Reliance, Inc. (NYSE:RS) Receives $329.40 Consensus Target Price from Brokerages

Shares of Reliance, Inc. (NYSE:RS) have earned a consensus rating of “Hold” from the five research firms that are covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $329.40.

Several equities research analysts have recently commented on RS shares. KeyCorp cut their price target on Reliance from $341.00 to $325.00 and set an “overweight” rating for the company in a research note on Wednesday, July 3rd. Wolfe Research cut Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target for the company. in a research note on Friday, July 26th. Finally, Bank of America cut their price objective on Reliance from $340.00 to $335.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th.

Reliance Stock Performance

RS opened at $279.55 on Friday. The firm has a market capitalization of $16.05 billion, a PE ratio of 13.06 and a beta of 0.85. Reliance has a 12-month low of $237.14 and a 12-month high of $342.20. The firm has a 50 day moving average of $287.13 and a two-hundred day moving average of $299.17. The company has a current ratio of 5.02, a quick ratio of 2.43 and a debt-to-equity ratio of 0.15.

Reliance (NYSE:RS) last posted its quarterly earnings results on Thursday, July 25th. The industrial products company reported $4.65 EPS for the quarter, missing the consensus estimate of $4.73 by ($0.08). The company had revenue of $3.64 billion for the quarter, compared to analysts’ expectations of $3.64 billion. Reliance had a return on equity of 14.73% and a net margin of 7.99%. The firm’s revenue was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $6.49 EPS. On average, analysts anticipate that Reliance will post 17.21 EPS for the current year.

Reliance Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were paid a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date of this dividend was Friday, August 16th. Reliance’s payout ratio is currently 20.55%.

Institutional Trading of Reliance

A number of large investors have recently made changes to their positions in RS. Sei Investments Co. raised its holdings in shares of Reliance by 13.1% in the 1st quarter. Sei Investments Co. now owns 51,053 shares of the industrial products company’s stock worth $17,062,000 after purchasing an additional 5,902 shares during the period. UBS Group AG raised its holdings in shares of Reliance by 262.0% in the 4th quarter. UBS Group AG now owns 45,016 shares of the industrial products company’s stock worth $12,590,000 after purchasing an additional 32,580 shares during the period. Bessemer Group Inc. raised its holdings in shares of Reliance by 2,870.9% in the 1st quarter. Bessemer Group Inc. now owns 3,981 shares of the industrial products company’s stock worth $1,331,000 after purchasing an additional 3,847 shares during the period. MMCAP International Inc. SPC purchased a new position in shares of Reliance in the 4th quarter worth about $845,000. Finally, Russell Investments Group Ltd. raised its holdings in shares of Reliance by 1.9% in the 1st quarter. Russell Investments Group Ltd. now owns 159,878 shares of the industrial products company’s stock worth $53,644,000 after purchasing an additional 2,985 shares during the period. Institutional investors and hedge funds own 79.26% of the company’s stock.

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.