Reliance (NYSE:RS) PT Lowered to $325.00

Reliance (NYSE:RS) had its price objective lowered by analysts at KeyCorp from $335.00 to $325.00 in a research report issued on Monday, Benzinga reports. The firm currently has an “overweight” rating on the industrial products company’s stock. KeyCorp’s target price would suggest a potential upside of 11.75% from the company’s previous close.

A number of other research analysts have also recently commented on RS. Wolfe Research cut Reliance from a “peer perform” rating to an “underperform” rating and set a $262.00 price target on the stock. in a research report on Friday, July 26th. Bank of America decreased their target price on Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. According to MarketBeat, Reliance has a consensus rating of “Hold” and an average target price of $329.40.

Reliance Stock Down 1.0 %

Shares of NYSE RS opened at $290.82 on Monday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.43 and a current ratio of 5.02. Reliance has a 52 week low of $237.14 and a 52 week high of $342.20. The stock has a market capitalization of $16.00 billion, a P/E ratio of 14.85 and a beta of 0.85. The stock’s fifty day moving average is $282.21 and its 200 day moving average is $293.09.

Reliance (NYSE:RS) last issued its quarterly earnings results on Thursday, July 25th. The industrial products company reported $4.65 EPS for the quarter, missing analysts’ consensus estimates of $4.73 by ($0.08). Reliance had a return on equity of 14.73% and a net margin of 7.99%. The company had revenue of $3.64 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter in the previous year, the business posted $6.49 EPS. The firm’s revenue for the quarter was down 6.1% on a year-over-year basis. Sell-side analysts forecast that Reliance will post 17.16 earnings per share for the current fiscal year.

Institutional Trading of Reliance

A number of hedge funds have recently made changes to their positions in RS. Acadian Asset Management LLC boosted its stake in shares of Reliance by 20.8% during the first quarter. Acadian Asset Management LLC now owns 1,072,200 shares of the industrial products company’s stock valued at $358,270,000 after purchasing an additional 184,509 shares in the last quarter. Hsbc Holdings PLC boosted its stake in shares of Reliance by 78.5% during the second quarter. Hsbc Holdings PLC now owns 289,758 shares of the industrial products company’s stock valued at $82,816,000 after purchasing an additional 127,422 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Reliance by 21.5% during the first quarter. Principal Financial Group Inc. now owns 348,534 shares of the industrial products company’s stock valued at $116,473,000 after purchasing an additional 61,687 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Reliance by 4.8% during the second quarter. Dimensional Fund Advisors LP now owns 1,168,880 shares of the industrial products company’s stock valued at $333,809,000 after purchasing an additional 53,747 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its stake in shares of Reliance by 21.1% during the second quarter. Victory Capital Management Inc. now owns 202,628 shares of the industrial products company’s stock valued at $57,871,000 after purchasing an additional 35,336 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.