Reliance, Inc. (NYSE:RS) Receives $328.83 Consensus Price Target from Analysts

Shares of Reliance, Inc. (NYSE:RS) have been assigned a consensus recommendation of “Hold” from the six research firms that are presently covering the firm, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $328.83.

A number of equities analysts recently commented on RS shares. Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. BMO Capital Markets dropped their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. The Goldman Sachs Group began coverage on Reliance in a report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price target for the company. Finally, KeyCorp cut their price objective on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a report on Monday, October 14th.

Insider Activity

In other news, SVP William A. Smith II sold 6,500 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $321.71, for a total value of $2,091,115.00. Following the completion of the sale, the senior vice president now directly owns 16,849 shares of the company’s stock, valued at approximately $5,420,491.79. This represents a 27.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Karla R. Lewis sold 3,892 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $323.90, for a total value of $1,260,618.80. Following the transaction, the chief executive officer now directly owns 85,117 shares in the company, valued at approximately $27,569,396.30. This represents a 4.37 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 21,724 shares of company stock valued at $6,856,500. 0.69% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Reliance

Hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. increased its position in Reliance by 19.7% during the 3rd quarter. Principal Financial Group Inc. now owns 472,730 shares of the industrial products company’s stock worth $136,718,000 after purchasing an additional 77,937 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of Reliance by 7.3% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 296,033 shares of the industrial products company’s stock valued at $85,616,000 after buying an additional 20,056 shares in the last quarter. Hsbc Holdings PLC grew its holdings in Reliance by 78.5% during the second quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock worth $82,816,000 after acquiring an additional 127,422 shares during the period. JPMorgan Chase & Co. lifted its holdings in Reliance by 0.5% in the third quarter. JPMorgan Chase & Co. now owns 285,871 shares of the industrial products company’s stock valued at $82,677,000 after acquiring an additional 1,499 shares during the period. Finally, Victory Capital Management Inc. boosted its position in shares of Reliance by 0.3% during the 3rd quarter. Victory Capital Management Inc. now owns 203,156 shares of the industrial products company’s stock worth $58,755,000 after purchasing an additional 528 shares in the last quarter. 79.26% of the stock is owned by institutional investors and hedge funds.

Reliance Stock Up 0.8 %

Shares of NYSE RS opened at $290.49 on Friday. Reliance has a 12-month low of $256.98 and a 12-month high of $342.20. The stock has a market cap of $15.72 billion, a P/E ratio of 15.95 and a beta of 0.91. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12. The business’s fifty day simple moving average is $291.64 and its 200-day simple moving average is $290.16.

Reliance (NYSE:RS) last announced its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.66 by ($0.02). Reliance had a net margin of 7.42% and a return on equity of 13.68%. The company had revenue of $3.42 billion during the quarter, compared to analysts’ expectations of $3.38 billion. During the same quarter in the previous year, the business posted $5.00 EPS. The business’s quarterly revenue was down 5.6% compared to the same quarter last year. As a group, equities analysts predict that Reliance will post 16.42 EPS for the current fiscal year.

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.