KeyCorp Has Lowered Expectations for Reliance (NYSE:RS) Stock Price

Reliance (NYSE:RS) had its price objective cut by equities research analysts at KeyCorp from $325.00 to $321.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the industrial products company’s stock. KeyCorp’s price objective points to a potential upside of 11.46% from the company’s current price.

RS has been the topic of several other reports. 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 report on Friday, October 25th. The Goldman Sachs Group began coverage on shares of Reliance in a report on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price target on the stock. Finally, Wolfe Research raised shares of Reliance from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 8th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $328.17.

Reliance Stock Up 0.2 %

Shares of Reliance stock opened at $287.98 on Wednesday. Reliance has a twelve month low of $256.98 and a twelve month high of $342.20. The stock has a market cap of $15.59 billion, a price-to-earnings ratio of 15.81 and a beta of 0.91. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12. The company has a fifty day moving average price of $290.69 and a 200 day moving average price of $290.13.

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 research analysts forecast that Reliance will post 16.38 earnings per share for the current fiscal year.

Insider Transactions at Reliance

In other news, SVP William A. Smith II sold 6,500 shares of Reliance stock in a transaction that occurred 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. The trade was a 27.84 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Arthur Ajemyan sold 6,332 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total transaction of $2,014,715.76. Following the sale, the chief financial officer now owns 9,245 shares of the company’s stock, valued at $2,941,574.10. The trade was a 40.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 21,724 shares of company stock valued at $6,856,500. Company insiders own 0.69% of the company’s stock.

Hedge Funds Weigh In On Reliance

A number of institutional investors have recently bought and sold shares of RS. Hunter Associates Investment Management LLC grew its position in Reliance by 4.6% during the 4th quarter. Hunter Associates Investment Management LLC now owns 7,360 shares of the industrial products company’s stock worth $1,989,000 after purchasing an additional 324 shares in the last quarter. Swedbank AB grew its holdings in shares of Reliance by 1.6% during the fourth quarter. Swedbank AB now owns 43,568 shares of the industrial products company’s stock valued at $11,731,000 after buying an additional 687 shares in the last quarter. BSW Wealth Partners raised its position in Reliance by 23.5% during the fourth quarter. BSW Wealth Partners now owns 2,215 shares of the industrial products company’s stock valued at $596,000 after buying an additional 422 shares during the period. Perigon Wealth Management LLC boosted its position in Reliance by 8.4% during the 4th quarter. Perigon Wealth Management LLC now owns 1,101 shares of the industrial products company’s stock worth $313,000 after acquiring an additional 85 shares during the period. Finally, Pacer Advisors Inc. grew its stake in Reliance by 6,311.2% during the 4th quarter. Pacer Advisors Inc. now owns 816,465 shares of the industrial products company’s stock valued at $219,841,000 after acquiring an additional 803,730 shares in the last quarter. Hedge funds and other 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.