Reliance (NYSE:RS) Rating Increased to Peer Perform at Wolfe Research

Reliance (NYSE:RS) was upgraded by equities researchers at Wolfe Research from an “underperform” rating to a “peer perform” rating in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports.

Several other equities research analysts also recently issued reports on the stock. The Goldman Sachs Group started coverage on shares of Reliance in a research note on Monday, December 2nd. They set a “neutral” rating and a $341.00 price target on the stock. KeyCorp cut their price target on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research note on Monday, October 14th. Finally, BMO Capital Markets lowered their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $328.83.

Reliance Trading Down 1.1 %

Shares of RS opened at $267.27 on Wednesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.31 and a quick ratio of 1.58. Reliance has a 12 month low of $256.98 and a 12 month high of $342.20. The stock has a market cap of $14.46 billion, a PE ratio of 14.68 and a beta of 0.91. The stock’s 50-day moving average is $296.11 and its two-hundred day moving average is $290.05.

Reliance (NYSE:RS) last released its quarterly earnings results 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 company had revenue of $3.42 billion during the quarter, compared to analysts’ expectations of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. The firm’s revenue was down 5.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $5.00 EPS. Equities analysts forecast that Reliance will post 16.42 earnings per share for the current fiscal year.

Insider Buying and Selling at Reliance

In other 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 transaction, the chief executive officer now directly owns 85,117 shares in the company, valued at approximately $27,569,396.30. This trade represents a 4.37 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Mark V. Kaminski sold 5,000 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $298.01, for a total transaction of $1,490,050.00. The disclosure for this sale can be found here. Insiders have sold 21,724 shares of company stock worth $6,856,500 over the last quarter. 0.69% of the stock is owned by corporate insiders.

Institutional Trading of Reliance

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Fulton Bank N.A. boosted its position in Reliance by 11.3% during the 4th quarter. Fulton Bank N.A. now owns 1,747 shares of the industrial products company’s stock valued at $470,000 after purchasing an additional 177 shares during the period. Oliver Luxxe Assets LLC lifted its stake in Reliance by 5.0% in the fourth quarter. Oliver Luxxe Assets LLC now owns 21,176 shares of the industrial products company’s stock valued at $5,702,000 after buying an additional 1,002 shares during the last quarter. Nordea Investment Management AB boosted its holdings in shares of Reliance by 11.0% during the fourth quarter. Nordea Investment Management AB now owns 4,951 shares of the industrial products company’s stock valued at $1,332,000 after acquiring an additional 489 shares during the period. Everence Capital Management Inc. bought a new position in shares of Reliance during the fourth quarter worth about $302,000. Finally, GAMMA Investing LLC increased its holdings in shares of Reliance by 18.1% in the 4th quarter. GAMMA Investing LLC now owns 823 shares of the industrial products company’s stock worth $222,000 after acquiring an additional 126 shares during the period. 79.26% of the stock is currently owned by institutional investors and hedge funds.

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.