Reliance (NYSE:RS) PT Lowered to $325.00

Reliance (NYSE:RS) had its target price dropped by analysts at KeyCorp from $341.00 to $325.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the industrial products company’s stock. KeyCorp’s price target indicates a potential upside of 14.91% from the company’s current price.

RS has been the subject of several other research reports. Bank of America dropped their target price on shares of Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. BMO Capital Markets lowered their price objective on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a research report on Friday, April 26th. StockNews.com cut shares of Reliance from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. Finally, Citigroup cut shares of Reliance from a “buy” rating to a “neutral” rating and upped their price objective for the company from $280.00 to $380.00 in a research report on Thursday, April 11th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $346.25.

Reliance Stock Up 1.0 %

NYSE:RS opened at $282.84 on Wednesday. The stock’s fifty day moving average price is $290.86 and its two-hundred day moving average price is $300.76. The company has a market cap of $16.24 billion, a price-to-earnings ratio of 13.21 and a beta of 0.87. Reliance has a 52-week low of $237.14 and a 52-week high of $342.20. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.21 and a current ratio of 5.74.

Reliance (NYSE:RS) last issued its earnings results on Thursday, April 25th. The industrial products company reported $5.30 EPS for the quarter, missing the consensus estimate of $5.51 by ($0.21). The business had revenue of $3.64 billion for the quarter, compared to the consensus estimate of $3.76 billion. Reliance had a net margin of 8.67% and a return on equity of 16.26%. The business’s revenue was down 8.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $6.37 EPS. On average, analysts anticipate that Reliance will post 18.66 EPS for the current year.

Insiders Place Their Bets

In other Reliance news, COO Stephen Paul Koch sold 20,421 shares of the stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $295.38, for a total transaction of $6,031,954.98. Following the completion of the transaction, the chief operating officer now owns 7,552 shares in the company, valued at approximately $2,230,709.76. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Reliance news, COO Stephen Paul Koch sold 20,421 shares of the stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $295.38, for a total transaction of $6,031,954.98. Following the completion of the transaction, the chief operating officer now owns 7,552 shares in the company, valued at approximately $2,230,709.76. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director James Donald Hoffman sold 5,000 shares of the stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $294.36, for a total transaction of $1,471,800.00. Following the transaction, the director now owns 34,042 shares of the company’s stock, valued at $10,020,603.12. The disclosure for this sale can be found here. In the last 90 days, insiders sold 40,421 shares of company stock worth $11,866,855. Corporate insiders own 0.69% of the company’s stock.

Hedge Funds Weigh In On Reliance

A number of large investors have recently modified their holdings of the business. LPL Financial LLC lifted its stake in Reliance by 2.8% in the 3rd quarter. LPL Financial LLC now owns 26,967 shares of the industrial products company’s stock valued at $7,059,000 after purchasing an additional 735 shares during the last quarter. Teza Capital Management LLC lifted its stake in Reliance by 7.8% in the 3rd quarter. Teza Capital Management LLC now owns 944 shares of the industrial products company’s stock valued at $248,000 after purchasing an additional 68 shares during the last quarter. Legal & General Group Plc lifted its stake in Reliance by 0.5% in the 3rd quarter. Legal & General Group Plc now owns 324,868 shares of the industrial products company’s stock valued at $85,190,000 after purchasing an additional 1,465 shares during the last quarter. Seven Eight Capital LP acquired a new stake in Reliance in the 3rd quarter valued at about $913,000. Finally, Sei Investments Co. lifted its stake in Reliance by 2.6% in the 3rd quarter. Sei Investments Co. now owns 47,169 shares of the industrial products company’s stock valued at $12,369,000 after purchasing an additional 1,189 shares during the last quarter. 79.26% of the stock is currently owned by institutional investors and hedge funds.

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.