Brokerages Set Reliance, Inc. (NYSE:RS) Price Target at $328.83

by · The Markets Daily

Shares of Reliance, Inc. (NYSE:RS – Get Free Report) have been given a consensus recommendation of “Hold” by the six research firms that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $328.83.

A number of research firms have recently commented on RS. The Goldman Sachs Group assumed coverage on Reliance in a research report on Monday, December 2nd. They set a “neutral” rating and a $341.00 target price on the stock. KeyCorp cut their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research report on Monday, October 14th. Finally, BMO Capital Markets reduced their target price on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th.

Read Our Latest Analysis on RS

Reliance Trading Down 0.6 %

Reliance stock opened at $269.73 on Monday. The firm has a market cap of $14.60 billion, a PE ratio of 14.81 and a beta of 0.87. Reliance has a 12 month low of $256.98 and a 12 month high of $342.20. The stock’s 50 day simple moving average is $300.57 and its two-hundred day simple moving average is $290.96. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12.

Reliance (NYSE:RS – Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The industrial products company reported $3.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The firm had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.38 billion. During the same period last year, the company posted $5.00 earnings per share. The business’s quarterly revenue was down 5.6% on a year-over-year basis. Analysts anticipate that Reliance will post 16.42 earnings per share for the current year.

Reliance Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were issued a $1.10 dividend. The ex-dividend date was Friday, November 22nd. This represents a $4.40 dividend on an annualized basis and a yield of 1.63%. Reliance’s payout ratio is currently 24.16%.

Insider Transactions at Reliance

In other news, CEO Karla R. Lewis sold 3,892 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $323.90, for a total transaction of $1,260,618.80. Following the transaction, the chief executive officer now directly owns 85,117 shares in the company, valued at $27,569,396.30. The trade was a 4.37 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP William A. Smith II sold 6,500 shares of the stock in a transaction that occurred on 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 position. The disclosure for this sale can be found here. Insiders sold 21,724 shares of company stock valued at $6,856,500 over the last 90 days. 0.69% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Reliance

A number of hedge funds have recently modified their holdings of RS. Fifth Third Bancorp grew its stake in shares of Reliance by 19.4% in the 2nd quarter. Fifth Third Bancorp now owns 701 shares of the industrial products company’s stock valued at $200,000 after buying an additional 114 shares during the period. Atomi Financial Group Inc. grew its position in Reliance by 13.2% in the second quarter. Atomi Financial Group Inc. now owns 1,020 shares of the industrial products company’s stock worth $291,000 after acquiring an additional 119 shares during the period. Burney Co. increased its stake in Reliance by 5.6% during the second quarter. Burney Co. now owns 68,811 shares of the industrial products company’s stock worth $19,652,000 after acquiring an additional 3,679 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Reliance by 20.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,858 shares of the industrial products company’s stock valued at $3,672,000 after purchasing an additional 2,174 shares during the period. Finally, Deroy & Devereaux Private Investment Counsel Inc. lifted its stake in shares of Reliance by 0.3% in the 2nd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 144,723 shares of the industrial products company’s stock valued at $41,333,000 after purchasing an additional 397 shares during the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

About Reliance

(Get Free Report

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.

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