Reliance (NYSE:RS) Price Target Cut to $325.00 by Analysts at KeyCorp

Reliance (NYSE:RS) had its price target trimmed by KeyCorp from $335.00 to $325.00 in a research report report published on Monday morning, Benzinga reports. The brokerage currently has an overweight rating on the industrial products company’s stock.

RS has been the topic of a number of other research reports. Wolfe Research lowered Reliance from a peer perform rating to an underperform rating and set a $262.00 price objective on the stock. in a report on Friday, July 26th. Bank of America decreased their target price on Reliance from $340.00 to $335.00 and set a neutral rating for the company in a research note on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $329.40.

Reliance Stock Performance

Shares of RS stock opened at $293.64 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 5.02 and a quick ratio of 2.43. Reliance has a fifty-two week low of $237.14 and a fifty-two week high of $342.20. The stock’s 50-day moving average is $282.13 and its two-hundred day moving average is $293.40. The firm has a market cap of $16.16 billion, a P/E ratio of 14.99 and a beta of 0.85.

Reliance (NYSE:RS) last issued its quarterly earnings data on Thursday, July 25th. The industrial products company reported $4.65 EPS for the quarter, missing analysts’ consensus estimates of $4.73 by ($0.08). The company had revenue of $3.64 billion for the quarter, compared to analyst estimates of $3.64 billion. Reliance had a net margin of 7.99% and a return on equity of 14.73%. The business’s revenue was down 6.1% on a year-over-year basis. During the same period in the prior year, the company posted $6.49 EPS. Analysts predict that Reliance will post 17.16 earnings per share for the current fiscal year.

Reliance Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were given a $1.10 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.50%. Reliance’s dividend payout ratio is currently 22.46%.

Institutional Trading of Reliance

A number of hedge funds have recently modified their holdings of the company. Sei Investments Co. lifted its position in shares of Reliance by 13.1% during the 1st quarter. Sei Investments Co. now owns 51,053 shares of the industrial products company’s stock worth $17,062,000 after buying an additional 5,902 shares during the period. Bessemer Group Inc. lifted its position in shares of Reliance by 2,870.9% during the 1st quarter. Bessemer Group Inc. now owns 3,981 shares of the industrial products company’s stock worth $1,331,000 after buying an additional 3,847 shares during the period. Russell Investments Group Ltd. lifted its position in shares of Reliance by 1.9% during the 1st quarter. Russell Investments Group Ltd. now owns 159,878 shares of the industrial products company’s stock worth $53,644,000 after buying an additional 2,985 shares during the period. CANADA LIFE ASSURANCE Co lifted its position in shares of Reliance by 24.2% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 107,735 shares of the industrial products company’s stock worth $36,005,000 after buying an additional 20,981 shares during the period. Finally, Mediolanum International Funds Ltd bought a new position in shares of Reliance during the 1st quarter worth approximately $2,407,000. 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.