Brokerages Set Reliance, Inc. (NYSE:RS) Price Target at $328.83

Reliance, Inc. (NYSE:RS) has earned an average recommendation of “Hold” from the six brokerages that are currently covering the company, Marketbeat reports. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating on the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $328.83.

RS has been the topic of a number of analyst reports. KeyCorp reduced their price target on Reliance from $335.00 to $325.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. BMO Capital Markets reduced their target price on Reliance from $340.00 to $330.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Finally, The Goldman Sachs Group began coverage on Reliance in a research note on Monday, December 2nd. They issued a “neutral” rating and a $341.00 price target for the company.

Reliance Price Performance

NYSE:RS opened at $270.98 on Monday. The company has a current ratio of 3.31, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12. The firm has a fifty day simple moving average of $301.07 and a 200 day simple moving average of $291.10. Reliance has a 1-year low of $256.98 and a 1-year high of $342.20. The stock has a market capitalization of $14.67 billion, a PE ratio of 14.88 and a beta of 0.87.

Reliance (NYSE:RS) last issued its earnings results on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing the consensus estimate of $3.66 by ($0.02). Reliance had a return on equity of 13.68% and a net margin of 7.42%. The business had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.38 billion. During the same quarter in the prior year, the firm posted $5.00 earnings per share. The business’s revenue was down 5.6% compared to the same quarter last year. On average, research analysts expect that Reliance will post 16.42 EPS for the current fiscal year.

Reliance Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were issued a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 1.62%. The ex-dividend date was Friday, November 22nd. Reliance’s payout ratio is presently 24.16%.

Insider Transactions at Reliance

In other news, SVP William A. Smith II sold 6,500 shares of Reliance stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $321.71, for a total value of $2,091,115.00. Following the completion of the sale, the senior vice president now owns 16,849 shares in the company, valued at $5,420,491.79. The trade was a 27.84 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Mark V. Kaminski sold 5,000 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $298.01, for a total transaction of $1,490,050.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,724 shares of company stock worth $6,856,500. Company insiders own 0.69% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Trust Point Inc. lifted its stake in shares of Reliance by 3.6% in the third quarter. Trust Point Inc. now owns 972 shares of the industrial products company’s stock valued at $281,000 after buying an additional 34 shares in the last quarter. National Bank of Canada FI raised its holdings in shares of Reliance by 17.9% in the 2nd quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock worth $76,000 after acquiring an additional 41 shares during the last quarter. Fulton Bank N.A. lifted its position in Reliance by 3.1% in the 3rd quarter. Fulton Bank N.A. now owns 1,570 shares of the industrial products company’s stock valued at $454,000 after acquiring an additional 47 shares in the last quarter. Consolidated Planning Corp boosted its stake in Reliance by 7.1% during the 2nd quarter. Consolidated Planning Corp now owns 752 shares of the industrial products company’s stock valued at $215,000 after purchasing an additional 50 shares during the last quarter. Finally, UMB Bank n.a. increased its holdings in Reliance by 27.0% during the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock worth $72,000 after purchasing an additional 53 shares in the last quarter. 79.26% of the stock is 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.