Reliance (NYSE:RS) Given New $325.00 Price Target at KeyCorp

Reliance (NYSE:RS) had its price objective cut by KeyCorp from $341.00 to $325.00 in a report issued on Wednesday morning, Benzinga reports. They currently have an overweight rating on the industrial products company’s stock.

RS has been the topic of a number of other reports. Bank of America cut their price objective on Reliance from $340.00 to $335.00 and set a neutral rating on the stock in a report on Wednesday, June 26th. StockNews.com downgraded shares of Reliance from a buy rating to a hold rating in a report on Wednesday, May 15th. Citigroup cut shares of Reliance from a buy rating to a neutral rating and lifted their price objective for the company from $280.00 to $380.00 in a research note on Thursday, April 11th. Finally, BMO Capital Markets dropped their price objective on shares of Reliance from $355.00 to $345.00 and set an outperform rating on the stock in a report on Friday, April 26th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $346.25.

Reliance Stock Down 0.2 %

RS stock opened at $282.24 on Wednesday. The stock has a market capitalization of $16.21 billion, a PE ratio of 13.18 and a beta of 0.87. Reliance has a 52 week low of $237.14 and a 52 week high of $342.20. The company has a quick ratio of 3.21, a current ratio of 5.74 and a debt-to-equity ratio of 0.14. The firm has a 50 day moving average of $290.23 and a 200 day moving average of $300.63.

Reliance (NYSE:RS) last posted its quarterly earnings data 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 company had revenue of $3.64 billion for the quarter, compared to analyst estimates of $3.76 billion. During the same quarter in the previous year, the firm posted $6.37 earnings per share. The company’s quarterly revenue was down 8.1% on a year-over-year basis. Sell-side analysts forecast that Reliance will post 18.66 earnings per share for the current year.

Reliance Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 24th were given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 1.56%. The ex-dividend date of this dividend was Thursday, May 23rd. Reliance’s dividend payout ratio is currently 20.55%.

Insiders Place Their Bets

In related news, COO Stephen Paul Koch sold 20,421 shares of the firm’s stock in a transaction on Friday, May 31st. The shares were sold at an average price of $295.38, for a total transaction of $6,031,954.98. Following the sale, the chief operating officer now owns 7,552 shares in the company, valued at $2,230,709.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Reliance news, COO Stephen Paul Koch sold 20,421 shares of the 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 owns 7,552 shares in the company, valued at $2,230,709.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James Donald Hoffman sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $289.81, for a total value of $1,449,050.00. Following the completion of the sale, the director now directly owns 49,042 shares in the company, valued at $14,212,862.02. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 40,421 shares of company stock worth $11,866,855. Corporate insiders own 0.69% of the company’s stock.

Hedge Funds Weigh In On Reliance

Large investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC increased its stake in shares of Reliance by 17.2% during the second quarter. GAMMA Investing LLC now owns 585 shares of the industrial products company’s stock worth $167,000 after purchasing an additional 86 shares in the last quarter. Railway Pension Investments Ltd increased its stake in Reliance by 9.6% during the 1st quarter. Railway Pension Investments Ltd now owns 61,800 shares of the industrial products company’s stock worth $20,652,000 after buying an additional 5,400 shares in the last quarter. Cetera Investment Advisers raised its holdings in shares of Reliance by 79.3% during the first quarter. Cetera Investment Advisers now owns 10,162 shares of the industrial products company’s stock valued at $3,396,000 after acquiring an additional 4,494 shares during the last quarter. Burney Co. lifted its position in shares of Reliance by 1.3% in the first quarter. Burney Co. now owns 65,132 shares of the industrial products company’s stock valued at $21,766,000 after acquiring an additional 854 shares in the last quarter. Finally, Swedbank AB acquired a new stake in shares of Reliance in the first quarter worth approximately $10,356,000. 79.26% of the stock is currently owned by institutional investors and hedge funds.

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.