Reliance (NYSE:RS) Now Covered by The Goldman Sachs Group

The Goldman Sachs Group assumed coverage on shares of Reliance (NYSE:RS) in a report released on Monday morning, Marketbeat reports. The brokerage issued a neutral rating and a $341.00 target price on the industrial products company’s stock.

A number of other research analysts have also weighed in on RS. KeyCorp dropped their target price on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. BMO Capital Markets dropped 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. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Reliance presently has a consensus rating of “Hold” and an average price target of $328.83.

Reliance Price Performance

Shares of RS opened at $319.70 on Monday. The business’s fifty day moving average is $299.47 and its 200 day moving average is $291.77. Reliance has a 12-month low of $261.77 and a 12-month high of $342.20. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. The stock has a market cap of $17.30 billion, a P/E ratio of 17.79 and a beta of 0.85.

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

Reliance Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 1.38%. The ex-dividend date of this dividend is Friday, November 22nd. Reliance’s dividend payout ratio is presently 24.16%.

Insider Transactions at Reliance

In other news, SVP William A. Smith II sold 6,500 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $321.71, for a total value of $2,091,115.00. Following the transaction, the senior vice president now owns 16,849 shares of the company’s stock, valued at $5,420,491.79. This represents a 27.84 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Mark V. Kaminski sold 5,000 shares of the stock in a transaction on Monday, October 28th. The shares were sold at an average price of $298.01, for a total value of $1,490,050.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,832 shares of company stock valued at $5,595,881. 0.69% of the stock is currently owned by company insiders.

Institutional Trading of Reliance

Several hedge funds have recently added to or reduced their stakes in RS. Innealta Capital LLC bought a new position in shares of Reliance during the second quarter valued at about $28,000. Quarry LP purchased a new position in Reliance during the 3rd quarter valued at about $41,000. UMB Bank n.a. increased its holdings in Reliance by 27.0% during the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after purchasing an additional 53 shares during the period. National Bank of Canada FI raised its position in Reliance by 17.9% during 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 during the last quarter. Finally, Brooklyn Investment Group purchased a new stake in Reliance in the 3rd quarter worth approximately $78,000. 79.26% of the stock is owned by institutional investors.

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.