Reliance (NYSE:RS) Stock Price Expected to Rise, KeyCorp Analyst Says

Reliance (NYSE:RS) had its price target raised by stock analysts at KeyCorp from $321.00 to $327.00 in a report issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the industrial products company’s stock. KeyCorp’s price objective would suggest a potential upside of 10.39% from the company’s previous close.

Several other brokerages also recently weighed in on RS. Wolfe Research raised Reliance from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 8th. The Goldman Sachs Group started coverage on Reliance in a research report on Monday, December 2nd. They set a “neutral” rating and a $341.00 price target on the stock. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $329.17.

Reliance Stock Down 1.0 %

Shares of NYSE:RS opened at $296.22 on Monday. The stock has a 50-day simple moving average of $282.48 and a 200-day simple moving average of $289.55. The stock has a market capitalization of $16.03 billion, a P/E ratio of 19.19 and a beta of 0.90. Reliance has a 1 year low of $256.98 and a 1 year high of $342.20. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 3.21.

Reliance (NYSE:RS) last released its quarterly earnings data on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.74 by ($0.52). Reliance had a return on equity of 11.87% and a net margin of 6.33%. The business had revenue of $3.13 billion for the quarter, compared to analysts’ expectations of $3.04 billion. Equities analysts forecast that Reliance will post 16.98 earnings per share for the current year.

Insider Activity at Reliance

In other Reliance news, CEO Karla R. Lewis sold 3,892 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $323.90, for a total transaction of $1,260,618.80. Following the transaction, the chief executive officer now directly owns 85,117 shares in the company, valued at $27,569,396.30. This represents a 4.37 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.69% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Reliance

A number of institutional investors have recently modified their holdings of the stock. Pacer Advisors Inc. increased its holdings in Reliance by 6,311.2% in the fourth quarter. Pacer Advisors Inc. now owns 816,465 shares of the industrial products company’s stock valued at $219,841,000 after buying an additional 803,730 shares during the last quarter. Norges Bank acquired a new position in shares of Reliance in the 4th quarter worth approximately $186,255,000. American Century Companies Inc. increased its holdings in shares of Reliance by 1,127.9% in the 4th quarter. American Century Companies Inc. now owns 426,986 shares of the industrial products company’s stock valued at $114,971,000 after acquiring an additional 392,213 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Reliance by 9.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,709,737 shares of the industrial products company’s stock valued at $998,886,000 after acquiring an additional 319,576 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in Reliance by 53.5% during the fourth quarter. Principal Financial Group Inc. now owns 725,685 shares of the industrial products company’s stock worth $195,402,000 after purchasing an additional 252,955 shares during 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.