Reliance (NYSE:RS) Coverage Initiated by Analysts at The Goldman Sachs Group

Analysts at The Goldman Sachs Group started coverage on shares of Reliance (NYSE:RS) in a note issued to investors on Monday, MarketBeat Ratings reports. The firm set a “neutral” rating and a $341.00 price target on the industrial products company’s stock. The Goldman Sachs Group’s target price would suggest a potential upside of 7.42% from the stock’s previous close.

Several other research analysts also recently issued reports on the stock. BMO Capital Markets lowered their price target on shares of Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a report on Friday, October 25th. KeyCorp lowered their target price on Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $328.83.

Reliance Stock Performance

NYSE:RS opened at $317.45 on Monday. Reliance has a twelve month low of $261.77 and a twelve month high of $342.20. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. The stock’s 50-day simple moving average is $300.19 and its 200 day simple moving average is $291.92. The firm has a market capitalization of $17.18 billion, a PE ratio of 17.43 and a beta of 0.87.

Reliance (NYSE:RS) last posted 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 analyst estimates of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. The company’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.00 earnings per share. On average, analysts anticipate that Reliance will post 16.42 EPS for the current fiscal year.

Insider Buying and Selling

In other Reliance news, CFO Arthur Ajemyan sold 6,332 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were 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 approximately $2,941,574.10. This represents a 40.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Mark V. Kaminski sold 5,000 shares of the 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 disclosure for this sale can be found here. Insiders sold a total of 21,724 shares of company stock valued at $6,856,500 in the last three months. Insiders own 0.69% of the company’s stock.

Institutional Investors Weigh In On Reliance

Hedge funds have recently added to or reduced their stakes in the business. Innealta Capital LLC bought a new stake in Reliance in the second quarter valued at $28,000. Quarry LP bought a new position in shares of Reliance during the 3rd quarter worth about $41,000. UMB Bank n.a. grew its stake in shares of Reliance by 27.0% in the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock valued at $72,000 after buying an additional 53 shares during the period. National Bank of Canada FI increased its position in Reliance by 17.9% in the 2nd quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock valued at $76,000 after buying an additional 41 shares in the last quarter. Finally, Brooklyn Investment Group acquired a new position in Reliance during the 3rd quarter worth approximately $78,000. 79.26% of the stock is currently owned by institutional investors.

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.