Reliance (NYSE:RS) Rating Increased to Peer Perform at Wolfe Research

Reliance (NYSE:RS) was upgraded by investment analysts at Wolfe Research from an “underperform” rating to a “peer perform” rating in a research note issued to investors on Wednesday,Briefing.com Automated Import reports.

Several other equities analysts have also recently issued reports on the company. BMO Capital Markets dropped their target price on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. KeyCorp dropped their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. Finally, The Goldman Sachs Group initiated coverage on Reliance in a report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 target price for the company. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $328.83.

Reliance Price Performance

Reliance stock opened at $270.57 on Wednesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. The business has a 50 day simple moving average of $296.94 and a 200-day simple moving average of $290.37. Reliance has a 12 month low of $256.98 and a 12 month high of $342.20. The stock has a market capitalization of $14.64 billion, a PE ratio of 14.86 and a beta of 0.91.

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

Insider Buying and Selling

In other Reliance news, Director Mark V. Kaminski sold 5,000 shares of the firm’s 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Karla R. Lewis sold 3,892 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $323.90, for a total transaction of $1,260,618.80. Following the completion of the sale, the chief executive officer now directly owns 85,117 shares in the company, valued at $27,569,396.30. This trade 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 owned by insiders.

Institutional Investors Weigh In On Reliance

A number of institutional investors and hedge funds have recently bought and sold shares of RS. Trust Point Inc. lifted its position in shares of Reliance by 3.6% in the third quarter. Trust Point Inc. now owns 972 shares of the industrial products company’s stock valued at $281,000 after acquiring an additional 34 shares in the last quarter. National Bank of Canada FI lifted its holdings in Reliance by 17.9% in the 2nd quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after purchasing an additional 41 shares in the last quarter. Fulton Bank N.A. boosted its stake in shares of Reliance by 3.1% during the 3rd quarter. Fulton Bank N.A. now owns 1,570 shares of the industrial products company’s stock worth $454,000 after purchasing an additional 47 shares during the last quarter. UMB Bank n.a. grew its holdings in shares of Reliance by 27.0% during the third quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock worth $72,000 after buying 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 third quarter. Janney Montgomery Scott LLC now owns 19,578 shares of the industrial products company’s stock valued at $5,662,000 after buying an additional 58 shares during the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

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.