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

Reliance, Inc. (NYSE:RS) has received an average rating of “Hold” from the six ratings firms that are presently covering the company, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year price target among analysts that have covered the stock in the last year is $328.83.

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

Insider Buying and Selling

In other Reliance news, CEO Karla R. Lewis sold 3,892 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $323.90, for a total value 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Arthur Ajemyan sold 6,332 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total transaction of $2,014,715.76. Following the completion of the sale, the chief financial officer now owns 9,245 shares of the company’s stock, valued at $2,941,574.10. This trade represents a 40.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 21,724 shares of company stock valued at $6,856,500 over the last ninety days. 0.69% of the stock is owned by insiders.

Institutional Trading of Reliance

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

Reliance Stock Up 1.5 %

RS opened at $288.58 on Friday. The stock has a market cap of $15.62 billion, a PE ratio of 15.85 and a beta of 0.91. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. Reliance has a 52 week low of $256.98 and a 52 week high of $342.20. The business’s fifty day simple moving average is $292.92 and its 200 day simple moving average is $290.05.

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 analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $3.38 billion. During the same period last year, the business posted $5.00 earnings per share. The firm’s quarterly revenue was down 5.6% compared to the same quarter last year. As a group, research analysts expect that Reliance will post 16.42 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were paid a $1.10 dividend. The ex-dividend date was Friday, November 22nd. This represents a $4.40 annualized dividend and a dividend yield of 1.52%. Reliance’s payout ratio is presently 24.16%.

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.