Reliance (NYSE:RS) Price Target Lowered to $335.00 at Bank of America

Reliance (NYSE:RS) had its price objective cut by equities research analysts at Bank of America from $340.00 to $335.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the industrial products company’s stock. Bank of America‘s price target points to a potential upside of 19.37% from the company’s previous close.

RS has been the subject of several other reports. Citigroup downgraded shares of Reliance from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $280.00 to $380.00 in a report on Thursday, April 11th. StockNews.com downgraded shares of Reliance from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th. Finally, BMO Capital Markets reduced their price objective on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a report on Friday, April 26th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $355.50.

Reliance Stock Performance

Shares of RS opened at $280.64 on Wednesday. The company’s fifty day moving average is $292.95 and its 200-day moving average is $300.03. Reliance has a 12 month low of $237.14 and a 12 month high of $342.20. The firm has a market cap of $16.12 billion, a price-to-earnings ratio of 13.11 and a beta of 0.90. The company has a quick ratio of 3.21, a current ratio of 5.74 and a debt-to-equity ratio of 0.14.

Reliance (NYSE:RS) last announced its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.30 EPS for the quarter, missing the consensus estimate of $5.51 by ($0.21). Reliance had a return on equity of 16.26% and a net margin of 8.67%. The business had revenue of $3.64 billion for the quarter, compared to analyst estimates of $3.76 billion. During the same quarter last year, the company earned $6.37 EPS. The business’s revenue for the quarter was down 8.1% compared to the same quarter last year. Equities analysts expect that Reliance will post 18.77 EPS for the current fiscal year.

Insider Buying and Selling at Reliance

In other Reliance news, COO Stephen Paul Koch sold 20,421 shares of the firm’s stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $295.38, for a total value of $6,031,954.98. Following the completion of the sale, the chief operating officer now owns 7,552 shares in the company, valued at approximately $2,230,709.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director James Donald Hoffman sold 5,000 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $290.04, for a total value of $1,450,200.00. Following the transaction, the director now owns 44,042 shares of the company’s stock, valued at approximately $12,773,941.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Stephen Paul Koch sold 20,421 shares of Reliance stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $295.38, for a total transaction of $6,031,954.98. Following the transaction, the chief operating officer now directly owns 7,552 shares in the company, valued at approximately $2,230,709.76. The disclosure for this sale can be found here. In the last 90 days, insiders sold 40,421 shares of company stock worth $11,866,855. 0.69% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP lifted its stake in Reliance by 2.3% in the fourth quarter. Wellington Management Group LLP now owns 1,224,274 shares of the industrial products company’s stock valued at $342,405,000 after buying an additional 27,074 shares in the last quarter. Acadian Asset Management LLC lifted its stake in Reliance by 20.8% in the first quarter. Acadian Asset Management LLC now owns 1,072,200 shares of the industrial products company’s stock valued at $358,270,000 after buying an additional 184,509 shares in the last quarter. First Trust Advisors LP lifted its stake in Reliance by 7.9% in the fourth quarter. First Trust Advisors LP now owns 885,818 shares of the industrial products company’s stock valued at $247,746,000 after buying an additional 64,895 shares in the last quarter. Norges Bank bought a new position in Reliance in the fourth quarter valued at approximately $186,693,000. Finally, Pacer Advisors Inc. lifted its stake in Reliance by 7.1% in the fourth quarter. Pacer Advisors Inc. now owns 536,462 shares of the industrial products company’s stock valued at $150,038,000 after buying an additional 35,627 shares in the last quarter. 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.