Reliance, Inc. (NYSE:RS) Given Average Rating of “Hold” by Analysts

Shares of Reliance, Inc. (NYSE:RS) have been assigned a consensus recommendation of “Hold” from the six ratings firms that are covering the firm, MarketBeat reports. Four 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 brokers that have covered the stock in the last year is $328.17.

Several equities research analysts have issued reports on the company. KeyCorp dropped their price target on Reliance from $325.00 to $321.00 and set an “overweight” rating for the company in a research note on Wednesday. Wolfe Research upgraded shares of Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. The Goldman Sachs Group initiated coverage on shares of Reliance in a report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price objective for the company. Finally, BMO Capital Markets reduced their target price on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a report on Friday, October 25th.

Reliance Stock Up 0.2 %

RS stock opened at $287.98 on Friday. The company’s 50 day moving average is $290.69 and its 200 day moving average is $290.13. The stock has a market cap of $15.59 billion, a price-to-earnings ratio of 15.81 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. Reliance has a 1-year low of $256.98 and a 1-year high of $342.20.

Reliance (NYSE:RS) last posted its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 earnings per share for the quarter, missing the consensus estimate of $3.66 by ($0.02). The company had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. The business’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same quarter last year, the business posted $5.00 EPS. Sell-side analysts predict that Reliance will post 16.38 EPS for the current fiscal year.

Insider Transactions at Reliance

In other news, Director Mark V. Kaminski sold 5,000 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $298.01, for a total transaction of $1,490,050.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Arthur Ajemyan sold 6,332 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $318.18, for a total value of $2,014,715.76. Following the transaction, the chief financial officer now owns 9,245 shares in the company, valued at approximately $2,941,574.10. This represents a 40.65 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,724 shares of company stock worth $6,856,500. Insiders own 0.69% of the company’s stock.

Institutional Trading of Reliance

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Trust Point Inc. raised its holdings in Reliance by 3.6% in the 3rd quarter. Trust Point Inc. now owns 972 shares of the industrial products company’s stock worth $281,000 after purchasing an additional 34 shares in the last quarter. Fulton Bank N.A. raised its stake in Reliance by 3.1% in the third quarter. Fulton Bank N.A. now owns 1,570 shares of the industrial products company’s stock worth $454,000 after buying an additional 47 shares in the last quarter. Harbor Capital Advisors Inc. lifted its holdings in Reliance by 0.6% in the fourth quarter. Harbor Capital Advisors Inc. now owns 7,715 shares of the industrial products company’s stock worth $2,077,000 after buying an additional 49 shares during the period. UMB Bank n.a. boosted its position in Reliance by 27.0% during the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after acquiring an additional 53 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its position in shares of Reliance by 0.3% in the 3rd quarter. Janney Montgomery Scott LLC now owns 19,578 shares of the industrial products company’s stock worth $5,662,000 after acquiring an additional 58 shares in the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

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.