Reliance (NYSE:RS) PT Lowered to $335.00

Reliance (NYSE:RS) had its target price lowered by equities researchers at Bank of America from $340.00 to $335.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the industrial products company’s stock. Bank of America‘s price target would suggest a potential upside of 19.37% from the company’s current price.

A number of other research analysts have also weighed in on RS. Citigroup lowered shares of Reliance from a “buy” rating to a “neutral” rating and raised their target price for the stock from $280.00 to $380.00 in a research note on Thursday, April 11th. StockNews.com lowered shares of Reliance from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. Finally, BMO Capital Markets reduced their price target on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating on the stock in a research report on Friday, April 26th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Reliance presently has an average rating of “Hold” and an average price target of $355.50.

Reliance Trading Down 0.7 %

RS stock opened at $280.64 on Wednesday. The company has a current ratio of 5.74, a quick ratio of 3.21 and a debt-to-equity ratio of 0.14. The business’s 50-day moving average is $292.95 and its 200 day moving average is $300.03. Reliance has a 12-month low of $237.14 and a 12-month high of $342.20. The stock has a market cap of $16.12 billion, a price-to-earnings ratio of 13.11 and a beta of 0.90.

Reliance (NYSE:RS) last released its earnings results on Thursday, April 25th. The industrial products company reported $5.30 earnings per share for the quarter, missing analysts’ consensus estimates of $5.51 by ($0.21). Reliance had a return on equity of 16.26% and a net margin of 8.67%. The business had revenue of $3.64 billion during the quarter, compared to analysts’ expectations of $3.76 billion. During the same period last year, the business earned $6.37 earnings per share. The company’s revenue for the quarter was down 8.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Reliance will post 18.77 EPS for the current fiscal year.

Insider Buying and Selling at Reliance

In other Reliance news, Director James Donald Hoffman sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $289.81, for a total value of $1,449,050.00. Following the sale, the director now owns 49,042 shares of the company’s stock, valued at $14,212,862.02. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Reliance news, Director James Donald Hoffman sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $289.81, for a total value of $1,449,050.00. Following the sale, the director now owns 49,042 shares of the company’s stock, valued at $14,212,862.02. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Stephen Paul Koch sold 20,421 shares of the business’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $295.38, for a total value of $6,031,954.98. Following the completion of the sale, the chief operating officer now directly owns 7,552 shares in the company, valued at approximately $2,230,709.76. The disclosure for this sale can be found here. Insiders have sold a total of 40,421 shares of company stock valued at $11,866,855 over the last quarter. 0.69% of the stock is owned by company insiders.

Hedge Funds Weigh In On Reliance

Several institutional investors have recently modified their holdings of RS. Astoria Portfolio Advisors LLC. raised its holdings in shares of Reliance by 4.9% in the first quarter. Astoria Portfolio Advisors LLC. now owns 778 shares of the industrial products company’s stock valued at $253,000 after buying an additional 36 shares during the last quarter. Lindbrook Capital LLC raised its holdings in shares of Reliance by 8.4% in the fourth quarter. Lindbrook Capital LLC now owns 480 shares of the industrial products company’s stock valued at $134,000 after buying an additional 37 shares during the last quarter. Rational Advisors LLC raised its holdings in shares of Reliance by 33.6% in the first quarter. Rational Advisors LLC now owns 159 shares of the industrial products company’s stock valued at $53,000 after buying an additional 40 shares during the last quarter. Avantax Advisory Services Inc. raised its holdings in Reliance by 4.2% during the fourth quarter. Avantax Advisory Services Inc. now owns 1,023 shares of the industrial products company’s stock worth $286,000 after purchasing an additional 41 shares in the last quarter. Finally, Arizona State Retirement System raised its holdings in Reliance by 0.3% during the fourth quarter. Arizona State Retirement System now owns 16,094 shares of the industrial products company’s stock worth $4,501,000 after purchasing an additional 54 shares in the last quarter. Institutional investors and hedge funds 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.