the industrial products company’s stock valued at $9,814,000 after buying an additional 26,055 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in shares of Reliance by 144.9% during the 3rd quarter. SG Americas Securities LLC now owns 18,700 shares of the industrial products company’s stock worth $5,252,000 after purchasing an additional 11,064 shares during the period. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Reliance Price Performance

Shares of Reliance stock opened at $353.71 on Friday. Reliance, Inc. has a fifty-two week low of $250.07 and a fifty-two week high of $354.38. The company has a debt-to-equity ratio of 0.19, a current ratio of 4.43 and a quick ratio of 2.08. The company has a market cap of $18.50 billion, a PE ratio of 25.86, a price-to-earnings-growth ratio of 2.04 and a beta of 0.92. The firm has a fifty day moving average price of $306.42 and a two-hundred day moving average price of $292.35.

Analysts Set New Price Targets

RS has been the topic of a number of analyst reports. BMO Capital Markets dropped their price objective on shares of Reliance from $340.00 to $315.00 and set an “outperform” rating on the stock in a report on Friday, October 24th. JPMorgan Chase & Co. dropped their price target on shares of Reliance from $345.00 to $340.00 and set an “overweight” rating on the stock in a research report on Friday, December 5th. Wells Fargo & Company lifted their price target on Reliance from $284.00 to $287.00 and gave the stock an “equal weight” rating in a research note on Friday, November 14th. KeyCorp reiterated an “overweight” rating on shares of Reliance in a report on Wednesday, January 7th. Finally, Zacks Research upgraded shares of Reliance from a “strong sell” rating to a “hold” rating in a research report on Tuesday. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $317.25.

Insider Transactions at Reliance

In related news, 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 owned 14,021 shares of the company’s stock, valued at $3,975,794.76. This represents a 17.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Karla R. Lewis sold 5,809 shares of the firm’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $283.50, for a total transaction of $1,646,851.50. Following the transaction, the chief executive officer owned 84,421 shares of the company’s stock, valued at approximately $23,933,353.50. This represents a 6.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.35% of the company’s stock.

About Reliance

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.