Reliance, Inc. (NYSE:RS) Receives $326.40 Average Price Target from Brokerages

Reliance, Inc. (NYSE:RS) has earned an average recommendation of “Hold” from the five brokerages that are covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $326.40.

Several equities analysts have weighed in on the company. KeyCorp dropped their price objective on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a report on Monday, October 14th. Wolfe Research cut Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price objective for the company. in a report on Friday, July 26th. Finally, BMO Capital Markets dropped their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a report on Friday, October 25th.

Reliance Stock Performance

RS opened at $291.64 on Friday. The stock has a market cap of $15.78 billion, a price-to-earnings ratio of 15.72 and a beta of 0.85. The business has a 50 day moving average of $284.70 and a 200-day moving average of $289.15. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. Reliance has a 12-month low of $261.77 and a 12-month high of $342.20.

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 the consensus estimate of $3.66 by ($0.02). The firm had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.38 billion. Reliance had a return on equity of 13.68% and a net margin of 7.42%. The business’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same period in the previous year, the business posted $5.00 earnings per share. On average, equities research analysts expect that Reliance will post 16.96 earnings per share for the current year.

Reliance Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a dividend of $1.10 per share. The ex-dividend date is Friday, November 22nd. This represents a $4.40 annualized dividend and a yield of 1.51%. Reliance’s payout ratio is 24.16%.

Insider Buying and Selling

In other news, Director Mark V. Kaminski sold 5,000 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $298.01, for a total value of $1,490,050.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.69% of the stock is owned by insiders.

Institutional Trading of Reliance

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RS. Norden Group LLC bought a new stake in Reliance in the 1st quarter valued at about $355,000. First Trust Direct Indexing L.P. increased its position in Reliance by 10.4% in the 1st quarter. First Trust Direct Indexing L.P. now owns 1,282 shares of the industrial products company’s stock valued at $429,000 after buying an additional 121 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in Reliance by 94.4% during the 1st quarter. BNP Paribas Financial Markets now owns 53,539 shares of the industrial products company’s stock worth $17,892,000 after purchasing an additional 25,998 shares in the last quarter. Capstone Investment Advisors LLC raised its stake in shares of Reliance by 193.0% in the first quarter. Capstone Investment Advisors LLC now owns 2,394 shares of the industrial products company’s stock worth $800,000 after purchasing an additional 1,577 shares during the last quarter. Finally, Fidelis Capital Partners LLC purchased a new stake in shares of Reliance in the first quarter worth approximately $125,000. 79.26% of the stock is owned by institutional investors.

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.