Reliance (NYSE:RS) Price Target Raised to $327.00

Reliance (NYSE:RS) had its target price increased by KeyCorp from $321.00 to $327.00 in a research report report published on Monday,Benzinga reports. The firm currently has an overweight rating on the industrial products company’s stock.

Other equities analysts have also recently issued research reports about the company. The Goldman Sachs Group initiated coverage on Reliance in a report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price target for the company. Wolfe Research raised Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $329.17.

Reliance Stock Down 0.6 %

Shares of RS stock opened at $294.23 on Monday. Reliance has a 12 month low of $256.98 and a 12 month high of $342.20. The company has a quick ratio of 1.58, a current ratio of 3.21 and a debt-to-equity ratio of 0.10. The firm has a market cap of $15.92 billion, a PE ratio of 19.06 and a beta of 0.90. The stock has a 50 day moving average of $283.00 and a 200-day moving average of $289.58.

Reliance (NYSE:RS) last issued its quarterly earnings results on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share for the quarter, missing analysts’ consensus estimates of $2.74 by ($0.52). Reliance had a net margin of 6.33% and a return on equity of 11.87%. The company had revenue of $3.13 billion during the quarter, compared to the consensus estimate of $3.04 billion. On average, equities analysts predict that Reliance will post 16.98 EPS for the current year.

Reliance Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be issued a $1.20 dividend. This is a positive change from Reliance’s previous quarterly dividend of $1.10. The ex-dividend date is Friday, March 7th. This represents a $4.80 annualized dividend and a dividend yield of 1.63%. Reliance’s dividend payout ratio is presently 31.09%.

Insider Buying and Selling at Reliance

In other news, CEO Karla R. Lewis sold 31,136 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $300.52, for a total transaction of $9,356,990.72. Following the transaction, the chief executive officer now directly owns 90,230 shares in the company, valued at approximately $27,115,919.60. This represents a 25.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.69% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Quent Capital LLC boosted its stake in Reliance by 4.1% in the fourth quarter. Quent Capital LLC now owns 941 shares of the industrial products company’s stock valued at $253,000 after acquiring an additional 37 shares during the last quarter. Johnson Investment Counsel Inc. increased its holdings in Reliance by 0.4% in the fourth quarter. Johnson Investment Counsel Inc. now owns 11,149 shares of the industrial products company’s stock valued at $3,002,000 after purchasing an additional 39 shares during the last quarter. Townsquare Capital LLC lifted its stake in Reliance by 3.1% in the fourth quarter. Townsquare Capital LLC now owns 1,342 shares of the industrial products company’s stock valued at $361,000 after buying an additional 40 shares during the period. Forum Financial Management LP boosted its holdings in Reliance by 2.8% during the fourth quarter. Forum Financial Management LP now owns 1,619 shares of the industrial products company’s stock worth $436,000 after buying an additional 44 shares during the last quarter. Finally, Lido Advisors LLC grew its position in shares of Reliance by 4.9% during the 4th quarter. Lido Advisors LLC now owns 998 shares of the industrial products company’s stock worth $269,000 after buying an additional 47 shares during the period. 79.26% of the stock is currently owned by institutional investors.

Reliance Company 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.