Reliance (NYSE:RS) Price Target Raised to $327.00 at KeyCorp

Reliance (NYSE:RS) had its price target boosted by equities research analysts at KeyCorp from $321.00 to $327.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the industrial products company’s stock. KeyCorp’s price target suggests a potential upside of 8.61% from the stock’s previous close.

A number of other brokerages also recently issued reports on RS. Wolfe Research raised Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. The Goldman Sachs Group initiated coverage on Reliance in a research report on Monday, December 2nd. They set a “neutral” rating and a $341.00 target price for the company. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Reliance has an average rating of “Hold” and an average target price of $329.17.

Reliance Stock Down 0.5 %

RS stock opened at $301.06 on Monday. The business’s fifty day moving average price is $281.93 and its two-hundred day moving average price is $289.35. The stock has a market capitalization of $16.29 billion, a price-to-earnings ratio of 19.50 and a beta of 0.90. Reliance has a fifty-two week low of $256.98 and a fifty-two week high of $342.20. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.21 and a quick ratio of 1.58.

Reliance (NYSE:RS) last issued its quarterly earnings data on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share for the quarter, missing the consensus estimate of $2.74 by ($0.52). Reliance had a return on equity of 11.87% and a net margin of 6.33%. The business had revenue of $3.13 billion during the quarter, compared to analyst estimates of $3.04 billion. On average, equities analysts anticipate that Reliance will post 16.98 earnings per share for the current year.

Insider Activity at Reliance

In related news, CEO Karla R. Lewis sold 3,892 shares of the stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 85,117 shares of the company’s stock, valued at $27,569,396.30. This represents a 4.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.69% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Quarry LP bought a new stake in Reliance during the 3rd quarter worth $41,000. Coppell Advisory Solutions LLC grew its holdings in shares of Reliance by 224.6% during the fourth quarter. Coppell Advisory Solutions LLC now owns 185 shares of the industrial products company’s stock worth $49,000 after purchasing an additional 128 shares during the last quarter. Versant Capital Management Inc increased its stake in shares of Reliance by 157.8% in the fourth quarter. Versant Capital Management Inc now owns 214 shares of the industrial products company’s stock valued at $58,000 after buying an additional 131 shares during the period. Transce3nd LLC bought a new position in Reliance in the 4th quarter valued at approximately $58,000. Finally, Brooklyn Investment Group acquired a new stake in Reliance during the 3rd quarter worth approximately $78,000. 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.